313@Somerset

[Charging Bull]

The long waiting Orchard Road Car Park is finally out for Christmas Sales....

Government adds eight sites to reserve list for H1 2006

SINGAPORE : The government has released details of its land sales programme for the first half of 2006.

A 2.6 hectare commercial site at Collyer Quay has been placed on the confirmed list.

Meanwhile eight *** sites have been added to the reserve list.

They comprise three residential sites, two commercial sites and three hotel sites.

One of the commercial sites is a plot of land at Somerset Road and Orchard Road which can potentially yield up to 23,300 sq metres gross floor area of retail space and 160 apartment units.

This is the third plot of land along Orchard Road that has been released for sale this year.

The latest announcement had been keenly awaited after National Development Minister Mah Bow Tan said earlier this month that more land would be released for sale next year to meet growing demand.

He also said then that the government would use the confirmed list to release land sites where appropriate. - CNA /ct


http://www.ura.gov.sg/pr/graphics/pr05-63a18.pdf

[RafflesCity]

Govt offering hot second Somerset site

30 Nov 05

By KALPANA RASHIWALA



Three hotel sites in Bencoolen, Novena, Clemenceau areas also on reserve list

THE new sites in the second-half Government Land Sales programme offer developers an attractive range of choices.

Property consultants say the hottest parcel is a 0.72-hectare reserve-list plot next to Somerset MRT Station and Specialists' Shopping Centre. Most of the site is currently used as a car park.

Some in the industry thought it should have been released as a package together with an earlier plot - the former Glutton's Square site on the other side of Specialists' Centre/Somerset MRT - which was launched last month in a tender that closes on Jan 18.

But one seasoned property consultant suggests it may be a good idea after all, on the part of the Urban Redevelopment Authority (URA), to offer the two sites separately.

'The price fetched for the first parcel on Jan 18 will serve as a benchmark for the latest parcel when it is made available for application in March 2006,' she said.

The latest Somerset site is expected to attract the same set of contenders as the first (Glutton's Square) site - including Centrepoint Properties, Lippo Group, Far East Organization, and Hong Kong's Park Hotel group.

A URA spokesman told BT the latest site is being offered 'in response to market interest'. She was responding to queries on whether the government may be releasing too many sites on Orchard Road. Besides the sites on either side of Specialists' Centre, a plum site above Orchard MRT Station - dubbed the Orchard Turn site - has been launched for sale through a tender that closes on Dec 8.

Observers say potential bidders may have been knocking on URA's doors, enquiring about the latest site following the launch of the Glutton's Square plot.

The URA spokesman said the release of the latest site will also allow for better direct connection between Somerset MRT Station and the surrounding area. In any case, as a reserve-list site, it will only be triggered for sale if there is market demand.

The plot can be developed into a project with about 417,640 sq ft gross floor area. 'This provides flexibility for the future development to comprise a mix of retail, cultural, entertainment, hotel, residential, serviced apartment and/or office uses to enhance vibrancy along Orchard Road,' the URA spokesman said.

Also noteworthy additions to the H1 2006 reserve list are three hotel sites. This is not altogether a surprise since National Development Minister Mah Bow Tan had said earlier this month that the government will offer more hotel sites to support the anticipated growth in tourist arrivals.

CB Richard Ellis executive director Soon Su Lin noted the three hotel sites that have been added to the reserve list: One is in the traditional backpackers' haunt at Bencoolen Street. Another at Clemenceau Avenue/Unity Street is near the Orchard Road retail belt, while the third is near the medical centres in the Novena area.

On the third site, URA's spokesman noted: 'Being close to the upcoming Novena Medical Centre in 2007 and existing medical facilities at Tan Tock Seng Hospital and Thomson Medical Centre, (a hotel on) the site can cater to the growing market of healthcare visitors.'

Knight Frank director Nicholas Mak estimates a land value of $60-70 million, or $220-260 per square foot of potential gross floor area, for the Sinaran Drive hotel site near Novena MRT Station. For the two other sites at Clemenceau Avenue and Bencoolen Street, Mr Mak estimates land values of $160-190 psf per plot ratio, and $200-250 psf ppr, respectively.

Of the three new residential sites on the reserve list, the top choice among some analysts is a condo plot at Bishan Street 22/25 fronting the Kallang River. It can accommodate about 670 units, and developers can apply for its release starting June next year.

Another condo site at Simei Street 4 - for about 645 units - will be available for application in May, while a site at Westwood Avenue in Jurong West, designated for about 50 landed homes, will be available starting April.

[Pengui]

Great about the Somerset MRT car park :-)
That was really a waste of space.

[babystan03]

28 March 2006

URA releases third Orchard Road prime site for sale



The Urban Redevelopment Authority (URA) has released another prime site on Orchard Road for sale.

The Somerset Central site, which is located above the Somerset MRT Station, is planned for a commercial development, said URA in a statement on Tuesday.

The land has been placed on the Reserve List of the government's land sales programme, the URA said.

Under the reserve list system of allocating land, a site is only made available for public tender after a developer offers what the authorities deem an acceptable price.

The site, which comprises 0.7ha of land, will yield a total gross floor area of 39,410 square metres and is offered for sale under a 99-year lease.

Already a regionally famous shopping district, Orchard Road is being redeveloped to achieve the government's vision for the area as "one of the greatest shopping streets in the world, a pulse for fashion and all things hip and happening."

"Plans for remaking Orchard Road are rapidly taking shape with the successful sale of the two commercial sites at Orchard Turn and Orchard Road/Killiney Road in December 2005 and January 2006 respectively," the URA added.

The release of the latest and the third commercial site "will complement the existing and future developments in the area", the URA said.

"These developments will expand the diverse range of shopping outlets available and generate added vibrancy to activities along Orchard Road," it said. - CNA/ir

Copyright © 2006 MCN International Pte Ltd

[babystan03]

28 March 2006

URA unveils guidelines for Somerset MRT site
By Loh Kim Chin, Channel NewsAsia

SINGAPORE : The Urban Redevelopment Authority has outlined its plans to jazz up the site above the Somerset MRT Station.





The site is currently used as a carpark and hangout for teenagers.

But the URA wants to transform the area into one that will provide shoppers with an exciting shopping experience.

The URA has placed the site on its Reserve List with a view to selling it, as long as a developer commits to an unspecified minimum price set by the government.

And the developer that clinches the deal will have to keep certain guidelines set out by the URA.

To provide a "street-like" shopping experience, it will have to build a deck over the Stamford Canal within the site.

This will create an open pedestrian mall, dubbed the Discovery Walk, lined with shops and outdoor refreshment areas.

The site will form part of the pedestrian network in the area that will be kept open 24 hours.

Already, retailers are excited at the prospect that the increased human traffic will mean more business.

Said Roslee Bin Mahmud of Famous Amos, Specialist Shopping Centre, "As with anything new people might be curious, just to go to that shopping centre to look at what's inside. But we do have loyal customers, and the things that they sell in John Little, Specialist Centre they may not get anywhere else."

Geraldine Yap of Revlon , Specialist Shopping Centre, said, "It's healthy competition and it will draw in more crowds to this part of Orchard area to where John Little is. And on top of that I can build more relationships with new customers."

The Somerset MRT site, which measures 0.7 hectares and has a 99-year lease, is zoned for commercial use and will yield a gross floor area of over 39,000 square metres.

The URA wants at least 60 percent of that to be set aside for retail, food and beverage, or entertainment use.

The remaining area can be used for commercial, hotel and residential purposes.

Analysts expect the Somerset MRT site to fetch prices that are comparable to the first Somerset Road site in January this year.

That parcel was awarded to Far East Organisation, which placed a winning bid of S$421.1 million, or S$1,085 per square foot of gross floor area.

Tuesday's offer of the Somerset Central site comes hot on the heels of two other sites on Orchard Road which were snapped up last December and January at record prices.

Together, the Orchard Turn and the earlier Somerset sites will help to transform Orchard Road into a street that is a pulse for fashion. - CNA /ct

Copyright © 2006 MCN International Pte Ltd

[Cliff]

WOW! I lurve the ribbon thing

[blizzardtweaker]

well, they'd better star renovating the outside of specialist centre, it its gonna be an eye-sore beside a new glassly mall...heh

[RafflesCity]

At least they're decking over the Stamford Canal and maximising the land potential there...sounds promising

[babystan03]

Originally Posted by blizzardtweaker

well, they'd better star renovating the outside of specialist centre, it its gonna be an eye-sore beside a new glassly mall...heh

Either they renovate or build something new like Heeren....or better still combined with the 2 malls to form one mega mall......

[blizzardtweaker]

Originally Posted by babystan03

Either they renovate or build something new like Heeren....or better still combined with the 2 malls to form one mega mall......

its unlikely they;d combine the malls, since speciallist centre is so John Little-ish, it'll be 'healthy' competition

[Charging Bull]

Somerset site up for tender after S$400m offer by developer
By Loh Kim Chin, Channel NewsAsia





One of the last prime development sites along Orchard Road will be put up for tender in two weeks' time.

This comes after the Urban Redevelopment Authority received a S$400 million offer from one developer.

The 0.7 hectare site stands above Somerset MRT Station.

It is zoned for commercial use and could yield a total gross floor area of 39,410 square metres.

At least 60 per cent of this has to for retail, food and beverage or entertainment use. - CNA/ch

http://www.ura.gov.sg/pr/graphics/pr06-29a2.pdf

[babystan03]

Business Times - 03 May 2006

Somerset MRT site up for tender

By ARTHUR SIM

THE second commercial site near Somerset MRT station has been triggered for release, with an undertaking of a minimum bid of $400 million or $943 per square foot of potential gross floor area (psf ppr).

The Urban Redevelopment Authority said yesterday that the 99-year leasehold site will be launched for public tender in about two weeks. A tender period of about 12 weeks will be allowed for the plot.

Speculation was rife yesterday that Far East Organization, which won the first Somerset plot - the former Glutton's Square site - in January for $1,085 psf ppr, could have made the successful application for the second site to be released.

Knight Frank's head of research, Nicholas Mak, predicts that the top bid for the latest site will be higher than that for the earlier plot. He expects bids of $1,070-$1,140 psf ppr.

Mr Mak added that both Fraser Centrepoint and Far East Organization would be likely bidders for the site for 'strategic reasons'.

He also said that the eventual sale of the site could encourage OCBC, which owns Specialists' Shopping Centre and Hotel Phoenix, which are sandwiched between the two redevelopment sites, to revamp its own premises.

Some of the 'usual suspects' that Mr Mak expects to bid for the site include Indonesia's Lippo Group, which recently bought a stake in Robinson & Company. He said: 'Somerset Central is a good location for an overseas developer to open a flagship store.'

Savills Singapore head of research Wallace Chu also believes the Somerset Central site will receive strong bids.

'In terms of connectivity, the site is very good. It is also closer to the Somerset MRT and Cineleisure. For a retail mall, you want good pedestrian flow,' he said.

At least 60 per cent of the total gross floor area (GFA) has to be for retail, F&B and/or entertainment use. Maximum GFA for this site is 39,410 sq m. The maximum building height is 16 storeys.

Most market watchers expect the successful bidder to build a pure-retail project, as a mixed development may require separate carparks, lifts and entrances, eating into the project's lettable area.

Copyright © 2005 Singapore Press Holdings Ltd. All rights reserved.

[babystan03]

16 May 2006

Third site open for tender in Singapore's prime shopping belt

SINGAPORE : Singapore on Tuesday offered for tender a third site in the prime Orchard Road shopping and tourism belt as part of an effort to boost the strip's appeal.

The 0.7 hectare (1.7 acre) site at Orchard and Somerset roads -- directly above a subway station -- is available for a minimum bid of 253 million US dollars, the Urban Redevelopment Authority (URA) said.

Bids will close on August 16, the agency said.

"The vision for Orchard Road is for it to be one of the greatest shopping streets in the world," the URA said in a statement. "The release of this third commercial site... would complement the existing and future developments in the area and expand the diverse range of shopping outlets available along Orchard Road."

One feature of the site will be an open pedestrian mall lined with shops and outdoor refreshment areas, URA said.

A nearby site in January received a top bid of 266 million US dollars for a retail and entertainment development.

In December, Singapore-listed CapitaLand, Southeast Asia's largest property developer, and partner Gresward Pte Ltd, a unit of Sun Hung Kai Properties in Hong Kong, won a tender for the first prime Orchard Road site.

They bid 873 million US dollars and announced an "iconic" retail development with a towering observation deck and a showcase for brand name retailers.

The race to be Asia's international shopping paradise is intensifying from Bangkok to Hong Kong, Singapore to Kuala Lumpur as the region's shopping hubs invest hundreds of millions of dollars to roll out ambitious plans to make over their prime retail districts in the hope of luring more high-spending tourists.

In December the 366-million US dollar Siam Paragon centre opened to culminate a year of shopping center expansion in Bangkok. - AFP /dt

Copyright © 2006 MCN International Pte Ltd

[hyacinthus]

The location of the released site.



Information on the Tender at http://www.ura.gov.sg/pr/text/pr06-30.html

[bockers]

Good news about the possibility of a mega mall.

[RafflesCity]

Lippo Group to bid for Somerset Central site

16 Jun 06

It plans to link the site to Specialists' Shopping Centre and Meritus Mandarin Hotel

INDONESIA'S Lippo Group, already on a property spending spree, is headed for a showdown with Far East Organization over a highly-coveted site located above Somerset MRT Station and next to Specialists' Shopping Centre.

Lippo's deputy chairman, Mr Stephen Riady, told The Straits Times that the group plans to submit a bid for the Somerset Central site as part of a grand plan that could link Specialists' Shopping Centre to its newly-acquired Meritus Mandarin Hotel in an impressive Lippo-owned stretch of Orchard Road.

Somerset Central was put up for sale last month by the Urban Redevelopment Authority after an unnamed developer - widely thought to be Far East - put in a bid of $400 million for the 78,702 sq ft plot. The tender closes on Aug 16.

Lippo's move comes after OCBC Bank, which owns Specialists' Shopping Centre and the connecting Hotel Phoenix, was reported to be planning a redevelopment of the retail complex, which is more than 30 years old.

Mr Riady said Lippo's decision to bid for it hinged on the fact that 'OCBC has indicated that they are open to a joint venture' to integrate Specialists' Shopping Centre with the new Somerset Central development.

If Lippo succeeds in bagging Somerset Central and Specialists' Shopping Centre, it could further consolidate its position along Orchard Road by picking up the nearby Orchard Building - which houses California Fitness Centre opposite Orchard Cineleisure - from Bonvests Holdings.

'We're not ruling out that possibility,' said Mr Riady. 'But we will do one thing at a time. If we get the Somerset Central site, we may look to expand it.'

But Lippo's bid to become a major force in the Somerset area may face fierce competition from Far East. The property giant, which in January bought the former Gluttons Square plot on the other side of Specialists' Centre, is said to be equally keen on Somerset Central for similar reasons.

Far East could combine Somerset Central with Gluttons Square and Specialists' Shopping Centre to create a massive project with a maximum gross floor area of more than one million sq ft.

The developer is also said to own a number of units in strata-titled Orchard Shopping Centre on the other side of Somerset Central.

Industry sources had earlier speculated that OCBC may work with Far East to develop the combined sites as Far East had last month tied up with Frasers Centrepoint - in which OCBC holds an indirect interest of under 10 per cent - to secure residential estate Waterfront View in Bedok.

However, Lippo, which is controlled by the Riady family, also has an OCBC link in the form of a freehold Kim Seng Road site that the group bought from the bank for about $330 million in April.

One of Indonesia's largest property and retail groups, Lippo has been embarking on an aggressive shopping spree in Singapore over the last two years, spending nearly $2 billion on prime residential and commercial properties as well as a stake in venerable retailer Robinson & Co.

Last month, it bought its first Orchard Road property - Meritus Mandarin Hotel - in a joint venture with Malaysian tycoon Ananda Krishnan.

The hotel was part of a 55 per cent stake in hotel and property group Overseas Union Enterprise (OUE) that the venture purchased from United Overseas Bank for $990 million.

Market watchers have also said that Lippo is showing interest in Hotel Negara, in which OUE has a stake of about 18 per cent.

Listed Hotel Negara's main asset is the Meritus Negara hotel in Claymore Road, which has the potential for redevelopment into a luxury condominium.

[babystan03]

^ Wow...competition.....

I'm more into the 1 million sq ft mega development.......but then Far East better come up with something impressive.....

[RafflesCity]

Originally Posted by babystan03

I'm more into the 1 million sq ft mega development.......but then Far East better come up with something impressive.....

LOL you dont seem to like Far East...

I also hope for something great...meanwhile I cant wait for the design for the Glutton's site to be officially released :-)

[babystan03]

^ Emm....not that I dun like, but so far the malls under Far East seems lacklustre compare to Capitaland.....

Hopefully SOHO@central changes my view....

[RafflesCity]

I kinda like Far East Plaza though...I think it has a distinctiveness and laid-back feel to it