Tag Archives: Suburb

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/

Advertisements

suburban condominiums marching above $1,200 per sq ft

Land For SaleDespite several rounds of cooling measures, land prices have continued to rise resulting in most suburban condominiums exceeding the $1,200 per sq ft (psf) price threshold.

Most suburban residential sites under the Government Land Sales programme that have not been officially launched are expected to go beyond the $1,200 psf price tag. 2 of which have already been marketed

The site at Sengkang West Way is the only site that is expected to launch close to $1,000 psf. On the opposite end, the most expensive launches are scheduled to launch at New Upper Changi RoadYishun Ring Road and Ang Mo Kio Avenue 2, all of which are expected to cost more than $1,400 psf. These developments are in sync with the trend of recent suburban launches that hit above the $1,200 psf on average, some of which include the J Gateway in Jurong which launched at a median price of $1,486 psf and Urban Vista that was launched at a median price of $1,503 psf. Location Plan for Land Parcel at Ang Mo Kio Avenue 2

Analysts predict that the market is able to withstand a threshold of $1,500 psf if total prices remain relatively affordable. Tightening credit may dampen sales volumes in the medium-term, but suburban condominium prices should remain at an affordable price of up to $1.5 million.

Research experts say that prices are increasing because developers are building smaller units with higher psf prices and the demand for suburban condos come mostly from buyers upgrading from their Housing Board flats.

The increase in suburban condo prices alternatively boost the popularity of executive condos (ECs), making them significantly more affordable than suburban condos, but this may not be for long as even EC prices are set to go beyond $800 psf soon.

 

Source – iProperty.com, URA

%d bloggers like this: