RESIDENTIAL MARKET
MCL Land narrowly tops Jurong Gateway tender
IN one of the tightest races at a land tender, MCL Land yesterday edged out its closest rival by just 0.08 per cent or 55 cents per square foot per plot ratio (psf ppr) to emerge as the highest bidder for a plum 99-year leasehold condo site near Jurong East MRT Station.
The Urban Redevelopment Authority tender drew 12 bids, attesting to the huge potential developers see in the Jurong Gateway precinct, which is shaping into a major suburban commercial hub with offices, shopping malls and recreational facilities.
MCL bid $369.388 million or $705.10 psf ppr. This was $288,000 more than the $369.1 million or $704.55 psf ppr offered by the second highest bidder, EL Development.
The top bid is the highest for a 99-year private housing site site offered under the Government Land Sales (GLS) Programme in Outside Central Region.
Market watchers noted the top four bids at yesterday's tender were in a tight range. MCL's top bid was 0.08 per cent above EL Development's price, 0.1 per cent above the third highest bid (by a Sing Holdings-Maxdin joint venture) and 1.2 per cent above the fourth highest bid (from a Singapore Land-UOL tie-up).
The land parcel can be developed into either a condominium, or flats and/or serviced apartments. MCL chief executive Koh Teck Chuan said that although serviced apartments are allowed, "quite likely we'll do a full condo project".
The group's proposed scheme involves a part 25-storey and part 38-storey development with close to 600 residential units. The bulk of the apartments will be one and two-bedroom units, although there will be some three and four-bedders. BT understands MCL Land's breakeven cost could be around $1,100 psf and market watchers would not be surprised to see MCL prepared to sell the project at about $1,300 psf on average.
Source: Business Times – 30 May 2012
COMMERCIAL MARKET
First hotel site in new Jurong Lake commercial district goes on sale
THE first hotel site in the Jurong Lake District, slated to be the largest commercial centre outside the city, went on sale yesterday.
But industry experts say the site is unlikely to attract strong interest just yet as the area is still in the early stages of growth.
The 0.9ha site, in Jurong Town Hall Road with a potential gross floor area of 204,000 sq ft, was made available on the reserve list of the first half of the year's Government Land Sales programme.
Most experts say that while the 99-year leasehold site is well-located, close to the Jurong East MRT station, it is unlikely to be triggered for sale soon.
It is still early days as commercial projects such as Lend Lease's Jem and CapitaLand's mixed-use development Westgate have not been completed yet.
Developers will want to see those projects take off before committing to building a hotel there.
Source: The Straits Times – 30 May 2012
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