Friday, June 24, 2011

Moderate bids for Clementi residential site

A CROWDED field of 12 developers lined up for a residential site in Clementi but their moderate offers suggest an air of caution has entered the mix. Far East Organization topped the tender with a bid of $175.8 million - or $461 per sq ft (psf) ...
A CROWDED field of 12 developers lined up for a residential site in Clementi but their moderate offers suggest an air of caution has entered the mix.


Far East Organization topped the tender with a bid of $175.8 million - or $461 per sq ft (psf) per plot ratio (ppr).


This was 1 per cent higher than second-placed Centurion Re's $173.9 million bid but still below market expectations of up to $220 million. Other bidders included Chip Eng Seng, MCL Land, EL Development and Allgreen Properties.


Mr Ong Teck Hui, Credo Real Estate's head of research and consultancy, noted that while interest was keen with 12 bidders - more than the three to four bids in recent tenders - bid prices were not excessive.


'The (bids) for this site and the Flora Drive site suggest that developers could have become more selective,' he said.


'Mediocre sites could see low interest level with subdued bids while more attractive sites are able to generate stronger participation with moderate bidding.'


CB Richard Ellis Research executive director Li Hiaw Ho had estimated bids of between $214 million and $221 million - or $560 to $580 psf ppr - for the land at the junction of West Coast Link and West Coast Crescent.


This is the second residential site tender to close after the Government announced a bumper release of land.


The Flora Drive residential site tender in Upper Changi closed last week with three bids and at the lowest unit price since last November.


Some experts say that the bids for both sites indicate that developers expect prices to soften.


Colliers International's director of research and advisory, Ms Chia Siew Chuin, said the Clementi project is likely to break even at about $800 psf to $840 psf and sell for up to $940 psf.


This would be lower than prices achieved at nearby 99-year leasehold projects. Caveats lodged last month show that a unit at The Vision sold at $1,106 psf while those at Blue Horizon were transacted at an average of $970 psf, she said.


Mr Chng Kiong Huat, Far East's executive director of development and planning, said the proposed development will consist of one tower of serviced apartments, a second tower of one- to four-bedroom units and possibly some townhouses.



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