After the Government Lands Sales program was released for the first half of the year, a site in Bukit Batok which was a mixed commercial and residential site tender attracted ii bids. Analysts noted that interest in the Bukit Batok site was broad. They note that some bidders were more measured than others in their bidding. Mr Desmond Sim the head of CEBRE research for Singapore and Southeast Asia said that the keen interest for the site was shown by the 11 bids and showed that developers were hungry for land for development. The developer’s market outlook and appetite reflected on the wide margin in of bid pricing of up to 60%.
Le Quest Mix Development Direct Developer Discounts
As the tender closed yesterday, the Urban Redevelopment Authority reported that Qingjian reality (South Pacific) group won the tender with the highest bid of $301.2 million. The second highest bidder was Allgreen properties who were just 8.3% lower than Qingjian realty. Nicholas Mark, the SLP international executive director said that most bidders were mindful of the current market conditions and submitted fairly conservative bids. He noted that the top bid was 5.7% lower than the winning bid to the land parcel in Hillview Avenue in April 2011 that now holds The Hillier condo and 21.2% lower than a winning bid to a land parcel in Jelebu Road in November 2011 that holds the Hilton Residences Condo. Please kindly register your interest with the direct developer sales team to get direct developer discounts.
Attractive Direct Developer Discounts Le Quest
According to Mr. Ong Teck Hui, Qingjian realty’s $635 per SPF was at the upper end of expectation maybe due the fact that in the last two months were favorable to the sales of new homes and that the government had not sold any mixed development site last year. Direct Developer Sales Team with discounts is available at the showflat. Mr Sim said that the built up density in the surrounding areas was low and probably bidders were seeking to gain a first mover advantage when the precincts starts to intensify in future developments like the development of the Jurong Innovative District.
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This would be the first mixed development for Qingjian Realty in Singapore and the second the second success in acquiring land for private development this month. Qingjian reality had announced last week that they had entered into a sales and purchase agreement with Shunfu Ville residents worth $638million. In a statement, it said that they expected to build 500 condos units on the Bukit Batok site which sites on 44,091 s.q.m.
Mr. Mark also estimates that the residential units could range from $920-$980 psf given that the land price is at $635 Psf. He also noted that Bukit Batok had few 99 year leasehold private non-residential developments. Butik Batok has three such condominiums, Hills TwoOne, Hillsta and Kingsford Hillview Peak which ranged from $1,199 to $1326 psf between January and May last year.