Surge in optimism reflected in Prince Charles Crescent tender
The quality of the bids received at the close of the tender for a
99-year leasehold residential site at Prince Charles Crescent reflects
general optimism in the market. The site received a top bid of $516.3
million, or $960.28 per square foot per plot ratio (psf ppr).
The top bid was submitted by a tie-up between Wing Tai's Wingstar
Investment, Metro Australia Holdings, and UE E&C's unit Maxdin. It
trumped consultants' expectations in July, when the site was triggered,
that it could fetch between $760-$850 psf ppr.
This represents a 13 per cent premium over the top end of market
expectations, and beat the top bid put up for the Jervois Road parcel in
February ($881 psf ppr).
The second highest bid for the plot, which has a site area of about
2.38 hectares, came in at $946.55 psf ppr, in a joint effort by Hong
Leong Group's Intrepid Investments, City Developments's unit Verwood
Holdings, and Hong Realty.
The site also attracted bids from Keppel Land's Sherwood Development
($980 psf ppr), Wheelock Properties's Pinehill Investments ($890.27 psf
ppr), and Bay Front Land ($871.65 psf ppr), whose shareholders comprise
World Class Land and Fragrance Group.
The lowest bid was submitted by Plan Achieve, at $805.69 psf ppr.
The Development Control guideline on the maximum allowable number of
dwelling units which was announced earlier this month is applicable to
this site if the planning permission for the proposed development is
received on or after Nov 4, said URA. If the application is submitted
before Nov 4, URA may impose requirements where necessary.
Source: Business Times – 21 September 2012
eCO sees bustling sales at launch
More than 220 of the 262 units released for sale at the
99-year-leasehold eCO in Bedok South Avenue 3 were snapped up on
Wednesday, the first day of its preview, following pre-marketing efforts
which kicked off just more than a month ago.
Marketing agents BT spoke with said units in the 748-unit project were
selling at an average of $1,250 per square foot (psf). Buyers who
committed to purchase on the first day enjoyed discounts of up to 18 per
cent, based on a mix of early-bird, vicinity and loyalty discounts. The
discounts have since been scaled back by about 4 per cent, pushing
average selling prices up to about $1,300 psf.
The project, jointly developed by Far East Organization, Frasers
Centrepoint and Sekisui House, comprises 246 suites, 220 Soho
(small-office-home-office) apartments, 34 townhouses and 248 condominium
units.
The developers said Singaporeans and Singapore permanent residents made up 95 per cent of the buyers.
Prices start at $745,000 for a 549-sq-ft suite with one bedroom.
Of the five towers launched, three are almost fully sold. While a good
mix of one, two and three-bedroom units have been sold, the two-bedroom
ones sold the fastest, said agents. Such units range from 581 sq ft to
1,098 sq ft, depending on the unit type.
eCO is estimated to get its TOP in 2017.
Source: Business Times – 21 September 2012
