Forgot your password?
or

Don't have an account? Create An Account

For agents interested in participating on SRX, please contact us at +65 6635 3388 or write to us at feedback@srx.com.sg

ON TRACK

Achieve the life you want, in the home you love
Property News26 Apr 2017

CDL unit puts in $370.1m top bid for Tampines condo site

1 470x246

A unit of City Developments (CDL) has put in the top bid for a fairly large condominium site in Tampines.

The latest government land sales site tender attracted nine bidders - fewer than some had expected - though the bid amounts were no less bullish than for recent sites.

The site in Tampines Avenue 10, launched last month under the confirmed list for the first half of this year, drew a top bid of $370.1 million from Bellevue Properties, a unit of CDL.

Located near Bedok Reservoir, the site has a land area of 21,717.7 sq m and maximum gross floor area of 60,810 sq m.

CDL said in a statement yesterday that if it is awarded the site, it will explore a condominium development of about 15 storeys with about 800 units. The development would also include a childcare centre, it added.

2

Mr Ong Teck Hui, national director of research and consultancy at JLL, said that while nine bidders could be considered a "good turnout", the number was still fewer than he had expected. He attributed this to developers being drawn to more attractive sites such as in Stirling Road and Lorong 1 Realty Park.

He added that the top bid reflected the bidder's outlook of prices remaining stable or increasing when the project is launched, as opposed to the current trend of prices moving downwards.

Mr Nicholas Mak, head of research and consultancy at SLP International Property Consultants, hailed the "return of sanity" to developers, saying the number of bids was more "reasonable".

He noted that the top bid was bullish as it was 17.2 per cent higher than the land price paid by MCC Land for the nearby land parcel on which The Alps Residences is sited.

This translates to a price of about $565.4 per sq ft (psf) per plot ratio. Mr Mak estimated the project could be launched at prices of above $1,150 psf from the middle of next year.

While there are two nearby projects, The Alps Residences and The Santorini, he said these projects are not likely to compete with the future development as they are expected to be substantially sold by the time the new project is launched.

The Straits Times
Like this article? Share it.
mySG Home
Your Digital Home
Track Your Home. Discover Your Wealth
MY PROPERTY
CONCIERGE
The free, personalized advice, advocacy, and guidance for buying or renting property in Singapore
ON TRACK
Property News 20 February
Singapore private home prices not set for 'big bump,' says CapitaLand
Private home prices posted their first decline in six quarters in the last three months of 2018.
Property News 20 February
SRX congratulates OrangeTee on their successful 2019 Business Conference. Special congratulations goes out to all the award winners. All our best wishes for a successful 2019!
SRX congratulates OrangeTee on their successful 2019 Business Conference. Special congratulations goes out to all the award winners. All our best wishes for a successful 2019!
Property News 20 February
Club Street conservation shophouses up for sale
A pair of adjoining three-storey conservation commercial shophouses, at 44 and 46 Club Street, are on the market. They have a combined land area of 2,387 sq ft and floor area of 6,208 sq ft.
Property News 15 February
New private home sales in January fall 28% from December on CNY efffect: URA data
Year on year, new home sales were 17.8 per cent lower than the 527 units booked in January 2018

Contact Us

Hello Singapore! I'm Sevi. Ask me any property question.
Chat with Sevi
Sevi - AI Bot
Replies in seconds
Need to speak to someone? 6635-3388
Sevi
I'm Sevi, your personal assistant.

You can ask me basic property questions about transactions, listings, project info and X-value.

Some Examples:

1. Where is Gem Residences located?
2. Are there listings in Hillview Regency for 3 bedrooms and budget of $1.5m?
3. For how much can I sell my property?
4. What are the latest transactions in Bayshore Park?
5. Is it cheaper to buy HDB in Tampines or Jurong East?
6. What is the plot ratio for The Sail?
7. How many blocks are there in Ang Mo Kio Ave 3?

Type RESET or HELP whenever you need.