Published February 2, 2011


88 Waterfront Isle units sold at preview

FAR East Organization and Frasers Centrepoint have sold 88 units in their 561-unit Waterfront Isle development in the Bedok Reservoir area over the last few days.

The developers released 132 units in the 99-year leasehold project at a preview which started on Jan 28. Of these units, 88 units (67 per cent) have been sold at an average price of $920 per square foot (psf).

Waterfront Isle will be officially launched on Feb 5, the third day of Chinese New Year.

Far East Organization, which is marketing the project, said prices will start from $575,000 for a one-bedroom apartment - excluding an additional 5 per cent cost which will be returned to buyers in the form of furniture vouchers once the development obtains its temporary occupation permit (TOP) in 2015.

Including the extra cost for the vouchers, prices at the project will start from $605,000.

Far East said that the furniture vouchers were being given to 'build a stronger base of long-term buyers'.

Waterfront Isle is the last project in the Waterfront Collection, a master-planned joint venture development between Far East and Frasers Centrepoint. The entire collection comprises four developments fronting Bedok Reservoir.

Units in the first three projects in this master-planned development are mostly sold. Waterfront Waves is 100 per cent sold, Waterfront Key is more than 85 per cent sold and Waterfront Gold is more than 75 per cent sold.

Singaporeans and permanent residents make up 80 per cent of the buyers of Waterfront Isle. About half of the buyers are residents now living in the east in estates such as Bedok and Tampines, Far East said.


Source: www.businesstimes.com.sg

THE Urban Redevelopment Authority (URA) yesterday launched a commercial land parcel in Paya Lebar Central for sale by public tender - the first site offered for sale in that area.

The 99-year leasehold site, which is at the junction of Paya Lebar Road and Eunos Road 8, has a site area of 159,870 square feet and a maximum gross floor area (GFA) of 671,450 sq ft.

In line with the plan for Paya Lebar Central to be a major commercial centre, the upcoming development on the site will have to set aside at least 80 per cent of the total GFA for office use. The remaining GFA can be allocated for additional office use or other uses permitted under the commercial zoning.

'The site is envisaged to be developed into a good-quality office development that would appeal to businesses that do not need to be located within the city centre, as it is a mere 10-minute drive from the central business district,' said URA.

The government's vision is for Paya Lebar Central to become a bustling commercial centre, with a mix of office, retail, hotel and public spaces. The precinct has about 12 hectares of land available for development and a potential commercial floor space of more than five million sq ft in total.

Analysts expect a top bid in the range of $500-600 per square foot per plot ratio (psf ppr) for the plot. The site is expected to draw good interest from developers as it offers a choice alternative for tenants who do not need to be in the central business district but find Tampines and the business park in Changi to be too far.

'This site is anticipated to receive warm interest from developers due to its strategic location and the promising outlook for the office property market, which is poised for an overall sustained gradual rental recovery supported by broad-based incremental business expansion plans,' said Ong Kah Seng, Cushman & Wakefield senior manager for Asia-Pacific research.

Observed DTZ South-east Asia research head Chua Chor Hoon: 'With the office market on the rise, the successful tenderer stands to benefit from higher rents when the development is completed in a few years' time.'

This land parcel is next to Paya Lebar MRT station, which serves the Circle and East-West MRT lines. The tender for the site closes at noon on April 21, 2011.

Published January 28, 2011
By UMA SHANKARI

Source: www.businesstimes.com.sg

Published January 21, 2011

Govt launches tenders for 3 housing sites
All three plots are near MRT stations in Choa Chu Kang, Sengkang and Bishan

By KALPANA RASHIWALA

THE government yesterday launched tenders for three 99-year leasehold housing sites near Choa Chu Kang, Sengkang and Bishan MRT stations.


This includes two plots on the confirmed list - an executive condo (EC) plot in Choa Chu Kang next to Mi Casa condo, and a private condo site near Sengkang MRT Station.

The third parcel, near Bishan MRT Station, was triggered from the reserve list as announced on Jan 7.

The EC plot at Choa Chu Kang Drive, which is near Choa Chu Kang MRT Station and Lot 1, can generate about 490 housing units. Cushman & Wakefield senior manager of Asia Pacific research Ong Kah Seng estimates top bids for the site at about $260-280 per square foot per plot ratio (psf ppr), translating to a breakeven cost of about $550-580 psf and average selling price in the $600-630 psf range.

Credo Real Estate executive director Ong Teck Hui expects three to five bids with the highest in the $220-240 psf ppr band, reflecting average selling price expectations of about $610-620 psf.

ECs are a hybrid of public and private housing with ownership and resale restrictions in the first 10 years.

The Sengkang plot can be built into a private condo with about 530 units. Both consultants predict the top bid could come in at $350-380 psf ppr and a resulting breakeven cost of about $700-740 psf and average selling price in the $800 psf region.

The calculation factors in the possibility of price softening; one MRT stop away, at Buangkok, units in The Quartz are selling at about $900 psf.

The Sengkang plot launched yesterday is a stone's throw from the bustling Sengkang Town Centre, bus interchange, MRT/LRT stations and Compass Point mall.

On January 7, the government announced that the Bishan plot had been triggered from the reserve list, following a successful application from an unnamed developer that had agreed to bid at least $189.83 million or $300 psf ppr.

Credo's Mr Ong predicts six to 10 bids for the land parcel, with the highest offer around $550-580 psf ppr; this would result in a breakeven cost of about $950 psf and an average selling price of around $1,100 psf.

Cushman's Mr Ong forecasts five to seven bids, with the top in the $450-480 psf ppr range and reflecting an average selling price expectation of about $920-950 psf.

Market watchers expect developer interest for Government Land Sale sites to be cautious following the Jan 13 cooling measures, although overall economic fundamentals remain good.

The tender for the Bishan site closes on Feb 24, followed by the Sengkang plot on March 15, and the Choa Chu Kang EC plot on March 22.


Source: www.businesstimes.com.sg