Mixed-use site at Yishun Ave 2 at $1,077 per sq ft (psf)

According to HDB website, the highest bid for land parcel at Yishun Avenue 2 / Yishun Central 1 which is launched for tender on 28th Jun 2013 is $1,428,880,000. It is from North Gem Development Pte. Ltd. & FC North Gem Trustee Pte. Ltd. (as Trustee-Manager of North Gem Trust) Units of Frasers CentrepointIt translates into a price of $1,077 per sq ft (psf) per plot ratio (ppr) . YES!!! $1077psf just for the land in suburban area. It is 47 per cent higher than the next highest bid of S$969.3 million submitted jointly by Far East Civil Engineering, Far East Orchard and Sekisui House.

Location Yishun Avenue 2 / Yishun Central 1  (PDF 473KB)
Proposed Development Mixed Commercial & Residential Development Integrated with Bus Interchange & Community Club
Site Area 41,084.9 sq m
Maximum GFA [GPR] 123,254.7 sq m [3.0]
Maximum Building Height 56m AMSL
Estimated Dwelling Units 890
Lease Term 99 years

The tender closed at 12 noon today with 5 bids received. –

S/N

Name of Tenderer

Tender Price ($)

$psm/GFA ($)

1

North Gem Development Pte. Ltd. & FC North Gem Trustee Pte. Ltd. (as Trustee-Manager of North Gem Trust)

$1,428,880,000

$11,592.90

2

Far East Civil Engineering (Pte.) Limited, Far East Orchard Limited & Sekisui House, Ltd.

$969,333,333

$7,864.47

3

Zenlead Investments Pte. Ltd. & Zenmost Developments Pte. Ltd.

$930,000,000

$7,545.35

4

Sim Lian (Focus) Pte Ltd & Sim Lian (Brilliant) Pte Ltd

$875,000,000

$7,099.12

5

Yorkshire Investments (1) Pte. Ltd. and Yorkshire Trustee Pte. Ltd. (in its capacity as trustee of Yorkshire Mall Trust)

$704,500,000

$5,715.81

Yishun Land Parcel

Yishun Land Parcel

I will estimate that the launch price for residential property in this plot of land to be above $1600 psf range. This includes the building cost and of course  the profit  for the developer. Christopher Tang, CEO of Frasers Centrepoint Commercial, said in a statement that the company plans to develop a “12-storey integrated complex comprising 900 residential units sitting on top of a retail mall, bus interchange and community club“. That’s a huge development. If you do not know how big is a 900 unit residential projects, Take THE INTERLACE by Capitaland as reference. It is a project that housed 1040 units.

It seems like prices for properties in suburban are marching above $1200 psf.  Very soon, we shall see properties in Suburban selling in $1600 psf range judging from the results of the recent  HDB land sale. The possibility is very high especially when Executive Condos launch are expected to hit $800psf or above.  So dear buyers, still waiting for the best time to buy cheaper properties in the near future? I think the chance is slim. When is the best time to buy? well, I would say it is ‘last time’.   🙂

More about Yishun. Yishun estate is set for a major makeover, with proposals to turn its town centre into the hub of the north over the next few years according to HDB and URA. Land has been set aside in Yishun for medical specialty centres such as polyclinic and Hospital and other commercial developments. Yishun residents are also among the first to pilot HDB’s new upgrading schemes that are aimed at middle-aged estates which are over 20 years old.

New Yishun Town Centre

New Yishun Town Centre

A rejuvenation programme for Yishun Town Centre promises to breathe new life into the middle-aged estate. Count on new community spaces, improved pedestrian linkages, and an integrated mixed-use development with bus interchange at Yishun Central ( land parcel at Yishun Avenue 2 / Yishun Central 1  ) New park connectors will make it easier to get from nearby homes to Lower Seletar Reservoir, while the park around Yishun Pond will be enhanced for residents’ enjoyment.

Enhanced park - Yishun

Enhanced park – Yishun

 

Source – http://www.hdb.gov.sg, http://www.ura.gov.sg, CNA. http://business.asiaone.comhttp://www.straitstimes.com/

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2 responses

  1. […] Mixed-use site at Yishun Ave 2 at $1,077 per sq ft (psf) (paulngproperty.wordpress.com) […]

  2. […] Mixed-use site at Yishun Ave 2 at $1,077 per sq ft (psf) (paulngproperty.wordpress.com) […]

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