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Eunosville sold to MCL Land for $765 million

Posted by Singapore Property Launch on 4th June 2017 in Blog
Eunosville

Aerial view of the Eunosville site. (Photo: OrangeTee)

Eunosville, a 330-unit privatised HUDC development near Eunos MRT station, has been sold en-bloc for $765.78 million ($909 psf per plot ratio) to Singapore-listed MCL Land, said marketing agent OrangeTee.

The sale price is significantly higher than what the owners previously expected, which was in the range of $643 million to $653 million. Built in the late 1980s, the approximately 376,713 sq ft site has a remaining lease term of about 71 years.

This is the second largest collective sale of this type of property following the sale of Farrer Court for $1.3388 billion in 2007.

Eunosville consists of 10 residential blocks with a total of 255 maisonettes and 75 apartments. More than 80 percent of the owners consented to the deal.

According to OrangeTee, each owner stands to gain about $2.25 million to $2.41 million upon the successful completion of the sale, which is subject to several conditions.

The site is almost rectangular with wide frontage onto Changi Road and Sims Avenue. It is zoned residential with a gross plot ratio of 2.8 under the 2014 Master Plan.

The future project could yield about 1,399 units with an average size of 753 sq ft.

“There was strong interest for Eunosville and the bids received were competitive, given its strong locational attributes,” revealed Marcus Oh, Executive Director of Business Solutions at OrangeTee.

“The primary home sales market has also seen marked improvements and developers are starting to make strategic acquisitions of land to position themselves for a recovery of the market.”

The Business Times reported that other bidders for the Eunosville site included Qingjian Realty, Keppel Land and City Developments Limited.

The collective sales market has been heating up in recent weeks following the sale of Goh & Goh Building in Upper Bukit Timah Road for $101.5 million, Rio Casa in Hougang for $575 million, and One Tree Hill Gardens off Orchard Boulevard for $65 million.

credits: propertyguru

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$75.8 million top bid for Lorong 1 Realty Park site

Posted by Singapore Property Launch on 3rd June 2017 in Blog
Lorong 1 Realty Park URA

Aerial view of the site at Lorong 1 Realty Park in Hougang. (Photo: URA)

UPDATED: The tender for a rare landed property site at Lorong 1 Realty Park in Hougang closed on Thursday (1 June) after attracting 11 bids, revealed the Urban Redevelopment Authority (URA).

China-based developer Fantasia Investment (Singapore), together with Sun Renwang and Yang Xinping, submitted the top bid of $75.8 million for the approximately 144,221 sq ft site. This works out to a land price of about $526 psf.

The second-highest bid of $62 million ($430 psf) came from Singhaiyi Investments and Haiyi Wealth, followed by EL Development with $60.1 million ($417 psf).

The 99-year leasehold plot was launched for sale on 20 April via the confirmed list of the first half 2017 Government Land Sales programme. It is expected to yield an estimated 50 landed homes.

Several shopping malls including Heartland Mall and Hougang Mall are located within the area, while the nearest MRT station is the Hougang station on the North-East Line. 

Ong Teck Hui, National Director, Research & Consultancy at JLL, noted that tender participation for the site was not particularly keen, with most of the bids on the conservative side.

“Only the top bidder demonstrated stronger optimism in the tender, with a 22.2 percent higher bid than the second, suggesting the likelihood of pricing the units more optimistically when launched,” he said.

But he pointed out that the site poses some challenges due to its location along “busy and noisy Hougang Avenue 2″.

“This will not be appealing to many buyers so demand may be more hesitant, and this would be reflected in less optimistic sale prices. This would probably account for the moderate bidding of the second-highest bidder at $430 psf and downwards.”

A decision on the award of the tender will be made after the bids have been evaluated, said the URA.

credits: propertyguru

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Woodleigh Lane site expected to attract stiff competition

Posted by Singapore Property Launch on 1st June 2017 in Blog
Aerial view of Woodleigh Lane site

Aerial view of the plum site at Woodleigh Lane, which is expected to attract bullish bidding. Image source: URA

Out of the three 99-year leasehold sites launched for sale yesterday under the first half 2017 Government Land Sales programme, the 1.9ha plot at Woodleigh Lane is the most attractive, said Dr Lee Nai Jia, Head of Research at property consultancy Edmund Tie & Co.

There should be at least 12 bids for the site,” he said. “While the indicative land price varies from $750 to $850 psf per plot ratio (psf/pr), we anticipate the winning bid to be in the range of $950 to $1,100 psf/pr given recent aggressive land bidding behaviour.”

The site is close to Woodleigh MRT station, while the other two land parcels at Serangoon North Avenue 1 and Yishun Avenue 9 are not near MRT stations. The future project will also offer unblocked views on one side as it faces low-rise landed homes.

New projects in the area include The Poiz Residences, averaging at about $1,505 psf based on the April Developers Survey,” said Lee.

Despite the lack of an MRT station near the 1.7ha Serangoon North Avenue 1 site, Lee still thinks it is an “interesting site”. Formerly a school, the site also offers unblocked views.

He reckons it will attract different types of buyers, including young families whose parents live in Serangoon Gardens, mature families seeking to downsize from landed homes, and HDB upgraders living nearby.

Although the 2.1ha Yishun Avenue 9 site is relatively far from Yishun MRT station, Lee feels that potential upgraders may be attracted to the future project given its affordability compared to other more accessible projects.

“The winning bid is likely to range from $480 to $540 psf/pr,” he said.

Together, these three sites are expected to yield an estimated 1,955 homes, said the Urban Redevelopment Authority.

credits: propertyguru

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URA launches 3 residential sites, could yield 1,955 homes

Posted by Singapore Property Launch on 31st May 2017 in Blog
Woodleigh Lane site v2

Location plan for the site at Woodleigh Lane. Source: URA

Three 99-year leasehold residential sites at Woodleigh Lane, Serangoon North Avenue 1 and Yishun Avenue 9 were released for sale on Tuesday (30 May) under the first half 2017 Government Land Sales (GLS) Programme, said the Urban Redevelopment Authority (URA).

Together, these sites could yield about 1,955 housing units.

The 1.9ha site at Woodleigh Lane was launched for sale under the confirmed list. Located next to Woodleigh MRT station, it is expected to yield 735 units. The site is close to NEX shopping mall, various schools such as St Andrew’s Secondary School and Maris Stella High School, as well as future amenities at the adjacent Bidadari New Town.

Also launched under the confirmed list is the 1.7ha Serangoon North Avenue 1 site, which could yield up to 505 homes. It is within proximity to eateries in Serangoon Gardens such as Chomp Chomp Food Centre and Serangoon Garden Market. Rosyth School and Nanyang Junior College are also nearby.

Meanwhile, the large 2.1ha site at Yishun Avenue 9 is available for application under the reserve list. Located in an established HDB estate, the plot could yield 715 units. Northpoint Shopping Centre and Junction Nine are within the vicinity. The future residential project is also ideal for families with school-going children as it is near Northland Primary School and Chung Cheng High School (Yishun).

The tenders for the Woodleigh Lane and Serangoon North Avenue 1 sites will close on 11 July and 27 July respectively, said the URA.

credits: propertyguru

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Rio Casa sold en-bloc for S$575mil

Posted by Singapore Property Launch on 28th May 2017 in Blog
Rio Casa Aerial

 

Rio Casa, a 286-unit development at Hougang Avenue 7 has been sold collectively for S$575 million to Oxley-Lian Beng Venture Pte Ltd, revealed marketing agent Knight Frank.

Coupled with an additional differential premium of around S$208 million to top up the lease to a fresh 99 years and develop the site to a gross plot ratio (GPR) of 2.8, the purchase price works out to a land price of about S$706 per sq ft per plot ratio (psf ppr), based on its maximum permissible gross floor area (GFA) of around 1,109,447 sq ft.

The property was put up for collective sale in April, after more than 80 percent of the owners agreed to the en bloc sale.

Knight Frank noted that each owner is set to receive around S$2 million in gross sale price upon the “successful completion of the sale, which is subject to several conditions being met, including an order of sale by the Strata Titles Board or Court Approval”.

Featuring seven residential towers, the former HUDC estate has a site area of 36,811.1 sq m (about 396,231 sq ft) and enjoys a 200m frontage of riverfront. It is zoned for residential use under the Master Plan 2014.

Knight Frank executive director and head of investment & capital markets Ian Loh attributed the strong interest for the estate to its positive site attributes – which include easy access to Hougang MRT stations and bus interchange, proximity to Serangoon Park Connector, vast surrounding green spaces and waterfront view.

Aside from this, no new launch is “expected within the immediate vicinity, in the short to medium term”.

“The gross development value for this project is estimated at S$1.4 billion and can potentially be redeveloped to build about 1,400 residential units, assuming an average size of 70 sq m per unit,” he added.

credits: propertyguru

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Developers pay more for sites amid fierce competition

Posted by Singapore Property Launch on 17th May 2017 in Blog
Waterway_Ridges_and_Waterway_Banks_in_Punggol_Singapore_under_construction

 

The aggressive bidding for land at public tenders this year saw developers paying an average of 29 percent more for residential sites over comparable plots sold over the last five years, reported The Straits Times.

Cushman & Wakefield noted that the figure is significantly higher compared to the 13 percent average premium that developers paid in the second half of 2016.

“This is testament to greater confidence (on the part of) developers in the residential market, bolstered by the positive response in new project launches in recent months,” it said, noting that the hike in sales was partly attributed to the lifting of some of the cooling measures in March.

The number of bidders at tenders has also increased to 13.3 in the first four months of 2017 from 8.25 in 2H 2015.

In fact, interest from foreign players has intensified, with two of four land tenders awarded to foreign companies so far this year, noted Cushman & Wakefield.

With this, analysts expect upcoming tenders for this year to be keenly contested as land-starved developers fight over a limited supply of land.

However, International Property Advisor chief executive Ku Swee Yong does not expect the government to “put more sites out in its upcoming land sales programme in view of the large number of vacant units and the weak leasing market”.

Notably, the Ministry of National Development is set to announce which sites will be available for the second half of 2017 next month.

And given the “strong liquidity-driven market”, foreign developers are expected to outbid their local counterparts, possibly resulting to more private land acquisitions, said Cushman & Wakefield.

credits: propertyguru

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