The property developer submitted the highest bid at some S$178 million. This translates to about S$253 per square foot.

The 32,000 square metre site is designated for public housing under the Design, Build and Sell Scheme (DBSS).

It was launched in June and the tender closed at noon on August 3.

A total of 5 bids was received.

Under the DBSS, land for public housing development is tendered out directly to private developers by HDB on a 99-year lease.

The successful bidder will undertake the entire development – from planning, design and construction, to the sale of the flats.

Source : Channel NewsAsia – 6 Aug 2010

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The site with a 99-year lease had attracted a total of eight bids. The remaining bids range between S$168 million and S$289 million.

The Urban Redevelopment Authority (URA) said it is the fourth residential site to be sold through the Confirmed List of the Government’s Land Sales Programme in the first half of 2010. Others include land parcels at Choa Chu Kang Road, Buangkok Drive and Yishun Avenue 11.

The four sites can potentially yield 1,710 housing units.

URA added that another four residential sites will be released for sale in March and April, which could add an extra 1,215 units. They are located at Boon Lay Way, Simei Street 3, Sembawang Road and Upper Serangoon Road.

URA has also assured that there is sufficient land supply to meet any surge in demand. It said a potential supply of 10,550 units will be made available from the Confirmed List and Reserve List system for the first half of the year.

This is the highest total supply quantum from any half-yearly government land sales programme.

Separately, URA has also awarded the tender for a transitional office site at Mohamed Sultan Road to LINK (THM) Holdings at S$17.2 million.

Source : Channel NewsAsia – 19 Mar 2010

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The Tampines site was a victim of the financial meltdown when it closed for tender in August 2008, but the property market rebound has brought it back into favour.

Sim Lian Land lodged the highest bid for the 99-year leasehold plot, which would be suitable for mass market housing – the property industry’s hottest sector these days.

Sim Lian’s offer – $302 million or $420.90 per sq ft per plot ratio – topped seven others for the land at the junction of Tampines Avenue 1 and Avenue 10.

The huge rebound in price follows a similar tender last month when a site at the junction of Choa Chu Kang and Woodlands roads above Ten Mile Junction attracted a top bid of $164 million, yet in 2008 it drew a top bid of $61 million and was therefore not sold.

The Sim Lian offer was above the $300 to $400 pricing tipped by some experts but within the $410 to $470 psf ppr range forecast by Ngee Ann Polytechnic lecturer Nicholas Mak.

The second-highest bid from a venture between Far East Organization and Frasers Centrepoint came in just 4.3 per cent lower at $402.80 psf ppr.

Other bidders included MCL Land, Allgreen Properties and GuocoLand, according to the Urban Redevelopment Authority yesterday.

A unit of CapitaLand Residential was in seventh place with a bid of $179.4 million or $250 psf ppr, while Boon Keng Development was last with a bid of $234.20 psf ppr.

The tender is ‘another demonstration of developers’ interest in the mass market segment’, said Mr Joseph Tan, CBRE’s executive director, residential. Of the eight bids submitted, the first six were very close to one another, he noted.

DTZ’s South-east Asia research head, Ms Chua Chor Hoon, concurred, saying the results showed that developers were still very eager to replenish their land banks and optimistic about the market outlook.

Sim Lian Group executive director Diana Kuik told The Straits Times: ‘Our bid is competitive but not very aggressive. Land prices in general have gone up.’

Also, the site is in a mature estate and it offers a nice living environment, she said.

‘We are looking to build 600 to 650 units with a range of sizes, from small two-bedroom units to four-bedroom units as well as penthouses,’ she added.

CBRE estimates a break-even level of around $700 psf, based on the top bid.

It pointed out that caveats lodged for sales in new projects in the Bedok Reservoir area, such as Waterfront Key and Waterfront Waves, have ranged from $700 psf to $850 psf in the past four to five months.

‘When the new project is ready for launch in six to eight months’ time, we would expect it to be launched within the same price range or higher, subject to market conditions,’ said Mr Tan.

Sim Lian as a contractor would be able to manage its development costs and so may be able to sell units for around $800 psf, based on its bid, said Ms Chua.

The Tampines site, which has a maximum gross floor area of 66,655 sq m, is the fourth residential site launched for sale on the confirmed list this year.

Confirmed list sites are tendered out on scheduled dates, without the need for developers to indicate interest.

The Tampines plot is next to The Tropica condominium and about five to 10 minutes’ drive from Tampines Central and Tampines MRT station.

Only one firm, Boon Keng Development, bothered to bid for the site when it was first offered for sale in August 2008.

Source : Straits Times – 17 Mar 2010

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SIM Lian Land has emerged as the top bidder for a closely contested land parcel in Tampines.

The developer led the field that included familiar names such as CapitaLand, Far East Organization, Frasers Centrepoint and MCL Land in a state land tender as demand for residential land continues to hold strong.

Sim Lian bid $302 million for the 99-year leasehold site at the junction of Tampines Avenue 1 and Avenue 10, which works out to $421 per square foot per plot ratio (psf ppr).

Analysts had previously said that the site could go for anything between $300 and $460 psf ppr.

The next highest bid of $289 million – just 4.3 per cent under Sim Lian’s – was put in jointly by Far East Organization and Frasers Centrepoint. Their bid works out to $403 psf ppr.

The site has a maximum gross floor area of 717,500 sq ft and can yield about 600 housing units. It is the biggest of the eight residential sites up for sale in the first half of this year.

‘The tender for the condominium site at Tampines Avenue 1 is another demonstration of developers’ interest in the mass-market segment,’ said CB Richard Ellis executive director for residential Joseph Tan. ‘Of the eight bids submitted, the first six bids were very close to each other.’

One developer BT spoke to expressed relief that all the bids were ‘sensible’, and the ‘let’s get it at all costs’ attitude from developers is beginning to wear off after the government said that it would release more land sites in the second half of the year.

Based on the top bid of $421 psf ppr, the new project will break even at around $700 psf, said CBRE’s Mr Tan.

Caveats lodged for transactions in new projects in the Bedok Reservoir area (such as Waterfront Key and Waterfront Waves) ranged from $700 psf to $850 psf in the last 4-5 months. When the new project is ready for launch in 6-8 months, it could be priced within the same range or even higher, he added.

Donald Han, managing director of Cushman & Wakefield, said that homes on the site could go for about $800 psf. He factored in construction cost of $300-$320 psf.

‘Sim Lian is also a contractor so that means they have a better control over the construction cost,’ said Mr Han.

Source : Business Times – 17 Mar 2010

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The tender for the 3.2 hectare site with a lease of 99 years attracted a total of eight bids.

The second highest bid of nearly S$288.99 million came from a joint venture of Far East Organisation and Frasers Centrepoint.

That’s followed by MCL Land’s bid of about S$278.3 million.

According to the Urban Redevelopment Authority, the remaining bids range between S$168 million and S$252 million.

Real Estate consultancy CB Richard Ellis said the tender for the condominium site further demonstrates developers’ interest in the mass market segment.

It added that the top bid of S$302 million translates to S$421 per square foot per plot ratio.

Based on that, CBRE said the new project will break-even at around S$700 psf.

It expects the homes to be priced around S$700 to S$850 psf or higher, comparable to projects in the Bedok Reservoir area.

The tender will be awarded after the bids have been evaluated.

Source : Channel NewsAsia – 16 Mar 2010

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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 into a range of clean and light industrial uses.

Source : Channel NewsAsia – 3 Oct 2008

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The URA had received a successful application for the site to be put up for sale in August and it was launched for public tender on Sept 3.

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

The site was offered for sale on a 60-year lease and received two bids.

Sim Lian Land submitted the highest bid of S$26.3 million or S$85 per square foot per plot ratio, while Orion-Four Development submitted a bid of S$23.1 million or S$75 psf per plot ratio.

In April, Sim Lian-linked 3 Link Development paid S$89 psf per plot ratio for a similar site located nearby at Ubi Road 2, where a seven or eight-storey flatted factory will be built.

CB Richard Ellis research executive director Li Hiaw Ho said it is likely Sim Lian will develop a similar project if it is awarded the latest site.

He noted that industrial land prices in Ubi have remained stable despite the recent economic turmoil.

Source : Channel NewsAsia – 30 Sep 2008

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Property developer Sim Lian Land put in the top bid of S$52 million. The price works out to S$1,472 per square metre of gross floor area.

AMK Development put in the lower bid of S$37.2 million or S$1,055 per square metre of gross floor area.

The parcel spans 16,825 square metres and is slated for public housing. It has a lease of 103 years and a maximum allowable gross floor area of 35,333 square metres.

HDB will announce the winning bid within the next two weeks. – CNA /ls

Source : Channel NewsAsia – 3 Jun 2008

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