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Old March 29th, 2008, 04:46 AM   #1
jt88
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D27 | The Estuary

March 26, 2008

Yishun condo site draws record bid of $213.5m

MCL Land's offer for 99-year plot almost 70 per cent higher than the next bid

By Fiona Chan, Property Reporter


A YISHUN condominium site drew a higher-than-expected top bid when its tender closed yesterday, belying expectations of a property market slide.

Developer MCL Land offered $213.5 million for the 99-year leasehold plot, which works out to about $350 per sq ft per plot ratio (psf ppr) - believed to be a new benchmark for Yishun.

Property consultants said this could translate into the finished project selling at record prices for the area, even as home buyers are now holding out for lower prices in a subdued market.

Mr Nicholas Mak, director of research and consultancy at Knight Frank, estimated that the end units for the Yishun project could be priced from $830 psf up to almost $900 psf.

This would be almost double what the 99-year leasehold Orchid Park Condo down the road is fetching. Four units at the 14-year-old development have been sold there this year at an average price of $460 psf.

MCL Land's bid pipped four others and came in almost 70 per cent higher than the next bid, from Peak Green, at $127 million, or $208 psf ppr.

Frasers Centrepoint, Sim Lian and Hong Kong's Cheung Kong also tabled offers ranging from $57.7 million to $109.7 million, or $95 to $180 psf ppr - which some consultants said were 'unrealistically low' bids. They had predicted bids of between $200 and $300 psf ppr.

But Mr Li Hiaw Ho, executive director of CBRE Research, said the response was 'fairly robust' and signalled 'developers' confidence in the suburban segment despite the current lukewarm response to new projects'.

'Should the United States enter a mild recession and the sub-prime problems clear up, sentiment for suburban homes should improve after June, bringing demand and upward price momentum back to the market.'

Experts described MCL Land's offer as 'extremely bullish' and suggested that the developer may be short on land bank in the mass market segment.

MCL Land said in its latest financial results that it bought some sites last year, including Holland Hill Mansions and Dynasty Court Garden 1 in Sixth Avenue. Its land bank can now yield 780 units with a total gross floor area of 1.4 million sq ft.

The Yishun site is at the corner of Yishun Avenues 1 and 2, and is 10 minutes' walk from Khatib MRT Station. It is next to Yishun Stadium and overlooks Lower Seletar Reservoir.

'The site is good in that frontage to the reservoir is fantastic,' said Mr Ku Swee Yong, director of marketing and business development at Savills Singapore. 'I agree you should pay a premium for this site, but this seems to be a very significant premium.'

Separately, HDB yesterday put two more sites up for sale through its reserve list system.

One is a 182,986 sq ft plot at Jurong West Street 42 for executive condos, while the other is a 244,341 sq ft condo site at Chestnut Avenue in Bukit Panjang.

fiochan@sph.com.sg

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Old March 29th, 2008, 04:46 AM   #2
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Published March 26, 2008

MCL tops bids at $213.5m for Yishun 99-yr condo site

Offer of $350 psf per plot ratio is 68% above the next highest bid

By KALPANA RASHIWALA


MCL Land yesterday offered almost 70 per cent more than its closest rival in a state tender for a 99-year condominium site at Yishun fronting Lower Seletar Reservoir and close to Singapore Orchid Country Club/Golf Course.

The Hongkong Land subsidiary placed the highest of five bids the site drew. Its price of $213.5 million - or about $350 per sq ft of potential gross floor area - was 68 per cent higher than the next highest offer, of $127 million or $208 psf per plot ratio by Peak Properties unit Peak Green. Peak Properties is controlled by the Wee family.

The tender drew three other bids - from Frasers Centrepoint ($109.66 million or $180 psf ppr), Sim Lian Land ($92.6 million or $152 psf ppr), and Cheung Kong Holdings unit Billion Rise, which placed what some market watchers termed a cheeky bid of $57.74 million or just $95 psf ppr.

Asked how he felt about offering such a steep premium for the plot, MCL Land's CEO Koh Teck Chuan said: 'I bid at a price I'm comfortable with. I'm confident of making money on this project.'

The breakeven cost for a new condo development on the site will be about $680 psf, and MCL Land's bid model assumed an average selling price of $750-800 psf, he added.

The group plans a 480-500 unit condo development 15-16 storeys high. 'Because the site has a long frontage along the reservoir, we can design the project in such a way that almost every unit will face the reservoir,' Mr Koh said.

'We've studied the site. I climbed up the nearest HDB block and the view was breath-taking. I saw unobstructed views of the reservoir and greenery.

'And the site is within walking distance of Khatib MRT Station. This is a nice suburban housing location.'

Mr Koh pointed out that developers have adopted divergent strategies at state tenders lately. 'Some are using the current lull to fish for bargains, while those who need to replenish their landbanks tend to bid at closer to market prices,' he said.

MCL currently does not have any 99-year leasehold residential sites in its landbank, although it has a string of freehold residential projects it hopes to launch this year or next year. These are in locations like Holland Hill (in a joint venture with Ho Bee), Balmeg Hill in the Pasir Panjang area, Upper Serangoon Road, Boon Teck Road in the Balestier vicinity, Ewe Boon Road, Sixth Avenue and Seletar Hills.

CB Richard Ellis executive director Li Hiaw Ho said the 'fairly robust response' of five bids at yesterday's tender from major and mid-size developers signals 'developers' confidence in the suburban segment despite the current lukewarm response to new projects'.

Demand for the new condo on the plot at Yishun Avenue 1/2 is likely to come from HDB upgraders and those working in the northern part of Singapore, he added.
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Old March 30th, 2008, 10:23 PM   #3
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Good news for the Orchid Park Condo just a street down.
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Old April 7th, 2008, 08:09 AM   #4
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Heard so much about the latest Jurong Lake makeover. But read some where about some development at Mandai. Anyone care to shed some light?
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Old March 5th, 2010, 03:53 PM   #5
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Orchid Park Condo is benefitting from The Estuary's success so far.

One unit, originally transacted at $659 psf on 19th January this year, was transacted again at $694 psf on 17th February this year.

Is the official launch for The Estuary a success today?
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Old March 5th, 2010, 06:58 PM   #6
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Same unit? Any detail on this unit?
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Old March 6th, 2010, 02:49 AM   #7
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Quote:
Originally Posted by cnud View Post
Same unit? Any detail on this unit?
95 Yishun Street 81 #08-06 Orchid Park Condo


By the way, can jt88 change the thread title to The Estuary?
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Old March 6th, 2010, 11:06 AM   #8
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Quote:
Originally Posted by PrecisionDrive View Post
Orchid Park Condo is benefitting from The Estuary's success so far.

One unit, originally transacted at $659 psf on 19th January this year, was transacted again at $694 psf on 17th February this year.

Is the official launch for The Estuary a success today?
this is my fren's fren unit.. Very funny, they jus breakeven and die die wana sell fast bcoz FSM says their unit no gd...

No wonder i saw classified selling #88...anybody call and check out this gimmick??
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Old March 7th, 2010, 03:09 PM   #9
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The Estuary is 95% sold as of today. Average psf is $800.
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Old March 8th, 2010, 03:03 AM   #10
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Quote:
Originally Posted by gosperence View Post
The Estuary is 95% sold as of today. Average psf is $800.
Powerful demand! Again...
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Old March 8th, 2010, 04:25 AM   #11
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well these days anything under 1000 are perceived as cheap.

Under 800 is a steal!

under 600 is a firesale!

under 500 cannot find liao.... pple think must be lock kok..
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Old March 8th, 2010, 11:21 AM   #12
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under 500, HDB liaooo..

haha
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Old March 8th, 2010, 11:58 AM   #13
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Quote:
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under 500, HDB liaooo..

haha
Under $500 psf?

Above $600 olso can.
$674 psf to be precise.



Record $653,000 for flat
Jessica Cheam
The Straits Times
Thursday, 12 November 2009, 10.12 pm


Chris Neo (left) and Kelvin Lim (right), seller of the flat Michael Nandakumaran (center), with sold a HDB flat at Blk 48, Strathmore Avenue for a record price of $653k. -- Photo: Desmond Lim, ST

A 4-room Queenstown HDB flat has sold for $653,000, setting a new record for psf, amid continuing red-hot demand for resale flats.

The buyers, a male Indonesian permanent resident and a Singaporean woman, could have bought a condominium unit in an outlying area for the price.

But they were won over by the location, just five minutes walk from Queenstown MRT station, and on the top, 40th floor of the block, with unblocked views of greenery from all windows.

The 4-year-old 969sqft unit at Forfar Heights, Strathmore Avenue, sold for $68,000 above valuation - a level determined by an independent valuer.

This works out to $674 psf, smashing the previous record of $609 psf, achieved in January last year, by about 10%.

This may be an unusually high price but resale prices have been moving up.
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Old March 9th, 2010, 02:25 AM   #14
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Quote:
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Powerful demand! Again...
Yar, left 70 units. Quite impressive to me!
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Old March 9th, 2010, 03:45 AM   #15
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If Kovan can reach $1200 psf, $850 psf is CHEAP!
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Old March 16th, 2010, 06:45 PM   #16
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Someone bought a unit at The Estuary for $921 psf in February this year.
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Old March 16th, 2010, 06:49 PM   #17
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Quote:
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Someone bought a unit at The Estuary for $921 psf in February this year.
studio unit? anyway i realise most studio units in SG r gg from 800psf now.
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Old April 22nd, 2010, 08:50 AM   #18
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D27 | The Estuary

Project Name: THE ESTUARY
Developer: MCL Land (Warren) Pte Ltd
Property Type: Condominium
Tenure: 99 years Leasehold
Completion Date: 31 Dec 2013
Total Units: 608
District No: 27







>>>> Click here for more details and floor plans >>>


.
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Old June 3rd, 2010, 05:57 AM   #19
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Understand that this property is doing well.... Not much new projects in the area.
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Old June 3rd, 2010, 07:49 AM   #20
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no new projects means price will be stagnant. Need new project to push price up.
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