540,314 sq ft Upper Thomson site, 24,265 sq ft Lavender site and 17,997 sq ft Mount Elizabeth site up for sale
540,314 sq ft Thomson View Condominium located along Upper Thomson Road is zoned for residential use. The gross plot ratio is 2.1 with a maximum height of 24 storeys. The site with 65 years of lease remaining, is asking for $595 million to $635 million, about $694 to $732 psfppr, including lease top uppremium, differential premium, and assuming the developer taps the 10 per cent balcony allowance. It could potentially yield 1,012 1,100 sq ft apartment units and 33 2,500 sq ft strata landed houses.
Meanwhile, two adjoining freehold sites at 165 and 167 Tyrwhitt Road with a total land area of 24,265 sq ft is asking for $36 million to $40 million or $500 to $550 psfppr. Zoned for residential use with commercial at first floor, the site with a plot ratio of three could be redeveloped into a six-storey commercial-cum-residential development with gross floor area of 72,795 sq ft. It is expected to draw interest from developers interested in small sites.
17,997 sq ft freehold residential Chateau Eliza located along Mount Elizabeth is asking for $111 million to $115 million equivalent to $2,099 psfppr to $2,174 psfppr. It has a proposed gross floor area of 52,887 sq ft that a new development could build on the site. Breakeven cost is estimated at $2,700 psf to $2,800 psf.
The tenders for each site will close on Jan 12 at 3pm, Dec 8 at 3pm and Dec 15 at 3pm respectively.
October sales a sign of private home market slowing down? No, say analysts.
Analysts say that despite the lower sales for private homes in October, this does not mean a slowing down in the market. The 1,387 units sold in October excluding executive condominiums (ECs), are 15% lower than the 1,631 units sold in September. Nonetheless, given the 1,398 and 1,351 private homes sold in July and August respectively, October’s sales are considered strong, especially since the total number of units sold (1,387)in October exceeded the total number of units launched (1,337). Furthermore, the 13,688 private homes and 2,702 ECs sold in the first 10 months of 2011 compared to the 13,117 private residential units sold in the same period last year shows the strong demand from home buyers, driven by the low interest rate, the high liquidity in the market, and real estate being seen as a hedge against inflation.
However, there is also an increase in the number of units launched but unsold and a large number of units that haveyet to be launched. Should demand decrease, the surplus supply may lead to a fallin prices.
99-year leasehold residential site at Miltonia Close draws eight bids
The highest bid of $138.9 million or $364 psfppr for the private condo site,a joint bid from TG Development and Master Contract Serviceswas in line with market expectations. The project is estimated to cost$850 psf to $900 psf when launched. Situated on the fringe of Yishun New Town,it is likely to be developed intoa high-rise project of 350-400 apartments, where units on higher floors will have a view of The Orchid Country and Golf Club and the Lower Seletar Reservoir.
Khaw Boon Wan: First-timers stand high chance of getting flats
National Development Minister Khaw Boon Wan posted on his blog that 73% of newlywed first timers who applied for HDB’s build-to-order (BTO) flats for the first time in July this year were invited to choose one, compared to 11% of second-timers. First-timers are applicants who have never bought an HDB flat directly from HDB, nor received a CPF Housing Grant. Since only 5% of new flats were reserved for second-timers, their success rate would be low. He assures second-timers that balloting rules will be changed to increase their chances after the most of the first-timer queue was cleared and stated that it should be towards the end of the next year.
60-year leasehold Ganbas Ave industrial plot draws top bid from HLS Development
The bid of $78.2 million that beat out four other bids came from HLS Development, a unit of Singapore-listed Hock Lian Seng Holdings. This translates to $136 psfppr given themaximum gross floor area of 576,587 sq ft and 2.5 plot ratio for the 230,635 sq ft site zoned for Business 1. Breakeven is estimated at $300 psf and the prospective market price is estimated to be $350 psf. The bid is lower than what other sites in the area had fetched earlier this year, reflecting the developers’ negative outlook for the market.