Friday, March 30, 2012

MCL Land sells 270 Ripple Bay condos

Business Times: Fri, Mar 30
(SINGAPORE) MCL Land yesterday drew crowds at its Ripple Bay condo showflat in Pasir Ris, selling 270 units in the 679-unit project by about 8pm.


The developer had not crunched its numbers by press time but its CEO Koh Teck Chuan estimates that the average price when sales began in the morning was around $855 psf. As sales progressed, MCL upped prices to around $870 psf on average.


'But we have not done a final tally on our average price,' he said.


A good spread of units - one, two and three bedders - have been sold. Buyers are mostly Singaporeans.


Ripple Bay, which is within walking distance of Pasir Ris Beach, is in front of Far East Organization's 473-unit Seastrand, where units are being offered for about $905 psf on average. Far East released the project in June last year and close to 100 units are still available.


At Flora Drive in the Upper Changi area, Frasers Centrepoint has so far found buyers for 58 of the 120 units released at the 429-unit Palm Isles condo. Sales began on Wednesday evening. The average price is $830 psf, lower than $870 psf at which the nearby Hedges Park Condominium is going for. The 501-unit project, which went on the market in April last year, still has over 100 units available for sale.


All four projects are on 99-year leasehold sites...

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Martin Koh/ Sherry Tang
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Exec condo site in Punggol attracts healthy interest

Business Times: Fri, Mar 30
IN a sign that developers' interest in executive condominiums (ECs) is still strong, a 99-year leasehold EC site at Punggol Central/Edgefield Plains yesterday received a top bid of $136.7 million, or $319.69 per square foot per plot ratio (psf ppr).


The top bid, which beat nine others, was put up by Chinese firm Qingjian Realty (South Pacific) Group, which in November last year trumped four other developers with its $330 psf ppr bid for a 99-year leasehold residential site along Punggol Central.


That it was a closely-contested tender, with the top three bids in close range of just 4.1 per cent, shows that there is continued keen interest for EC sites and the increasingly popular Punggol address, said Chia Siew Chuin, Colliers International's director of research & advisory.


The second highest bid of $131.8 million, or $308.23 psf ppr, came from City Developments Limited's Sunmaster Holdings.


A joint bid by BBR Development, BPK Development and Ryobi Kiso Holdings' subsidiary Ryobi Development came in third at $131.37 million, or $307.22 psf ppr...

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Wow wow west

Straits Times: Fri, Mar 30
In the last two decades, the retail landscape has spread from the city to suburbs like Tampines and Serangoon and, more recently, Buona Vista and Katong.


Now, add Jurong to this expansion.


Jurong Gateway, a 70 ha area around the Jurong East MRT station, will usher in three new malls by the end of next year, adding about 2.1million sq ft of retail space to serve the roughly one million residents in the western part of the island.


The first to open will be the five-storey JCube on Monday. The 210,000 sq ft mall sits on the site formerly occupied by Jurong Entertainment Centre. It is owned by CapitaMall Trust, which also owns the nearby IMM Building.


True to its positioning as a lifestyle mall, JCube will house the only Olympic-sized ice-skating rink in town and the first Imax theatre in the suburbs.


CapitaMall Trust, along with CapitaMalls Asia and CapitaLand, also owns another shopping mall next to JCube. Called Westgate, the building is slated to open by Christmas next year...

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GIC profits from Japan stadium sale

Straits Times: Fri, Mar 30
WHEN the floodlights come on at the Fukuoka Yahoo! Japan Dome, the first pitch of the season thrown at the stadium will be a special one for its home team Fukuoka Softbank Hawks.


The reigning champions of Japan's baseball series will finally have a home they can truly call their own.


The Government of Singapore Investment Corporation (GIC) agreed to sell the Fukuoka Yahoo! Japan Dome, home of the Hawks, to the team's owner telco Softbank for 87 billion yen (S$1.3 billion), in a deal announced last week...

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Foundation firmed up for user-friendly buildings

Straits Times: Fri, Mar 30
NEW buildings will have to provide amenities such as nursing rooms and family parking spots when higher standards to make such features mandatory kick in.


The Building and Construction Authority (BCA) said yesterday it intends to include these features in its accessibility code after a review is completed at the end of the year. Builders are required by law to abide by this code...

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Martin Koh/ Sherry Tang
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