SGHOUSING.COM 新加坡房地产网

The minimum committed bid for 0.25-ha site on reserve list works out to about $460 psf ppr

The Urban Redevelopment Authority (URA) has received a minimum committed bid of $116.2 million for a commercial site on Anson Road. This works out to about $460 per square foot per plot ratio (psf ppr).

The site, which was put on the reserve list of the Government Land Sales (GLS) programme in October 2006, will now be put up for public tender.

The 0.25-ha site has a maximum permissible gross floor area of 23,418 sq m (252,069 sq ft) and a building height restriction of 50 storeys. URA also says the site configuration can provide a floor plate of 1,800 sq m.

Savills Singapore director of marketing and business development Ku Swee Yong believes the site could fetch bids of between $900-$1,000 psf ppr. ‘Foreign investors are also likely to be keen to bid,’ he added.

Late last month, a nearby GLS commercial site at Anson Road/Enggor Street was put up for public tender after the URA received a committed minimum bid of $172 million. The tender closes next month.

Using some recent transactions in the Grade A office sector as a benchmark, Mr Ku believes capital values for new developments could reflect the current asking prices of $1,700 psf. Prices for commercial property have been increasing significantly.

In February, Kim Eng Properties paid $44 million for a 0.13-ha commercial site at New Bridge Road/North Canal Road. The public tender, which saw 11 bids for the site, closed with Kim Eng’s bid reaching $758.40 psf ppr, 25 per cent higher than the next highest bid.

The latest public tender will be launched in about two weeks’ time. A tender period of about eight weeks will be allowed for the site.

Source : Business Times - 19 Jun 2007

A NEW commercial site in Tanjong Pagar will be put up for public tender in two weeks’ time, just three weeks after a neighbouring site was released for sale.

An unnamed developer has agreed to bid at least $116.2 million for the prime 27,275 sq ft plot, the Urban Redevelopment Authority (URA) said yesterday.

The site is behind International Plaza at the junction of Anson Road and Gopeng Street.

This works out to about $460 per sq ft per plot ratio (psf ppr) - slightly more than the $448 psf ppr minimum bid that came in for a neighbouring land parcel last month.

That parcel was a slightly bigger plot at the junction of Anson Road and Enggor Street. It went on the market last month after a developer committed to a minimum bid of $172 million for the 39,826 sq ft site.

The interest in these two sites comes as Singapore is experiencing an acute shortage of prime office space, leading to a surge in office rentals that market experts have warned may threaten the country’s competitiveness.

To ease this supply squeeze, the Government said last week that it will offer about 3.8 million sq ft of commercial space in the second half of this year. Sites such as the Anson Road/Gopeng Street plot are part of this plan.

Property consultants said the site will be attractive to several parties, including property funds or investors.

‘We will see a significant level of interest from the usual suspects,’ added Mr Nicholas Mak, director of research and consultancy at Knight Frank.

These include developers which already have a presence in the area, such as City Developments and Keppel Land.

‘It won’t just be two or three bids, but probably five or more,’ he said.

Offers are likely to come in at between $150 million and $200 million, or about $600 to $800 psf ppr, predicted Mr Mak.

The 99-year leasehold site can host a 50-storey building with offices and shops. It has a maximum gross floor area of 252,069 sq ft.

It was put on the URA’s reserve list in October last year. Under this scheme, the Government will put a site up for public tender if a developer agrees to bid for it at an acceptable minimum price.

Source : Straits Times - 19 Jun 2007

The increase in land prices across the property market has resulted in a spate of collective sales that range beyond the high-demand prime districts.

Old condominium developments in the prime areas are not the only ones that find themselves under the auctioneer’s hammer.

“We are witnessing a spill over in the acquisition of residential development sites from prime districts to the suburban areas,” said Ms Grace Ng, deputy-managing director (agency and business services), Colliers International.

The real estate consulting firm is auctioning off a freehold residential development site at 57-61 Koon Seng Road/88-89 Everitt Road.

The freehold 16,574 sq ft site in Joo Chiat is a row of two-storey terrace houses. It is zoned for residential use and has a gross plot ratio of 1.4 under the 2003 Master Plan.

A five-storey residential development housing 18 apartments of 1,200 sq ft each can be built on the site. Ms Ng believes that with approval from the authorities, the site can also be the future home of a row of eight terrace houses.

The site could fetch $9 million or about $390 per sq ft per plot ratio, inclusive of development charge.

The auction will be held on June 27 at the Amara Hotel.

Also in the east is a freehold conservation bungalow at Mountbatten Road which Knight Frank will be auctioning off on June 29.

The bungalow, located at 781 Mountbatten Road, has a land area of 20,222 sq ft and has a floor area of 3,444 sq ft.

It has an indicative price of $10 million, and is one of the 15 conservation bungalows on Mountbatten Road.

Source : Weekend Today - 16 Jun 2007

Row of six restored conservation shophouses also up for grabs tomorrow

The taxman is auctioning 8 Tong Watt Road, off River Valley Road, tomorrow to recover outstanding property taxes. The 999-year leasehold, three-storey intermediate terrace house stands on a plot with a land area of about 2,751 sq ft.

The site is zoned for residential use with a 3.8 plot ratio (ratio of maximum potential gross floor area to land area) within the River Valley Conservation Area.

Only the facade of the shophouses needs to be preserved while the rear portion could be redeveloped, a property consultant reckons.

BT understands that IRAS, the Inland Revenue Authority of Singapore, has yet to provide the reserve price for the property but the indicative pricing is about $6 million-8 million.

According to a BT report in March this year, IRAS is owed $58,035 in tax arrears for 8 Tong Watt Road. The authority auctions off properties only as a last resort to recover property tax - after the owner repeatedly fails to pay or defaults on his payment, despite many reminders.

IRAS will return any balance on the sum received to the owner, after recovering outstanding tax, penalty payment, interest, and the cost of recovery.

The auction is to be conducted by Knight Frank at 2.30 pm at Empress Room, Carlton Hotel.

On The Auction Block

Another property that is being put up at the auction is a row of six restored conservation shophouses at Nos 252 to 262 South Bridge Road, near the junction with Temple Street. The indicative pricing for the freehold properties being sold by their owner, a local investment company, is about $20 million-22 million.

The six shophouses, which have two storeys with attics, have a total land area of nearly 8,500 sq ft and a floor area of around 16,600 sq ft. The units are currently leased to a total of 10 tenants, generating rental income of $41,000 per month. The leases come up for renewal at various times, ranging from the end of this month to late 2009. Knight Frank auctioneer Mary Sai reckons that the six shophouses could be converted into a boutique hotel with about 55 rooms, subject to approval from Urban Redevelopment Authority.

BT understands that No 20 Trengganu Street nearby was recently sold for $18 million to Asok Kumar of Royal Brothers group. The property has a remaining lease of about 65 years, with a total land area of about 10,450 sq ft and total lettable area of nearly 24,000 sq ft.

On June 29, Knight Frank is auctioning a freehold conservation bungalow at 781 Mountbatten Road. The indicative price is about $10 million. This is one of 15 large conservation bungalows along the road, according to Knight Frank. It has a land area of 20,222 sq ft and a floor area of 3,444 sq ft. The site is zoned for residential use. It is being offered on vacant possession by the administrator for the estate of a Teo family.

Source : Business Times - 14 Jun 2007

MCL Land has emerged as the top bidder for Nob Hill Condominium and two adjoining bungalows on Ewe Boon Road, at a price of $95 million or $1,100 per square foot of potential gross floor area, including an estimated $17 million development charge, according to industry sources.

Nob Hill Condo

The properties, located at a cul-de-sac, have a combined freehold land area of 63,572 sq ft. They are zoned for residential use with a 1.6 plot ratio (ratio of maximum potential gross floor area to land area) and a 12-storey height limit. The plot can be redeveloped into a new project with about 65 units averaging 1,500 sq ft. The tender for the properties closed last week. It was handled by Credo Real Estate, which has declined to confirm the outcome of the tender.

Other recent benchmarks in the area include Eden Spring at Balmoral Road sold at $1,004 psf per plot ratio last month to TG Development, and One Balmoral, sold to Hong Leong Group in March for $1,188 psf ppr.

In its news release last month when launching Nob Hill Condominium and the two adjoining bungalows, Credo had said that since the condo belongs to an investment company, no Strata Titles Board application is necessary.

On the stock market yesterday, MCL ended two cents higher at $2.82.

Source :  Business Times - 29 May 2007