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[COMPLETED] D11 | Soleil @ Sinaran (36 x2 floors)

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#1 ·
Choice Novena condo plot to be released

24 Jun 05

Keen interest likely from developers; 2 other condo plots to be offered too

By Tan Hui Yee

THREE new plots of land will be available for condominium projects from October, with the choice lot sited in the up-and-coming Novena residential district.

The 1.12ha plot is behind Novena Square, which is linked to the Novena MRT station. About 340 homes can be built on it.

It will, however, be put on the reserve list, which means it will be put up for tender when at least one developer commits to bid at a minimum price acceptable to the authorities.

Details of the plot were released yesterday by the Ministry of National Development when it announced its land-sale plan for the period starting from next month to December.

Property consultants expect keen interest from developers for this site.

An executive director of property consultancy Credo Real Estate, Mr Karamjit Singh, told The Straits Times: 'Increasingly, the fundamental selling point of a project is being close to the MRT and a commercial element, like a shopping centre.'

Jones Lang LaSalle's head of research, Ms Feng Zhi Wei, felt a condominium there would draw buyers wanting to live near the city centre.

Units at the nearby freehold project Newton Suites, for example, were snapped up after it was launched in October last year. So far, 106 of its 118 units have been sold at an average price of $850 psf.

The 99-year leasehold site in Sinaran Drive is expected to fetch about $120 million to $170 million.

Two other sites in Woodlands and Pasir Ris will also be made available in November. They are expected to fit in a total of about 560 homes.

Meanwhile, a small, 15,000 sq ft site for commercial development near HDB Hub in Toa Payoh will also be put on the reserve list in December.

Apart from the commercial space that will be made available through the integrated resorts in Marina Bay and Sentosa, another roughly two million sq ft worth of such space is planned for release outside the formal land sales programme from next month to December.

About 538,000 sq ft of it will come from retail facilities in the Sports Hub in Kallang, as well as the Tuas Recreation Hub being planned by the JTC Corporation.

The rest of the commercial space includes that used for 1,200 hotel rooms and 1,000 homes in Sentosa and other places, as well as retail facilities under the Warehouse Retail Scheme.
 
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#2 ·
Site near Novena MRT station on reserve list

20 Oct 05

Choice 12,500 sq m residential plot estimated to be worth $220m


THE Urban Redevelopment Authority (URA) has added another residential site to its Reserve List, one of three new residential sites the Ministry of National Development intends to launch for the second half of this year.


The choice 1.25 hectare (12,500 sq metre) site is on Sinaran Drive, next to Novena Square and Novena MRT. It also has a relatively high plot ratio of 3.5, which can yield a maximum permissible gross floor area (GFA) of about 470,000 sq ft.

Chesterton International head of research and consultancy Colin Tan estimates the 99-year leasehold site to be worth about $220 million or $470 per square foot (psf) per plot ratio. Breakeven cost works out to be $760 psf assuming that a 300-unit development of about 1,400 sq ft each is built.

This is a prime site and Mr Tan expects all the 'big boys' to be interested. However, noting that there have been several sites triggered, all within a short space of each other, he also thinks the bigger players may be 'spread too thin', leaving room for smaller developers to muscle in on some of the action. 'The big boys cannot dominate all the tenders,' he added.

Last month, NTUC Choice Homes topped CapitaLand's bid by just 3 per cent to clinch a site next to Yew Tee MRT Station at Choa Chu Kang.

Its top bid of $90.29 million works out to be $308 psf of potential gross floor area.

URA's city fringe site at Redhill MRT Station was launched for tender yesterday after an unknown developer gave a commitment to bid the minimum $102.8 million (or $200 psf of potential GFA). The tender for this site closes on Nov 16.

There may yet be some surprises when the Sinaran Drive site does eventually come up for tender. Still, developers most likely to be interested are United Overseas Land, which has a majority stake in Novena Square, and Far East Organization, which recently launched Novena Medical Suites nearby.

By ARTHUR SIM
 
#3 ·
Source from: http://www.ura.gov.sg/pr/text/pr06-37.html

6 JUNE 2006

URA TO LAUNCH THE TENDER FOR THE RESERVE SITE

AT SINARAN DRIVE IN TWO WEEKS' TIME



The Urban Redevelopment Authority (URA) announced today that it has accepted an application from a developer to put up the residential site at Sinaran Drive for public tender.


DETAILS OF THE APPLICATION


The Land Parcel was made available for sale through the reserve list system on 19 Oct 2005. Under the government's reserve list system, the government will put up a reserve site for public tender if it receives an application from a developer who commits, by signing an agreement and paying a deposit of 5% of the bid price, to bid for the site at a price which is acceptable to the government.


URA has received an application from a developer who has committed to bid a price of not less than $173,800,000 for the Land Parcel at Sinaran Drive. In accordance with the procedures of the reserve list system, URA is making public this price. However, the identity of the applicant will not be released.


URA will launch the public tender for the site in about two weeks’ time. The launch date will be announced later and a tender period of about 4 weeks will be allowed for this site.


SALE SITE AT SINARAN DRIVE (NOVENA GREEN)


Land Parcel at Sinaran Drive has a site area of 1.25 ha and is earmarked for a residential development with a maximum gross floor area 43,639 sq.m The site is located near the Novena MRT Station.





The details of the site are at Annex A-1 and the location plan at Annex A-2. More details of the site are available on URA website at http://www.ura.gov.sg/sales/sinarandrive_index.html


Details of the launch of the tender will be announced later.

--------------------------------------------------------------------------------

ANNEX A-1

Details of Land Parcel at Sinaran Drive (Novena Green)



Location
Sinaran Drive

Site Area (m2)
12,468.4

Proposed Development
Residential

Maximum Permissible Gross Floor Area (m2)
43,639

[Approximate Gross Plot Ratio]
[3.5]

Estimated No. of Dwelling Units
400

Maximum Building Height
153m AMSL*

Lease Period
99 years


* Above Mean Sea Level
 
#7 ·
Sinaran Drive site for sale after bid commitment

20 Jun 06

A RESIDENTIAL redevelopment site in Sinaran Drive that was put on the reserve list of the Government Land Sales programme nine months ago is being offered for sale after an unnamed developer committed two weeks ago to bid $173.8 million.

The plot, near Novena MRT Station, is 1.25 hectares and can be built up to a maximum gross floor area of 43,639 sq m (469,725 sq ft).

Jones Lang LaSalle's regional director and head of investments Lui Seng Fatt reckons developers could bid bullishly as the Novena area is seeing upside from healthy prices in the nearby Orchard Road area.

As such, bids for the Sinaran Drive site could hit $500 per sq ft per plot ratio or $235 million.

Mr Lui believes the 99-year leasehold site could be a good hedge against the high prices that developers paid for prime Orchard Road sites recently.

A top-end bid of $500 psf ppr would mean a breakeven cost of about $900 psf.

This is high compared with other 99-year leasehold sites sold in the past year.

CapitaLand's CRL Realty and Indonesia's Lippo Group International paid $180 million, or about $350 psf ppr, for a site next to Redhill MRT Station, while a site near Tanah Merah MRT Station went to an NTUC Choice Homes/Wing Tai tie-up for $210 million, or $318.50 psf ppr.

Closer to Novena, however, freehold Newton One, by Lippo Group is said to be selling at $1,230-$1,420 psf.

By ARTHUR SIM
 
#8 ·
Novena could be getting its first 40+ storey condos ;-)

Frasers Centrepoint tops Sinaran Dr bids

19 Jul 06

It eyes serviced apartment use for part of condo project on site

FRASERS Centrepoint Ltd, which has emerged as the highest bidder for a condo site near Novena MRT Station with a bid of $238 million or $507 per square foot of potential gross floor area, is looking into setting aside units in the new development for serviced residences.



Frasers Centrepoint's top bid for the 99-year leasehold plot at Sinaran Drive is nearly 18 per cent more than the second highest bid of $202 million by Hong Leong Holdings' unit, Kingston Development. The state tender which closed yesterday also attracted two other bids - one from Far East Organization and the other from a partnership involving Wing Tai, NTUC Choice Homes and United Engineers unit Greatearth Developments.

While the 18 per cent premium Frasers Centrepoint offered over the closest competitor seems hefty, market watchers reckon the property arm of listed Fraser & Neave could still make a decent profit. Its breakeven cost for the development is expected to be about $800 psf. A new condo project on the site could fetch $1,000 psf on a project-average basis if it were ready for launch today, reckoned Jones Lang LaSalle's regional director and head of investments, Lui Seng Fatt. 'This is a 99-year leasehold site but it is an MRT location and with several nearby malls,' he added.

Next to the Sinaran Drive site, Novena Square is being revamped into a sports/lifestyle mall, Velocity@Novena.

Just behind that, Far East is developing Singapore's first Korean-themed mall, Square 2. Across the road is an existing mall at United Square. Frasers Centrepoint CEO Lim Ee Seng said yesterday the group is planning a 450-500 unit development reaching over 40 storeys. The units will be mostly smallish, targeting the yuppy market. 'We're looking at an iconic development,' he added.

The Urban Redevelopment Authority (URA) yesterday confirmed that the site, which is zoned for residential use, may also be used for serviced apartments.

Frasers Centrepoint's Mr Lim, when asked about this, said: 'This is an excellent site for serviced residences. We'll seriously consider setting aside part of the development for serviced residences, while the rest could be apartments for sale.'

Frasers Centrepoint has a serviced residences arm.

The 134,209 sq ft site has a 3.5 plot ratio, which means it can have a maximum gross floor area of nearly 470,000 sq ft.

The top bid of $507 psf per plot ratio for the site was 37 per cent higher than the minimum price acceptable to the state for the reserve list site. Frasers Centrepoint's price is 24 per cent below the $665 psf ppr that Wing Tai paid for the Newton Meadows freehold site a few months ago, observed JLL's Mr Lui.

By KALPANA RASHIWALA
 
#12 ·
It is mentioned in this article:

Frasers to launch 2 more condo projects this year


12 Jan 07

FRASERS Centrepoint will launch at least two more condominium developments this year as it looks ahead to an upbeat property market, said its development and property general manager, Cheang Kok Kheong, yesterday.

Buyers can expect the 176-unit freehold St Thomas Suites at St Thomas Walk in District 9 to be rolled out at month-end. Frasers Centrepoint is looking at a price range of $1,600-$2,000 per square foot (psf).

The condominium will have two 33-storey towers, and most of the units will range from 1,800 to 2,600 square feet. There will also be two penthouses of more than 7,000 sq ft each.

Next in line is a 480-unit, 99-year leasehold condominium on Sinaran Drive near Novena MRT, slated to be put on the market in the second half of the year. The project will have two 40-storey towers.

The mid to high-end condo is expected to fetch prices at the upper end of the range in its category after the company paid $238 million - or $507 psf of potential gross floor area - for the site in a government tender last July.


Mr Cheang, who was speaking to reporters at a media tour of Frasers Centrepoint's latest property, the 99-year leasehold ClementiWoods, said that the company is on the lookout for collective sale sites to build up its land bank.

While St Thomas Suites and the Sinaran Drive project can be categorised as high-end, most of the company's other developments cater to the mid-level or mass market, where it is seeing steady growth.

Its stock of units in completed projects stood at about 800-900 nearly two years ago, but since then the number has fallen to 40-50, Mr Cheang said. 'We have already cleared most of the stock, and at very good prices.'

He sees a pick-up in mid-level and mass market prices. 'My feeling is that this market will be quite stable and growing at a reasonable pace for at least the next four or five years.'

For starters, units are moving fast at the mid-level ClementiWoods on West Coast Road. Half of the 240 apartments were bought during a soft launch at the weekend, at about $530 psf on average.


By UMA SHANKARI
 
#18 ·
I lived next to a rather major one for five years and the only (minor) inconvenience I got was a helicopter landing once in a while. Well in fact if you ask me, I thought it was quite cool to have helicopters land next to your window... Although, yeah, a tad noisy ;-)
 
#19 ·
"Some people consider living near a hospital to be 'bad'?"

Some people = backward, superstitious people. But somehow I think that these people might change their mind if they had a heart attack; maybe living right next door to medical help would suddenly seem like a very good thing indeed. But wait, the only reason they got a heart attack in the first place was because of the bad luck radiated by the hospital!
 
#22 ·
TTSH and its adjacent Communicable Disease Centre (CDC) are designated by the government of Singapore as the “front-line” for future incidences like SARS. These designated “Centers for Disease Control and Prevention” are combat zones for any contagious outbreaks. From the past SARS experience, it is clear that nobody wants to be near or around the TTSH area. Everyone avoided the place like a plague. This will have severe impact to the properties around that area. You don’t want to be in the middle of the “battle zone” when an outbreak strikes. Neither do you want to go near it when it strikes. That’s the general perception.

On the other hand, if it is another hospital like Mt Alvernia, or Thomson Medical, then the stigma is not that bad because these are per se hospital for giving birth. So the general vibes and feelings towards such hospitals are not as bad.

Just my 2 cents.
 
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