Wednesday, 26 February, 2014 RESIDENTIAL MARKET MCL Land tops bid for 2 Choa Chua Kang EC plots MCL Land (Brighton) has swooped in on two adjoining executive condominium (EC) plots in Choa Chu Kang, offering $375.05 per square foot per plot ratio (psf ppr) for one and $338.94 psf ppr for the other. This works out to a tender price of $232.5 million for Plot A and $210.1 million for Plot B. This move is reminiscent of Kingsford Developments end-2013 purchase of two adjacent private housing sites in Upper Serangoon View, in which it paid a substantial premium of 16 per cent and 13 per cent over the respective second-highest bids. In this round however, the premium was less stark. For Parcel A, the premium MCL Land paid over the second-highest bid from JBE Holdings ($373.26 psf ppr) was 0.48 per cent; for Parcel B, the premium over the second-highest bid jointly put up by Verwood Holdings and TID Residential ($333.14 psf ppr) was 1.74 per cent. Notably, all four developers who put up bids for Parcel B also participated in Parcel As tender. These were MCL Land (Brighton), the joint bid by Verwood Holdings and TID Residential, EL Development and Sim Lian Land. Parcel A received seven bids, and Parcel B, four. Both sites measure 177,120 sq ft each, with maximum gross floor area (GFA) of 619,920 sq ft. They are expected to yield about 575 units each. The difference in the values of the bids and number of contestants for the two sites can be explained by the greater attractiveness of Parcel A over Parcel B. One side of Parcel B faces a petrol kiosk, and another, a HDB multi-storey car park. ERAs key executive officer Eugene Lim said that while competition was not as fierce as in the last EC site in Anchorvale, which drew 12 bidders, yesterdays bidding results still point to developers being confident that there is a demand for ECs. Notably, the two EC sites are the first to be launched since the measures unveiled on Dec 9 to include a cap on the mortgage-servicing ratio at 30 per cent of gross monthly income, and the introduction of a resale levy for second-timer applicants who buy EC units directly from developers. Source: Business Times – 26 February 2014 INDUSTRIAL MARKET JTC launches five small plots in Tuas Five more small industrial sites were launched yesterday, in line with JTC Corporations plan to offer more affordable land parcels to small and medium-sized industrialists. Two sites in Tuas South Street 6 (Plots 45 and 47) were released under the confirmed list of the industrial government land sales (IGLS) programme. Zoned Business-2, they have a lease of 21 years and three months. They have land areas of 6,988 square metres (sq m) or about 75,218.1 sq ft each, and maximum permissible gross plot ratios of 1.0. The tender for the two plots closes at 11am on April 8. Separately, two sites in Tuas South Street 11 and one in Tuas South Street 7, were released for application under the reserve list of the H1 2014 IGLS programme. The two plots on Tuas South Street 11 (Plots 39 and 41) measure 10,000 sq m (107,639 sq ft) and 9,000 sq m (96,875.1 sq ft) respectively. Plot 44 on Tuas South Street 7 measures 5,038.6 sq m (54,235 sq ft). The sites are zoned for Business-2 development and each has a 20-year 10-month tenure, and a maximum permissible gross plot ratio of 1.0. Land parcels on the reserve list are released for sale only if they receive an offer of a minimum purchase price acceptable to the government, or when there is sufficient market interest in the sale. Another two small sites in Tuas South will be released in March under the confirmed list. JTC will also make available small sites in other areas in future GLS programmes.
Posted on: Wed, 26 Feb 2014 08:17:49 +0000
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