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Discussion Starter · #2 ·
https://www.ura.gov.sg/Corporate/Media-Room/Media-Releases/pr17-50

Tender closing for the residential site at Serangoon North Avenue 1
Published: 27 July 2017
The Urban Redevelopment Authority (URA) closed the tender for the residential site at Serangoon North Avenue 1 today.

The site at Serangoon North Avenue 1 was launched for public tender on 30 May 2017. The site was offered for sale on a 99-year lease term.

Please see Annex A [PDF, 18kb] for details of the site and tender bids received.

This is not an announcement of tender award. A decision on the award of the tender will be made after the bids have been evaluated. This will be publicised at a later date.

https://www.ura.gov.sg/-/media/Corporate/Land-Sales/Tender-Results/2017/jul/pr17-50a.pdf
 

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Discussion Starter · #3 ·
Details of Land Parcels
Location Serangoon North Avenue 1
Site Area 17,189.1 m2
Land Use Zoning Residential
Maximum Gross Floor Area (GFA) 42,973 m2
Maximum Building Height Part 2-storey and part 64 - 80 m AMSL ( Above Mean Sea Level)
Estimated Number of Housing Units 505 (Actual number of dwelling units provided by the developer may vary)
Lease Period 99 years
 

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Discussion Starter · #4 ·
https://www.straitstimes.com/busine...ngoon-north-avenue-1-private-residential-site

Top bid of $446.28m for Serangoon North Avenue 1 private residential site

SINGAPORE - The public tender for a private residential site in Serangoon North Avenue 1 attracted 16 bids.

Corson and Wingjoy Investment - units of Keppel Land and Wing Tai Holdings - jointly placed the top bid of $446.28 million, the Urban Redevelopment Authority (URA) said on Thursday (July 27).

The price works out to about $964.8 per sq ft per plot ratio for the 99-year leasehold plot, which could yield 505 private homes.

The top bid was about 6.6 per cent higher than the second of $418.7 million tabled by FCL Residences.

Singland Homes and UOL Venture Investments jointly submitted the third highest bid at $417.2 million.

The site has a land area of 17,189.1 sq m and permissible gross floor area of 42,973 sq m.

It was put up for sale under the confirmed list of the Government Land Sales programme for the first half of the year.
 

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THE GARDEN RESIDENCES CONDO PRICE – ESTIMATED LAUNCH AND GUIDE PRICE
According to Todayonline, Mr Mak has mentioned that the top bid of The Garden Residences, may have to launch the units at above S$1,600 psf. https://www.todayonline.com/busines...sing-site-gets-buillish-top-bid-s4463-million

Land cost ----------------------$835 -

“The top bid today can be considered to be very bullish and aggressive as it was about 16 per cent higher than the land price of the Serangoon Ville land parcel which was acquired yesterday by the Oxley-led consortium at S$835 psfppr (including estimated charges for intensifying the use of land and to top up the lease to a fresh 99 years),”

S$964.81 per square foot per plot ratio (psf ppr)

Construction cost---------------$350

Our estimates of $350 may not be accurate. Luxury condos may cost up to $450 and ultra-luxury condos are typically even more expensive.

Expenses and profit margin ---$356

30% of the base cost will cover the developers’ other expenses and other costs

Estimated launch price--------$1541

Minimum 1700 psf
 

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Discussion Starter · #8 ·
KepLand, Wing Tai tie-up top bidder for Serangoon North site

Keppel Land (KepLand) and Wing Tai teamed up to place the top bid at a state tender on Thursday for a 99-year-leasehold private housing site along Serangoon North Avenue 1.

Their S$446.28 million bid, which translates to S$964.81 per square foot per plot ratio (psf ppr), was 6.6 per cent higher than the second highest offer of S$418.7 million (S$905.19 psf ppr) from Frasers Centrepoint's FCL Residences.

It was also nearly 16 per cent higher than the S$835 psf ppr that an Oxley Holdings-led consortium is paying for the nearby 2.76-ha Serangoon Ville collective sale site.

This unit land price is based on the S$499 million purchase price for Serangoon Ville announced on Wednesday and an estimated S$195 million that the consortium will have to pay to the state to top up the site's lease to 99 years and for the rights to redevelop the site, to 2.8 gross plot ratio.

The Oxley-led consortium was the seventh highest bidder at Thursday's tender by the Urban Redevelopment Authority (URA) for the 1.72-ha Serangoon North Avenue 1 site. It bid nearly S$393.18 million or about S$850 psf ppr.

A Singapore Land-UOL tie-up was in third place at S$901.94 psf ppr. City Developments was fourth, at S$901.27 psf ppr. The second to fourth highest bids were within a 0.4 per cent margin, reflecting the tight competition. In all, the tender drew 16 bids, a testament to developers' prevailing strong appetite for land.

A KepLand spokesman, when asked about the group's bid price, said: "We believe we have put in a commercially viable bid, befitting the site's good location and strong attributes, and having taken into consideration the market conditions."

KepLand and Wing Tai plan to develop over 600 homes on the site.

"We are confident that this new development will see positive demand as there have been few new condominiums launched in recent times in the popular Serangoon Garden area," said KepLand chief executive Ang Wee Gee.
KepLand and Wing Tai also teamed up to bid for URA's tender for the Woodleigh Lane private residential site which closed earlier this month. There they were in second position, pipped by a joint-venture between Chip Eng Seng, Heeton Holdings and KSH by a narrow margin of just 0.8 per cent.

As for Thursday's tender for the Serangoon North Ave 1 site, analysts termed the top bid as aggressive. The developers of this project would need to launch the residential units at above S$1,600 psf, which is significantly higher than the recent private condo launches in the vicinity.

This shows an expectation of the market to be on the recovery path. Analysts were not surprised by the top bid. After the recent Stirling Road and Woodleigh Lane tenders which both fetched more than S$1,000 psf ppr, optimistic bids seem to be the market norm.

The strong turnout of 16 bidders could be an indication that developers have accepted that the trough of the market is here.

Last October, City Developments, Hong Leong Holdings and TID launched the Forest Woods condo, which is much closer to Serangoon MRT Station and nex mall compared to the latest site, at an average price of S$1,400 psf. They sold nearly two-thirds of the project, or 337 of its 519 units, on the first weekend.

While Forest Woods is nearer Serangoon MRT Station, in terms of residential character the Serangoon North Avenue 1 site is in a better vicinity, being next to Kensington Park Condo, which enjoys good demand in the secondary market, and near the established Serangoon Gardens landed housing estate and its conveniences such as Chomp Chomp Food Centre.

Analysts also point to the site's proximity to educational institutions - including Rosyth School, Zhonghua Primary and Lycee Francais De Singapour (French International School).

Last weekend's sellout of the Hundred Palms Residences executive condo a short distance away may also have boosted developers' confidence in bidding for the URA site.

Other bidders at Thursday's tender included China Construction (about S$869 psf ppr), GuocoLand (S$850 psf ppr), a Hoi Hup-Sunway tie-up (S$825 psf ppr), OUE in partnership with Qingjian Realty (S$819 psf ppr), Allgreen Properties (S$780.46 psf ppr) and Kingsford (S$780.44 psf ppr). Chip Eng Seng teamed up with Roxy-Pacific for a S$773 psf ppr bid while Sing Holdings partnered Wee Hur (S$772 psf ppr). Greatview offered S$765 psf ppr for the site and Sim Lian Land, S$746 psf ppr.

EL Development was the lowest bidder, at S$730.72 psf ppr.

Market watchers noted that the URA site garnered more interest - 16 bids - versus only five for the Serangoon Ville collective-sale tender and a much higher unit land price. That may partly have to do with the bigger total investment quantum to be expected for the Serangoon Ville site.

It has a much bigger land area and a slightly higher plot ratio, translating to a bigger gross floor area of 831,349 square feet - compared with 462,557 square feet for the URA site. With a bigger deal size, the risks are higher.

Moreover, the turnaround for a development on the URA site will be quicker vis-a-vis Serangoon Ville, which being a collective sale will be subject to mediation/court approval and other processes.

Adapted from: The Business Times, 28 July 2017

http://adrianchuaera.com/news/kepland-wing-tai-tieup-top-bidder-for-serangoon-north-site
 

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https://www.mnd.gov.sg/newsroom/new...government-land-sales-gls-programme#appendix1





Master Plan. https://www.ura.gov.sg/maps/?service=GLSRELEASE&site=887#

https://www.ura.gov.sg/sales/UppChangiFloraDr/MA/UpperChangiFloraDr-specQnA.htm


Q2
The building height control for this site is specified as 40m Above Mean Sea Level (AMSL). Under the standard typology for flats and condominiums on residential sites zoned with GPR 1.4, there is a 5-storey building height control. Can the development on this site be built higher than 5 storeys?

A2
Yes. The building height control for this site is specified based on the technical height control of 40m AMSL and as such the development on this site may be built higher than 5 storeys, provided that the overall building height is lower than 40m AMSL. Please note that the height of all buildings (inclusive of all structures and fixtures above the roof-top such as TV antennas, water tanks, lift motor rooms, cranes, maintenance equipment and lightning conductors), construction equipment and temporary structures within the site are not to exceed the 40m AMSL height control at all times.

 

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Guide Prices for The Garden Residences

Prices from: (Before Early Bird Discount)

1BR -$788,000
1BR+S - $898,000
2BR - $1.08m
2BR +S -$1.18m
3BR - $1.38m
3BR+S - $1.58m
4BR+S - $1.928m
Premium 4BR -$2.18m
Premium 5BR - $2.58m

Miss this you going to pay more later.

Two GLS and one 999 en-bloc next to The Garden Residences and a future MRT station nearby CRL.
 

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Discussion Starter · #15 ·
http://forums.condosingapore.com/sh...mes-sold-by-developers-up-only-a-tad-in-April

A seasoned developer outlined three strategies being adopted by developers facing cost pressure from having paid high land prices in the past 15 months or so: "Some want to sell as quickly as they can, before more supply comes on. Some are getting brand-name architects and getting high-quality specs and finishes. Some are focusing on keeping overall lump-sum prices of units in their development affordable by building a high proportion of one- and two-bedders and/or having more compact units.

"To sum up, the first group of developers is playing a time game, the second group, a quality game, and the third group, a quantum game."

"On the other hand, median psf prices increased 18.2 per cent from S$1,524 psf in January to $1,801 psf in April."
 
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