Pasir Ris EC site sells for S$122m
Posted by Singapore Property Match on January 9, 2012
An Executive Condominium (EC) site at the junction of Pasir Ris Drive 3 and Pasir Ris Link has been sold to Ho Lee Group Ltd & Maxdin Ltd, after offering the highest bid of S$122.20 million (S$291 psf ppr) in a state tender that closed on 11 October 2011.
Can SMS www.marktan.name 938-747-86 request for update when showflat is ready
Can SMS www.marktan.name 938-747-86 request for update when showflat is ready
The site, which was launched for sale on 25 August 2011, is zoned for EC housing and could possibly yield up to 390 condo units. It has a total area of 18,576.1 sq m and a maximum gross floor area (GFA) of 39,009.81 sq m, with a gross plot ratio of 2.1.
Chia Siew Chuin, Director of Research & Advisory at Colliers International, said “new EC units at the site are likely to breakeven at about S$580-610 psf,” given its S$291 psf ppr land cost.
She added that site psf price is also some 10.8 percent above the land price achieved for the Belysa EC site located on Elias Road / Pasir Ris Drive 1, which was awarded in October 2010.
Li Hiaw Ho, Executive Director at CB Richard Ellis (CBRE) Research, agreed and noted that the 315-unit Belysa EC at Elias Road, which was launched on 11 May at S$670 psf, “was fully sold within one month.”
“The newest EC project, Arc At Tampines (574 units) at Tampines Avenue 8, reportedly sold more than 300 units in the past month. It was launched at the end of August 2011 at $720 psf. A new EC project on the subject site, which can yield around 390 units, may be priced at similar levels.”
He added that the site “is about 10 minutes’ walk from Downtown East and E!hub @ Downtown East. White Sands shopping mall and Pasir Ris MRT station/bus interchange are a short drive away. Future residents will be able to walk to Pasir Ris Park and the beach.”
Can SMS www.marktan.name 938-747-86 request for update when showflat is ready
Can SMS www.marktan.name 938-747-86 request for update when showflat is ready
To contact the journalist, you may send your message to editor@propertyguru.com.sg
Mark said
New Pasir Ris EC Launch
New Pasir Ris EC Launch
Soon there will be a new Pasir Ris EC launch in Pasir Ris neighbourhood of Singapore.
This is a new Pasir Ris EC Launch where news of this residential property launch will be released to the public soon.
If you drive past this site of new Pasir Ris EC launch, the showflat and showrooms are being built as you read this news today.
What is the name of new Pasir Ris EC launch?
Site of new Pasir Ris EC Launch @ Pasir Ris Drive 3.
Will update you when more details of the new Pasir Ris EC launch is confirmed.
Please email me @ mark.tan@gps.com.sg for update on Launch and Project Info.
or SMS me @ 938-747-86
Mark Tan GPS Alliance.
Mark Tan said
A public tender for an Executive Condominium (EC) site at Pasir Ris Drive 3 / Pasir Ris Link has received a total of 11 bids, with Ho Lee Group Ltd and Maxdin Ltd jointly submitting the highest bid of S$122.20 million.
Li Hiaw Ho, Executive Director of CBRE Research, said the top bid of $122.20 million works out to around S$291 psf ppr and translates to a break-even cost of above S$600 psf.
Launched for sale on 25 August 2011, the site has a total area of 18,576.1 sq m and a maximum gross floor area (GFA) of 39,009.81 sq m with a gross plot ratio of 2.1. The site is a 10-minute walk from Downtown East and E!hub @ Downtown East, said Li.
“White Sands shopping mall and Pasir Ris MRT station/bus interchange are a short drive away. Future residents will be able to walk to Pasir Ris Park and the beach.”
Meanwhile, the second highest bid was submitted by CEL Development Ltd at S$118.84 million, while Wee Hur Development offered the lowest bid of S$90.0 million. Other bidders include Peak Shines Ltd, a joint bid between Hangzhou Headway Real Estate and L Gold Ltd, Sunmaster Holdings, Qingjian Realty (South Pacific) Group, Realty Consortium, Frasers Centrepoint, EL Development and a joint bid between Hoi Hup Realty Pte and Sunway Developments.
The highest bid price at $291 psf ppr for the site is 10.8 percent above the land price achieved for the Belysa EC site on Elias Road / Pasir Ris Drive 1, which was awarded in October 2010, said Chia Siew Chuin, Director of Research & Advisory at Colliers International.
“The optimism for the subject site stems from developers’ confidence in the hybrid property asset class after the government raised the qualifying monthly household income ceiling for ECs from S$10,000 to S$12,000 in August 2011. This policy also applies to other EC projects with unsold units.”
She noted that with the policy change, “there would be more interested buyers of EC units, those previously do not qualify to purchase one as their combined household income exceed S$10,000, who would now qualify.”
Additionally, given the widespread preference for condominiums among Singaporeans, Chia said ECs are “expected to remain a popular housing option for young couples and upgraders from public flats. This is especially true when EC prices generally continue to be below those of private condominiums.”
To contact the journalist, you may send your message to editor@propertyguru.com.sg