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The Urban Redevelopment Authority (URA) has closed the tender for a hotel site at Kallang Road and Jellicoe Road, with only one bid received.

Citywide Land tendered the sole bid of S$51 million for the site which has an area of 4,219.2 square metres and a maximum permissible gross floor area of 18,986 square metres.

The site was launched for public tender in August. It was originally on the reserve list of the Government’s Land Sales Programme. It was offered for a lease period of 99 years.

The announcement of the award of tender will be made after the bid has been evaluated. - CNA/vm

Source : Channel NewsAsia - 9 Oct 2008

An Urban Redevelopment Authority (URA) tender for an industrial site on Kallang Pudding Road closed yesterday with only one bid received.

The $10.8 million bid came from Orion-Four Development. Based on the site area of 61,819 square feet and a plot ratio of 2.5, the bid translates to a unit land price $69.88 per sq ft per plot ratio (psf ppr) - the same as a committed bid received by URA in August.

Dominic Peters, director of industrial services at Savills Singapore, said he is surprised that just one bid came, especially as the site seems well located.

He said that if URA awards the site, the unit land price of $69.88 psf ppr will be about 20 per cent lower than the $85 psf ppr paid for an industrial site in Ubi Avenue 4 this month by Sim Lian Land.

In that tender, only two bids were received, with Orion-Four Development being the losing bidder. Mr Peters said this could have reflected cautious market sentiment. On the lack of interest in the Kallang Pudding site, he said: ‘There could be some concern that there may be an over-supply of industrial space in that vicinity.’

Prices for industrial sites appear to be falling.

In March, Sim Lian Development’s unit 3 Link Development emerged the highest bidder for a 60-year leasehold industrial site at Ubi Avenue 4/Ubi Road 2, offering $23.9 million or $88.74 psf ppr.

In February, another Sim Lian unit, Trio Link Development, paid $142 psf ppr for an industrial site in Playfair Road in Ubi/Paya Lebar/Eunos area.

Source : Business Times - 8 Oct 2008

Sim Lian Land has been awarded the tender for an industrial site at Ubi Avenue 4.

The company submitted a bid of S$26.3 million for the 60-year lease site.

The site has an area of 11,491.5 square metres and a maximum permissible gross plot ratio of 2.5.

It can be developed for a range of clean and light industrial uses.

Source : Channel NewsAsia - 3 Oct 2008

LAND sales revenue collected by the Urban Redevelopment Authority (URA) for the Singapore government reached $8.3 billion for FY07/08, up 80 per cent on the $4.6 billion collected during the property market peak of FY96/97.

According to URA’s Annual Report FY07/08, development charge collected by URA for the current period also hit a record $1.1 billion.

On a year-on-year basis, land sales revenue for the year rose about 200 per cent over the $2.7 billion collected for FY06/07, while development charge revenue increased by about 100 per cent over the $527 million collected. A total of 31 sites were sold in FY07/08 compared with 16 sites the previous year.

The key sites sold under the Government Land Sales programme in the past year include two Marina View land parcels and a site at Beach Road.

Operating surplus increased by 75 per cent or $11.1 million to $25.9 million. However, the lower investment income earned in FY07/08 resulted in a decrease in the total surplus by 74 per cent or $78.6 million to $28.3 million.

Current assets fell to $1.33 billion for the period, down from $1.38 billion the previous financial year.

Capital and development expenditure rose by $18.3 million or 96 per cent to $37.3 million. The rise was mainly due to higher development expenditure for implementing infrastructural and environmental enhancement works for the Downtown at Marina Bay and the Southern Ridges projects.

The net surplus of $23.2 million was lower than the previous year’s $85.5 million due to a drop in URA’s non-operating surplus.

URA said that this resulted from a shift of some of its surplus funds to more liquid and lower yielding assets such as bonds and bank deposits to fund its development projects, and also a reduced return from investment from the volatile equity market in FY07/08.

Operating income for the year increased by $29.7 million to $166.8 million. The increase was mainly due to higher agency fees from sale of site and agency projects, and income from processing more development applications.

Agency and consultancy fees increased by 54 per cent to $34.7 million, while income from development control rose 57 per cent to $30 million for the year.

Operating income from parking fees and related charges increased by 7 per cent to $59.3 million.

Source : Business Times - 03 Oct 2008

THE property market boom may have fizzled out but not before the Urban Redevelopment Authority (URA) rang up a stellar year for sales.

The agency, which plans Singapore’s land use and sells state-owned sites, collected a record $8.2 billion in land sale revenue for the year to March 31.

This was more than three times what it took in 2007 and the highest figure since records were initiated in 1989, a URA spokesman said yesterday.

Also hitting a new high was the amount of development charges the URA received in the period: $1.1 billion, double the previous year’s figure. These fees are usually paid by developers when they buy and redevelop a site, such as in a collective sale.

The revenue figures, released in the URA’s annual report this week, are likely to stay record highs for a while. Property developers are losing interest in government land sales as home prices fall and construction costs skyrocket, while the collective sale market has come to a complete standstill.

Some of the biggest land sale deals in the year included a prime site at Marina View, which was sold in September last year for $2.02 billion. This was the first state-owned parcel to fetch more than $2 billion.

The URA also awarded a plum commercial plot at Beach Road to a consortium led by City Developments, which put in a top bid of $1.69 billion in July last year.

In total, the URA sold 26 land plots last year, including eight residential sites and 10 commercial ones. This could yield more than 3,200 homes and 465,900 sqm of commercial space, it said.

As for its development charge windfall, part of it stemmed from a surprise hike in the calculation of fees in July last year. The URA raised the amount it charged property developers by 40 per cent.

For the year to March 31, the URA posted operating income of $166.8 million and an operating surplus of $25.9 million. The largest contributor was parking fees and related charges, which accounted for $59.3 million in takings.

Source : Straits Times - 3 Oct 2008