Singland
Homes, which put up the top bid for the 99-year leasehold site, Alexandra View
(Parcel B), beat five other bidders.
Singapore
Land has in the nearby vicinity a low-rise condo with about 109 units on a plot
that it clinched at a state tender in February.
The
project, which has a Jervois Road address, is expected to be launched in late
January.
"(For
the Jervois Road site) we are looking at about $2,000 psf," said Michael
Ng, group general manager of Singapore Land and its parent, UIC.
Assuming
it is awarded the site, the developer plans to erect a 43-storey residential tower.
The
break-even cost will be about $1,500 psf, which translates to a selling price
of about $1,700 psf, said Mr Ng.
"(The
project will be) geared towards younger executive couples looking to buy for
owner-occupation, or investors looking to rent the units out to expatriates
working in the central business district or Orchard Road vicinity."
The
majority of the units will feature two bedrooms or two-plus-one and will be in
the range of 800-1,000 square feet.
Joining
the fray to protect its unlaunched project was a consortium comprising City
Developments' unit Sunmaster Holdings, Hong Leong Group's Intrepid Investments
and Hong Realty's Garden Estates, which put up a bid of $271 million, or
$790.30 psf ppr.
The
consortium's Echelon is a 43-storey condo with 508 units, and is located next
to the subject site.
The
second highest bid, which was put up by Far East Orchard and FCL Topaz, came in
at $300.1 million, or $875.1 psf ppr.
The
lowest offer for the land parcel was $268 million, or $781.56 psf ppr, which
came from Mezzo Development.
Source: Business Times –12
December 2012
No comments:
Post a Comment
No Spam, No Abusive Languages. Thank you for your cooperation!