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Serious Land tender heavily bid, astronomical $989 psfppr for ulu Bukit Batok, huat ah!

EnBloc

Alfrescian
Loyal
Toh Tuck site tender overwhelms with 24 bids, topped by Malaysia's SP Setia

Tuesday, April 11, 2017 - 18:16

Lee Meixian
[email protected]@LeeMeixianBT

AN overwhelming 24 bids were submitted for the tender of a residential plot at Toh Tuck Road, the Urban Redevelopment Authority (URA) announced at the tender closing on Tuesday.

Among them, Malaysian property developer SP Setia International's was the highest - at S$265 million, which translates to about S$939 per square foot per plot ratio (psf ppr).

This completely exceeded property consultants' expectations of about eight to 16 bidders, with the highest bid at no more than S$750 psf ppr.

The 18,721.4 square metre (sq m) site can yield a maximum gross floor area of 26,210 sq m, or about 325 units.

In second place was Singhaiyi Investments with a bid of S$260.2 million (or S$922 psf ppr) and in third place, Centrex Developments with a bid of S$250.9 million (or S$889 psf ppr).
 

bhoven

Alfrescian
Loyal
Toh Tuck site tender overwhelms with 24 bids, topped by Malaysia's SP Setia

Tuesday, April 11, 2017 - 18:16

Lee Meixian
[email protected]@LeeMeixianBT

AN overwhelming 24 bids were submitted for the tender of a residential plot at Toh Tuck Road, the Urban Redevelopment Authority (URA) announced at the tender closing on Tuesday.

Among them, Malaysian property developer SP Setia International's was the highest - at S$265 million, which translates to about S$939 per square foot per plot ratio (psf ppr).

This completely exceeded property consultants' expectations of about eight to 16 bidders, with the highest bid at no more than S$750 psf ppr.

The 18,721.4 square metre (sq m) site can yield a maximum gross floor area of 26,210 sq m, or about 325 units.

In second place was Singhaiyi Investments with a bid of S$260.2 million (or S$922 psf ppr) and in third place, Centrex Developments with a bid of S$250.9 million (or S$889 psf ppr).

Note that the more established and bigger firms are absent. The most aggressive are new comers and smallish firms.Although need to replenish landbank may be a factor, think they are playing Ng Teng Fong's gambit of trying to set higher benchmarks so that their existing ailing projects can sell. With 91% of Singaporean already owning homes aprt from upgraders, demand is mostly investment demand. But with high vacancy rates and end to global QE programs and interest rate cycle bottoming, compounded by lower creation of high skilled jobs ( due to automation etc especially for foreigners (previously mainly employed in the financial sector , O&G and MNC OHQ ops )professional soothsayers like MS are spouting unrealistic expectations for the future real estate market in Singapore. Look at the business results of relocation companies and international school enrolments if you want a better gauge of rental demand.
 

kryonlight

Alfrescian (Inf)
Asset
professional soothsayers like MS are spouting unrealistic expectations for the future real estate market in Singapore

You don't know what you can't see. By 2030, the mini ice-age would have fully set in. It's going to be miserable for many ang mohs in Europe, Britain, Canada and Scandinavian countries. Those who are rich would probably be looking to buy an apartment in sunny tropical Singapore just to escape the long wintry weather.
 

ginfreely

Alfrescian
Loyal
You don't know what you can't see. By 2030, the mini ice-age would have fully set in. It's going to be miserable for many ang mohs in Europe, Britain, Canada and Scandinavian countries. Those who are rich would probably be looking to buy an apartment in sunny tropical Singapore just to escape the long wintry weather.

Yeah Spore condo so cheap compared to HK. I visited my friend in HK and their rental is HKD70k for a no facilities apartment.
 
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