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LTA, MyHSR to conduct industry briefing for KL-Singapore HSR project

Posted by Singapore Property Launch on 7th June 2017 in Blog
LTA, MyHSR to conduct industry briefing for KL-Singapore HSR project


With the Kuala Lumpur-Singapore High-Speed Rail (HSR) project attracting strong interest from various parties, an industry briefing for companies interested in participating in the tender for the assets company of the high-speed rail project will be conducted next month, according to Singapore’s Land Transport Authority (LTA) and Malaysia’s MyHSR Corporation.

Notably, the assets company (AssetsCo) will be responsible for the financing, designing, building and maintaining all rolling stock including rail assets like signalling, power and telecommunications.

To be conducted by LTA and MyHSR, the briefing will serve as a platform for the two agencies to share key features of the 350-km long high-speed rail line “as well as indicative AssetsCo tender parameters and technical specifications”.

“This industry briefing marks yet another milestone in our HSR journey. Since the bilateral agreement was signed last December, we have received indications of strong market interest in this project,” said LTA chief executive Ngien Hoon Ping and MyHSR CEO Mohd Nur Ismal Mohamed Kamal.

“We believe in interacting with the industry, to allow for a well-informed and successful competitive AssetsCo tender, which will be conducted in an open, fair and transparent manner.”

With the tender expected to be called by end-2017, the Kuala Lumpur-Singapore HSR project is expected to reduce travel time from Singapore to Kuala Lumpur to just 90 minutes.

credits: propertyguru

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Downtown Line 3 to open on 21 October

Posted by Singapore Property Launch on 5th June 2017 in Blog
Ext Jln Besar

Exterior of the Jalan Besar MRT station. (Photo: LTA)

The 21km-long Downtown Line 3 (DTL3), the last and longest stretch of the 42km Downtown MRT Line (DTL), will begin operations on 21 October, said the Land Transport Authority (LTA) on Wednesday, 31 May.

There will be a total of 16 stations, including three interchange stations, bringing commuters from the north-western and eastern parts of the island to the Central Business District and Marina Bay, providing greater connectivity to residential, industrial and lifestyle enclaves, the LTA said.

The new stations comprise Fort Canning, Bencoolen, Jalan Besar, Bendemeer, Geylang Bahru, Mattar, MacPherson, Ubi, Kaki Bukit, Bedok North, Bedok Reservoir, Tampines West, Tampines, Tampines East, Upper Changi and Expo.

The first 10 stations from Fort Canning to Bedok North have been completed, while final works are still in progress at the last six stations.

The first two stages of the DTL (six stations from Chinatown to Bugis and 12 stations from Bukit Panjang to Rochor) were opened in 2013 and 2015.

credits: propertyguru

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Eunosville sold to MCL Land for $765 million

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

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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