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Old August 29th, 2007, 02:28 PM   #1
wees8
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D3 | Ascentia Sky | 45 floors

From URA website:

http://www.ura.gov.sg/pr/text/2007/pr07-91.html

29 August 2007

URA reserve site at Alexandra Road for residential development is now open for application


The Urban Redevelopment Authority (URA) today released the detailed sales conditions for the reserve site at Alexandra Road. Developers interested in purchasing the site can now apply to URA for it to be put up for tender.

The Alexandra Road land parcel is one of the sites in the Government Land Sales Reserve List for the second half of 2007 announced by the Ministry of National Development on 14 Jun 2007.

Land Parcel at Alexandra Road

The land parcel which has a site area of about 0.86 ha and a gross plot ratio of 4.9, is zoned for residential development. The site can generate a maximum permissible gross floor area of about 41,939 sq m. Details of the land parcel and location plan are given in Annex A-1 & A-2.

The site is located close to the Redhill MRT station.

Reserve List System

Under the governmentís reserve list system, a site in the reserve list would only be put up for tender if the developerís indicated minimum bid price in his application is acceptable to the government.

Details of the land parcel and other sites which are currently available for application on the reserve list can be found at URA website: http://www.ura.gov.sg/sales/Alexandr...intropage.html.
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Old August 29th, 2007, 06:29 PM   #2
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This story was printed from channelnewsasia.com

Title : URA invites applications for condominium site at Alexandra Road
By :
Date : 29 August 2007 2331 hrs (SST)
URL : http://www.channelnewsasia.com/stori...296789/1/.html


The Urban Redevelopment Authority is inviting applications from developers for a condominium site at Alexandra Road.

This is one of the residential sites placed for sale under the Reserve List of the Government Land Sales Programme for the second half of 2007.

According to property consultant CBRE, the site can be developed into a condominium development of at least 40 storeys high.

It expects the site to fetch bids in the range of S$650 to S$750 per square foot per plot ratio.

This will translate to an average selling price of between S$1,200 and S$1,300 per square foot.

Meanwhile, property consultant Knight Frank says it expects the site to be popular with developers due to its proximity to the Redhill MRT station and to the Tanglin Road area.

It is forecasting that the site will fetch up to S$180 million, or about S$400 per square foot per plot ratio.

Under the Reserve List, the Government will only release a site for sale if an interested party offers to bid a minimum purchase price that is acceptable. - CNA/ch
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Old August 30th, 2007, 02:41 AM   #3
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Alexandra condo site up for tender



30 Aug 07

THE Urban Redevelopment Authority yesterday asked for tenders for a 99-year leasehold residential plot at Alexandra Road, close to the Redhill MRT station and opposite the Metropolitan, after receiving a minimum bid price that triggered the launch from the Reserve List.

The site occupies some 8,559 square metres with a gross plot ratio of 4.9, which can generate a maximum permissible gross floor area of 41,939 square metres.

It is zoned for development of condominium or serviced apartments. Property consultancies said the site could be developed into a 40-storey condominium.

Knight Frank managing director Tan Tiong Cheng said that he expects the project to have some 380 units averaging 1,200 square feet in size, given that its height and plot ratio are similar to those of the Metropolitan - a joint project between CapitaLand and Lippo Group.

Mr Tan reckons that bids for the site could have been in the region of $400 per square feet per plot ratio (psf ppr) or a lump sum of $180 million and expects the units to fetch average prices of $950-1,000 psf when they are put on the market, given that units in the nearby Metropolitan are fetching some $924 psf in resale prices in the third quarter.

CB Richard Ellis executive director Li Hiaw Ho estimates that the site could have drawn bids in a higher range of $650-750 psf ppr.

'This will translate to an average selling price of between $1,200 psf and $1,300 psf, which could be attainable in the second half of 2008,' he said, expecting strong demand to come from upgraders and investors who are looking to rent out the units given its proximity to the city and amenities.

In comparison, the Metropolitan site was purchased by the developers at $350 psf ppr in November 2005.

Based on the strong demand seen in Metropolitan where all 382 units were sold within six months, market watchers said that they expect the Alexandra site to draw strong interest from developers given that it is located at the fringe of the established Tanglin housing district which is within a five to 10 minute drive to Orchard Road, the Central Business District, Marina Bay, and the southern waterfront area.

By LYNETTE KHOO
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Old August 30th, 2007, 04:30 PM   #4
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In today's Straits Times newspaper, the news article "Prime state sites in Toa Payoh, Alexandra for sale", there were some forecasts on what the Alexandra site could fetch.

An excerpt:

Mr Nicholas Mak, director of consultancy and research at Knight Frank, expects a top bid of $375 to $400 per sq ft per plot ratio (psf ppr).

CB Richard Ellis executive director Li Hiaw Ho, however, tips it at $650 to $750 psf ppr, while Jones Lang LaSalle's regional director and head of investments, Mr Lui Seng Fatt, forecasts a bullish $1,000 psf ppr or more.
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Old August 31st, 2007, 04:22 AM   #5
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Quote:
Originally Posted by wees8 View Post
In today's Straits Times newspaper, the news article "Prime state sites in Toa Payoh, Alexandra for sale", there were some forecasts on what the Alexandra site could fetch.

An excerpt:

Mr Nicholas Mak, director of consultancy and research at Knight Frank, expects a top bid of $375 to $400 per sq ft per plot ratio (psf ppr).

CB Richard Ellis executive director Li Hiaw Ho, however, tips it at $650 to $750 psf ppr, while Jones Lang LaSalle's regional director and head of investments, Mr Lui Seng Fatt, forecasts a bullish $1,000 psf ppr or more.
No disrespect to the specific people involved, but so much for the "experts". I could also forecast that it could be as low as $400 and more than $1000ppr!

Last edited by JV2007; August 31st, 2007 at 10:55 AM.
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Old September 4th, 2007, 09:04 AM   #6
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@JV2007

Just because you know something that some experts know, it doesn't mean that you can say bad things about them. If you say "No disrespect to specefic people involved" then don't say at all!

Just my two cents


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Old September 15th, 2007, 02:16 AM   #7
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Quote:
Originally Posted by Excelsvr View Post
@JV2007

Just because you know something that some experts know, it doesn't mean that you can say bad things about them. If you say "No disrespect to specefic people involved" then don't say at all!

Just my two cents


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Hi Exelsvr

Actually my point is that with such a wide range the "experts" are saying nothing at all.

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Old September 15th, 2007, 10:03 AM   #8
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Oh! So that's why you were saying. Sorry

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Old September 15th, 2007, 04:51 PM   #9
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No problems, I wans't very clear in my original post.

I do however find it a bit odd that senior members of firms responsible for valuing property for REITS and so on have a valuation range of $400-1000 psf ppr for the same piece of land.
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Old September 16th, 2007, 04:50 AM   #10
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Yup me find it weird too

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Old November 22nd, 2007, 01:41 PM   #11
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22 November 2007

URA launches tender for a residential site at Alexandra Road


The Urban Redevelopment Authority (URA) launched a residential Land Parcel at Alexandra Road for sale by public tender today.

The Land Parcel was made available for sale through the reserve list system on 29 August 2007. On 9 November 2007, URA announced that it had received an application from a developer to put up the Land Parcel for tender and would launch the site for public tender in about two weeks. The developer has committed to bid at least S$220,700,000.00 for the Land Parcel in the public tender.

Land Parcel at Alexandra Road

The Land Parcel at Alexandra Road has a site area of around 0.86 ha and is planned for residential development with a maximum gross floor area of 41,939 sqm. It is located close to the Redhill MRT station.

The details of the Land Parcel are at Annex A-1 and the location plan at Annex A-2. More details of the Land Parcel are available on URA website at http://www.ura.gov.sg/sales/Alexandr...ropage(L).html.

Other Details

A tender period of about four weeks will be allowed for the site. The tender will close at 12 noon on 27 December 2007. Selection of successful tenderer will be based on the tendered land price only. Any tender below the accepted minimum bid price of S$220,700,000.00 will not be accepted

Developerís Packets are available at S$105.00 each (inclusive of GST) for the Land Parcel. These can be purchased from the Customer Service Counter on the 1st storey of The URA Centre, 45 Maxwell Road, Singapore 069118. The Developerís Packets can also be purchased via URA-Online at http://www.ura.gov.sg/sales/sales_main.html at a cost of S$105.00 (excluding delivery charges) for local and overseas purchasers.
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Old November 22nd, 2007, 01:43 PM   #12
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Permissible Gross Floor Area = 41,939 square metres

Committed to bid at least S$220,700,000

1 square metre = 10.763 910 417 square feet

41,939 square metres = 451,427.6 square feet


$ psf ppr = 220,700,000 / 451,427.6 = $ 488.90 psf ppr
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Old November 22nd, 2007, 01:58 PM   #13
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Didn't you post this in The Metropolitan thread?
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Old November 22nd, 2007, 04:25 PM   #14
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Quote:
Originally Posted by Excelsvr View Post
Didn't you post this in The Metropolitan thread?
Yes, posted in Metropolitan thread and here, because info is relevant to both threads.
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Old November 23rd, 2007, 03:16 AM   #15
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Quote:
Originally Posted by wees8 View Post
Yes, posted in Metropolitan thread and here, because info is relevant to both threads.
Yeah, both plots side by side.
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Old December 27th, 2007, 03:41 PM   #16
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The bids are in:

RANKING, NAME OF TENDERER, TENDERED SALE PRICE ($), TENDERED SALE PRICE IN $PSM OF GFA

1, WINGLOW INVESTMENT PTE. LTD. & GREATEARTH DEVELOPMENTS PTE LTD, 288,380,000.00, 6,876.18

1 square metre = 10.763910417 square feet

price psf ppr = 6,876.18 / 10.763910417 = $638.82

See announcement at URA website:

http://www.ura.gov.sg/pr/text/2007/pr07-155.html

Rank, $psf ppr, Name of Tenderer

1. 639, WINGLOW INVESTMENT PTE. LTD. & GREATEARTH DEVELOPMENTS PTE LTD
2. 602, LAFE DEVELOPMENT PTE. LTD.
3. 578, BILLION RISE LIMITED
4. 568, FRASERS CENTREPOINT LIMITED
5. 521, SUNNY VISTA DEVELOPMENTS PTE. LTD & TID PTE. LTD.
6. 501, PERFECT EAGLE PTE. LTD.
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Old December 27th, 2007, 03:49 PM   #17
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CNA: Wing Tai-United Engineers team put in top bid for Alexandra site

CNA: Wing Tai-United Engineers team put in top bid for Alexandra site

SINGAPORE : The tender for the residential site at Alexandra Road has attracted six bids.

The top bid of S$288.38 million was submitted by a partnership between Wing Tai and United Engineers. The price works out to S$639 per square foot per plot ratio.

According to property consultants CB Richard Ellis, that works out to 31 percent above the reserve price, and more than 82% higher than the S$350 psf/plot ratio paid for the adjacent site at The Metropolitan in November 2005.

CB Richard Ellis estimates that a new condo project built on the site will have a breakeven price of S$1,000 per square foot. It expects units there to sell for between $1,100 and $1,200 per square foot.

Meanwhile, property consultant Knight Frank says the relatively high level of developers' interest and the strong bids show that developers are still bullish on the Singapore property market in 2008.

A decision on the award of the tender will be made after the bids have been evaluated. - CNA /ls
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Old December 28th, 2007, 01:26 AM   #18
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Quote:
Originally Posted by wees8 View Post
The bids are in:

RANKING, NAME OF TENDERER, TENDERED SALE PRICE ($), TENDERED SALE PRICE IN $PSM OF GFA

1, WINGLOW INVESTMENT PTE. LTD. & GREATEARTH DEVELOPMENTS PTE LTD, 288,380,000.00, 6,876.18

1 square metre = 10.763910417 square feet

price psf ppr = 6,876.18 / 10.763910417 = $638.82

See announcement at URA website:

http://www.ura.gov.sg/pr/text/2007/pr07-155.html

Rank, $psf ppr, Name of Tenderer

1. 639, WINGLOW INVESTMENT PTE. LTD. & GREATEARTH DEVELOPMENTS PTE LTD
2. 602, LAFE DEVELOPMENT PTE. LTD.
3. 578, BILLION RISE LIMITED
4. 568, FRASERS CENTREPOINT LIMITED
5. 521, SUNNY VISTA DEVELOPMENTS PTE. LTD & TID PTE. LTD.
6. 501, PERFECT EAGLE PTE. LTD.
WINGLOW INVESTMENT PTE. LTD. & GREATEARTH DEVELOPMENTS PTE LTD are subsidaries of Wing Tai and United Engineers?
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Old December 28th, 2007, 04:42 AM   #19
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Business Times - 28 Dec 2007


Alexandra Road site draws six bids

Top bid of $288.4m made jointly by Wing Tai Holdings, United Engineers

By UMA SHANKARI

A RESIDENTIAL site at Alexandra Road saw a bullish six bids and a top bid of $288.4 million - or $639 per square foot per plot ratio (psf ppr) - at the tender's close yesterday.

The top bid for the 92,100 sq ft site was jointly put in by Wing Tai Holdings and United Engineers (UE).

Other bidders include familiar names such as Singapore's Hong Leong Group, GuocoLand and Frasers Centrepoint, as well as mainboard-listed Lafe Technology, which designs and manufactures computer magnetic heads.

'This price is bullish and shows that developers have not lost their appetite for good quality plots of land,' said Ku Swee Yong, director of marketing and business development at Savills Singapore.

The site is conveniently located along Alexandra Road and less than five minutes' walk away from Redhill MRT station.

Nicholas Mak, director of research and consultancy at Knight Frank said: 'The relatively high level of developers' interest and the strong bids reflect that developers are still bullish on the Singapore property market in 2008.'

Leonard Tay, director of research at CB Richard Ellis (CBRE), pointed out that the top bid is 31 per cent above the reserve price of $489 psf ppr and 83 per cent above the price of $350 psf ppr paid for the adjacent The Metropolitan site in November 2005.

'This price of $639 psf ppr will translate into an estimated breakeven price of about $1,000 psf for the future condominium project to be built on this site, and it is likely that units will sell between $1,100 and $1,200 psf,' Mr Tay said.

Sub-sales of units at The Metropolitan are currently at around $900-1,100 psf, CBRE said.

The 99-year leasehold site has a maximum gross floor area of 451,400 sq ft. The site could yield about 360 to 400 condominium units, said Knight Frank's Mr Mak.

Market watchers said that the upcoming development could see strong demand from occupiers of older private residential projects - especially home owners who had benefited from collective sales.

There might also be some potential for upgraders from the HDB estates in the vicinity, as HDB flats in the Bukit Merah and Queenstown area typically sell for among the highest prices in the HDB resale market, CBRE's Mr Tay said.

According to HDB's data for the third quarter of 2007, five-room flats in Bukit Merah have a median resale price of $530,000, while five-room and executive flats in Queenstown have median resale prices of $603,000 and $719,000 respectively.

Wing Tai and UE's bid is 6 per cent higher than the second highest bid of $602 psf ppr put in by Lafe Technology.

The partners' bid is also 28 per cent higher than the lowest bid of $501 psf ppr put in by GuocoLand.


Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
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Old December 28th, 2007, 11:15 AM   #20
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Quote:
Originally Posted by wees8 View Post
Business Times - 28 Dec 2007


Alexandra Road site draws six bids

Top bid of $288.4m made jointly by Wing Tai Holdings, United Engineers

By UMA SHANKARI

A RESIDENTIAL site at Alexandra Road saw a bullish six bids and a top bid of $288.4 million - or $639 per square foot per plot ratio (psf ppr) - at the tender's close yesterday.

The top bid for the 92,100 sq ft site was jointly put in by Wing Tai Holdings and United Engineers (UE).

Other bidders include familiar names such as Singapore's Hong Leong Group, GuocoLand and Frasers Centrepoint, as well as mainboard-listed Lafe Technology, which designs and manufactures computer magnetic heads.

'This price is bullish and shows that developers have not lost their appetite for good quality plots of land,' said Ku Swee Yong, director of marketing and business development at Savills Singapore.

The site is conveniently located along Alexandra Road and less than five minutes' walk away from Redhill MRT station.

Nicholas Mak, director of research and consultancy at Knight Frank said: 'The relatively high level of developers' interest and the strong bids reflect that developers are still bullish on the Singapore property market in 2008.'

Leonard Tay, director of research at CB Richard Ellis (CBRE), pointed out that the top bid is 31 per cent above the reserve price of $489 psf ppr and 83 per cent above the price of $350 psf ppr paid for the adjacent The Metropolitan site in November 2005.

'This price of $639 psf ppr will translate into an estimated breakeven price of about $1,000 psf for the future condominium project to be built on this site, and it is likely that units will sell between $1,100 and $1,200 psf,' Mr Tay said.

Sub-sales of units at The Metropolitan are currently at around $900-1,100 psf, CBRE said.

The 99-year leasehold site has a maximum gross floor area of 451,400 sq ft. The site could yield about 360 to 400 condominium units, said Knight Frank's Mr Mak.

Market watchers said that the upcoming development could see strong demand from occupiers of older private residential projects - especially home owners who had benefited from collective sales.

There might also be some potential for upgraders from the HDB estates in the vicinity, as HDB flats in the Bukit Merah and Queenstown area typically sell for among the highest prices in the HDB resale market, CBRE's Mr Tay said.

According to HDB's data for the third quarter of 2007, five-room flats in Bukit Merah have a median resale price of $530,000, while five-room and executive flats in Queenstown have median resale prices of $603,000 and $719,000 respectively.

Wing Tai and UE's bid is 6 per cent higher than the second highest bid of $602 psf ppr put in by Lafe Technology.

The partners' bid is also 28 per cent higher than the lowest bid of $501 psf ppr put in by GuocoLand.


Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
There is a U-shaped road that is supposed to "wrap" the plot up that isn't built yet right?
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