Singapore Property Updates

Singapore Property Updates

A new record was set for the 99-years Seaview Collection at Sentosa Cove. Ho Bee Investment & Malaysia’s IOI Properties group bidded for $459.8m, about $1,360psf per plot ratio, which can be develop for 200 units. To get a 20% margin, it'll be likely price about $3.2m - $3.5m each. Ambitious and admirable.

With a strengthening in office space rental, the Singapore Land Authority is inviting tenders for the former 1,456sqm CAAS building at Upper Changi Road North and the former River Valley Primary School at River Valley Road. The two-storey building is set for three years, renewable up to 2012.

The River Valley Road site is within CBD with a land area of about 17,590sqm. It's a one-storey building block and two blocks of 3-storey buildings. Tenancy is valid for three years, renewable up to 2013. Tenders close on 30 March. Good timing, isn't it?

Talking about timing, who can beat URA, the Master of Land sales? Bidding should be hot at the redevelopment site at Beach Road. With a likely GFA of more than 1.5m sqft, it's no surprise for bids to exceed a cool $1b! However, the restriction of 40% use for office, and 30% for hotel use and conservation works for 4 historic buildings, the successful developer has to be creative to make a healthy margin.

At Bishopswalk, owners of the 25-unit townhouse development is hoping for more than $100m strike price. That's about 20% more as compared to last year's wish. The 69,189sqft site has a plot ratio of 1.4. A Development Charge of $15.58m is expected. Developers, do your sums right. Don't push the buyers too high up.

One North Residences, by UOL & Kheng Leong, sold about 10% of the 405 units between $800-$900psf at its invited guests preview. expect prices to climb slightly during the official launch.

Meanwhile, United Engineers, will use this as a gauge for marketing its 368 units One Rochester. It is part of a mixed development that includes a hotel, serviced apartments and a retail complex. Its units ranges from 770sqft - 2,900sqft.

CDL has bought Hong Leong Garden Condominiumthrough a $131.5m collective sale. The DC might be about $20m. This works out to about $360psf. The 956-year leasehold site is about 266,000sqft with a 1.6 plot ratio. The plot can be redeveloped with 370 units.

Earlier this week, CDL and Wing Tai jointly acquired Anderson 18 for $477.7m, including an estimated $40.11 million development charge.

Looks like the buying spree will continue its rollover and owners of collective sales potential can re-think their prices again.