UOL bags Green Meadows for $255m

UOL Group has bought Green Meadows at Upper Thomson Road for $255 million through a collective sale.

The unit land price for the 455,379 sq ft freehold site works out to $400 psf of potential gross floor area.

No development charge is payable, even if an additional 10 per cent gross floor area allowed for balconies is fully utilised.

The breakeven cost for a new condo could be $560-$580 psf, market watchers reckon.

The collective sale was launched just last week by Orion Property Consultants. The sale to UOL was by private treaty - ahead of the April 12 tender deadline for the property.

The site is zoned for residential use with a 1.4 plot ratio and five-storey maximum height. UOL can redevelop the site into a condo of about 450 apartments averaging 1,550 sq ft, set in the low-rise residential enclave of Teachers' Estate and a stone's throw from the Upper and Lower Peirce reservoirs.

This will not be the group's first project in the vicinity. In the 1990s it developed Island Country Villas - diagonally across Green Meadows - on a 99-year leasehold site it bagged at a state auction.

The group was also the original developer of Faber Garden Condo nearby.

UOL has been in the news lately with a preview of its One North Residences last week. It has sold 391 of the 405 units in the 99-year leasehold condo at Buona Vista, achieving an average price of $900 psf. UOL is developing the project jointly with Low Keng Huat and Kheng Leong.

With the project almost sold out, UOL is said to be gearing up for a preview this week of its next project, Pavillion 11 at Minbu Rd. The 33-storey freehold condo comprises 180 units - mostly two and three bedders, with four penthouses. The average price is expected to be above $900 psf.

http://i140.photobucket.com/albums/r24/calebleeyw/Green%20Meadows/DSCF4893.jpg

http://i140.photobucket.com/albums/r24/calebleeyw/Green%20Meadows/DSCF4894.jpg

http://i140.photobucket.com/albums/r24/calebleeyw/Green%20Meadows/DSCF5110.jpg

19/04/2008 Low rise blocks preparing for demolition...:ohno:

http://i140.photobucket.com/albums/r24/calebleeyw/Green%20Meadows/DSCF5468.jpg

http://i140.photobucket.com/albums/r24/calebleeyw/Green%20Meadows/DSCF5469.jpg

http://i140.photobucket.com/albums/r24/calebleeyw/Green%20Meadows/DSCF5464.jpg

Any side of the plot facing Tagore Industrial Estate?

Bleak...they look kinda similar to Chancery Court.

The project title:-

http://i140.photobucket.com/albums/r24/calebleeyw/Green%20Meadows/DSCF5477-1.jpg

All the low rise blocks will eventually be demolished to make way for the new condos. The high rise apartment will be retained and given a new facelift.

The showhouse should be up soon...

http://i140.photobucket.com/albums/r24/calebleeyw/Green%20Meadows/DSCF5475.jpg

Any side of the plot facing Tagore Industrial Estate?

I was not staying at the unit facing the Tagore Industrial Estate so I dun have any pics of it :dunno::

Wow, S$225m!:cheers:
How much did each owner pocket from en bloc??

Passed by the site today. Showflat has been built. Anyone has more info to share?

Failure @ branding

i m interested to see what it is...

It is a redevelopment of the teacher's estate condo. Built by UOL, they are maintaining the original point block, and adding new low-rises around. Interesting the see refurbishment/A&A occurring in such a location, with such an uninspiring history-less tower. It should open for launch 4th quarter, if the ST was right in their previous article.

It is quite a nice location, set in lush Upper Pierce Reservoir and nature..

If Micasa can sell, why not Meadows@Pierce?

^^ with the friendly Indian workers from Tagore Industrial Estate...

Coming soon check it out @ www.meadows.sg!

Meadows @ Peirce launching end of July!

Estimated PSF?

Estimated PSF?

Since it is around Thompson area, maybe it is around Sky@Eleven, Vista Residence & The Arte's price range? :lol:

haha... you have to be kidding me.

haha... you have to be kidding me.

keke... Thomson Road sooooo lonnngg.... Personally won't pay more than $680psf for this area.

Meadow at Upper Thomson Road lah!
Arte, Vista Residence at least in middle part of Thomson Road (not "Upper" Thomson Road). Further down the road will be Novena area.

Since it is around Thompson area, maybe it is around Sky@Eleven, Vista Residence & The Arte's price range? :lol:

Sonofadude trying to be cheeky here la..

Sonofadude trying to be cheeky here la..

:lol: Yeah lor. In fact, since "Upper" Thompson, price range to be at the "Upper" range too. hehe.

Anyway, considering the estimated breakeven is around the $600psf mark and with June coming in with 1,800+ units sold, maybe UOL would launch around the $900psf mark? Only a miserly 50% mark up.

Project Name-Meadows @ Peirce
Developer-UOL Development Pte Ltd
Property Type-Condominium
Tenure - Freehold
Total Units - 479
Completion Date - 30 September 2012
District - 26

Available Unit Types
1 bedroom (499 - sf)
1+1 bedrooms (526 - sf)
2 bedroom (975 - 1229sf)
3 bedroom (1159 - 1763sf)
3+1 bedrooms (1182 - sf)
4 bedroom (2485 - 2679sf)
Ground Maisonette (2641 - 2686sf)
Penthouse (2030 - 3053sf)

http://www.virtualhomes.sg/FileUpload/Project/2991/Images/meadows_at_pierce001.jpg

http://www.virtualhomes.sg/FileUpload/Project/2991/Images/meadows_at_pierce002.jpg

http://www.virtualhomes.sg/FileUpload/Project/2991/Images/meadows_at_pierce003.jpg


>>> Click here for more info >>> (http://www.virtualhomes.sg/Meadows@Peirce)

.

900psf?

http://www.virtualhomes.sg/FileUpload/Project/2991/Images/meadows_at_pierce001.jpg


The architecture looks really dated. :nuts:

The architecture looks really dated. :nuts:

Looks like they are recycling (without tearing down) the existing tower. Have they demolished the existing tower block?. If not then quite sure it is being recycled.

Overheard some agents marketing this project... 1000psf for smallish units. 800 - 950 psf for larger ones...

Overheard some agents marketing this project... 1000psf for smallish units. 800 - 950 psf for larger ones...


crazy.. for so out of town unit.

Overheard some agents marketing this project... 1000psf for smallish units. 800 - 950 psf for larger ones...

I was quoted 1300psf for #14 floor Tower block (that refurbished tower). Can you imagine!??! 1300psf!??????????? For a tower block that is 20+ years old? Ridiculous.

If I really want that much GREENERY view, I'd rather pay 700psf for Bayshore Park - by far still one of the largest (if not largest) condo in terms of estate size in Singapore. Heck, I even get free SEA VIEW along with it.

?? 20 year old?

how much are the lower floor units on the tower block?

Overheard some agents marketing this project... 1000psf for smallish units. 800 - 950 psf for larger ones...

If only I could predict the stock market with such accuracy ... ... :cheers:

I was quoted 1300psf for #14 floor Tower block (that refurbished tower). Can you imagine!??! 1300psf!??????????? For a tower block that is 20+ years old? Ridiculous.

If I really want that much GREENERY view, I'd rather pay 700psf for Bayshore Park - by far still one of the largest (if not largest) condo in terms of estate size in Singapore. Heck, I even get free SEA VIEW along with it.

Interesting ... ... but don't forget Bayshore is old (20+ years?) while you are getting "brand new" (the marketing spin is to equate refurbished with brand new ;) )

If only I could predict the stock market with such accuracy ... ... :cheers:

:cheers: I thought at that price already drop jaws... 1300PSF?!?

win already. 8xx to 13xxpsf for upper...upper...upper thomson.

:cheers: I thought at that price already drop jaws... 1300PSF?!?

180 units out of 250 units sold? Small units at $1,000psf some more. Can't believe this ulu ulu place is selling so well - no MRT, no malls nearby, probably have to wait donkey ages for the buses... Treselveo or the Arte at Thomson would have been a better deal value for money wise.

This is what I call following the herd, when pple seemed more swinged by sentiments than reason. :ohno:

not bad, teacher club got famous curry fish head ... :lol:

never under estimate the herd instinct. I was at a small project the agent really up sell me. Tell me the east coast area will be the Beverly of singapore. After IR come up singpore will boom like no body biz. blah blah. blah.

I guess lots of up sell to fan the herd instinct ;)

even the meadow@pierce before preview the agent already get ready cheque say units will fly. Go down must bring check. !

anyway 1K cheap lah.. AMK the new project FEO launching 1150psf and its 99!!! os 1K is cheap.!!!!!! ;)

Beverly Hills.....??? I am not impressed....I prefer Orchard Rd anytime....
Wonder these agents been to Beverly Hills or not...or just watch "Beverly Hill Cops I, II & III"...hahaha...

Power of IAS....

180 units out of 250 units sold? Small units at $1,000psf some more. Can't believe this ulu ulu place is selling so well - no MRT, no malls nearby, probably have to wait donkey ages for the buses... Treselveo or the Arte at Thomson would have been a better deal value for money wise.

This is what I call following the herd, when pple seemed more swinged by sentiments than reason. :ohno:

just a stone's throw away from Tagore....where foreign workers sit on the road...

just a stone's throw away from Tagore....where foreign workers sit on the road...


good wat. need to move any thing just wave at them to come.

Probably these are the retirees or would-be retirees? They would like to have a lot of exercise when they retire and hence would like to have a chance to walk a few km to go shopping or even just to buy a packet of bread. They have ample of time to wait for the next bus, so time is not an issue. They don't intend to sell the house anyway (want to live until they die) and hence resale value is not of any concern. :nuts:

180 units out of 250 units sold? Small units at $1,000psf some more. Can't believe this ulu ulu place is selling so well - no MRT, no malls nearby, probably have to wait donkey ages for the buses... Treselveo or the Arte at Thomson would have been a better deal value for money wise.

This is what I call following the herd, when pple seemed more swinged by sentiments than reason. :ohno:

went over to take a look after eating prata. Wow was really crowded. I think all the agent not free. parking also was a challenge.

the units lay out is actually quite nice. very generous space was told 80% sold for all released units and price will go up in a day or 2. anyway I think really ulu the place. dont drive cannot unless everyday eat prata... ;) and not cheap a 3 bedder ( left very few) is 940psf facing the upper Thomson road.

I dont see any pt getting high floors there anyway coz nothing to c anyway.

I bet majority purchase are Singaporean ..... local still think Thomson, Serangoon are where the mid-high class stay when Singapore landscape has changed so much ....

I prefer Serangoon anytime... compared to city (CBD) living...

went over to take a look after eating prata. Wow was really crowded. I think all the agent not free. parking also was a challenge...


one of S'poreans fav passtime...visiting showflat....i'm guilty too at times...

like the saying goes..."jiak pah buay pao" (finish meal full full still go look for pao, window shopping)... guess in your case it's "jiak pah buay prata" :)

for stay, i think this project is quite appealing to me... looks cosy enough and close to reservoir, lots of green...plus freehold, ard $850 psf wld be fair value

You cannot say that you are buying a 20+ year old apaprtment, A&A can go very far. Think of NOMU and High Street Centre, both rotting pieces of trash converted to luxury apartments with HSC even maintaining its 99 year lease from the 1970s.

In fact, re-using old structures may sometimes be better, not only is it sustainable, the layouts are more spacious as well. Though, I must admit that this particular project is not done very well, fancy adding 4 lift shafts on the exterior just for the "private lift lobby" concept, which I find uneccessary.

FYI, Meadows tower was converted from 4 extremey large split level 3 bedders spralled over the top floor, to four 3-bedroom penthouses, and the four elusive 1 bedders on the top floor. I think the division between the 3bedroom and the 1 bedroom is where the split level is, so the 1 bedroom takes up what was previously a large living and dining room.

You have to understand that some developpers can be very dodgy esp. non-listed private companies... which means the level of disclosure is minimal. I heard of anecdotes that pre-launch sales are among insiders and business associates. The high prices are often not genuine because they offer substantial cash-back "discounts". Let's say you have a 1000 sq ft condo with list price of $1.5 million. The developper would offer cash-back discounts of, say, $300k. The transaction would be recorded at $1.5 million or $1500psf but the actual price would be $1.2million or $1200psf. The cash-back discount is paid upon completion of the sale.

This makes it easier for the buyer to get a loan. Let's say he has his 20% cash/cpf on hand, which is $240k based on $1.2million price. On top of that, he has $300k cash-back discount from the developper. So if the banks are stupid enough to accept the $1500psf valuation, he can effectively have the property without putting down any cash deposit. Let's say the bank's valuation is only $1200psf, he can still be able to complete the purchase because he has $240k cash and $300k cash-back discount.

So, it's no wonder that people are snapping $1-2 million properties like hot cakes at Breadtalk.

Foreigners and cash-rich greedy and naive Singaporeans will buy after that because they see other people buying at such lofty prices. After all, valuation is often a function of perception. If you can sell them millions of dollars of Lehman minibombs, you can definitely sell them 99-year leaseholds condo starting at $1150psf which comes with the great view of heartlanders hanging their underwear on poles outside their modest but value for money $300k hdb units. (Imagine, if you buy a 2 bedroom costing $1.2 million... your housing loan installment is approximately $3500-4500 depending on your loan duration and interest rates.)

These dodgy practices will fuel property prices and everything will turn into a big bubble before crashing like they did in the US and UK. Mahboktan and his gahmen... please take note.

Cash-back will not work. Bank loan application forms nowadays have blanks for 'Developer cash-back or discounts offered' and you need to declare.

Cash-back will not work. Bank loan application forms nowadays have blanks for 'Developer cash-back or discounts offered' and you need to declare.

who declares?
i just came from a showflat where the agent told me just keep quiet.

who declares?
i just came from a showflat where the agent told me just keep quiet.

Of course agent will tell you to declare as nothing. It is you who is declaring and he who is selling.

Of course agent will tell you to declare as nothing. It is you who is declaring and he who is selling.

i turn around and the banker who was with me turn away pretend never hear anything... :lol:

i turn around and the banker who was with me turn away pretend never hear anything... :lol:

Of course they pretend to "not hear or see anything", cos if something goes wrong, you'll be the one at risk of being charged with providing false info since you'd declared it, not the agent nor the banker who didn't see/hear... :ohno:

Anyone know or has an update to the development status of Meadows@Pierce ?

Hi, just wanna start a forum to share the defects for project: Meadows@ Pierce.
Any owners here who experience poor workmanship on the parquet flooring?