Reserve Price: $768 mNo DP as it is Freehold
200 units
4th time put up for collective sale
Tender closes 3 Oct 2017
This is probably where all our potential bidders skedaddled off to.
We are not in the same league as this condo. They are FH and luxury, we are LH and mass market. Their new units will sell for higher prices, but ours will sell faster.
SOLD for record breaking $906.7M
Number of bids: 8
Buyer: CDL
a whopping $1,515 psfppr
But before you start panicking, read this:
We are not in the same league as this condo. They are FH and luxury, we are LH and mass market. Their new units will sell for higher prices, but ours will sell faster.
SOLD for record breaking $906.7M
Number of bids: 8
Buyer: CDL
a whopping $1,515 psfppr
But before you start panicking, read this:
http://www.straitstimes.com/business/property/developers-bullish-bidding-for-land-not-sustainable-says-redas-chief.
"Given slower economic and population growth, we do not see a runaway demand in sales transaction volume and property prices in the next few years"
"Coupled with the slow growth of the economy and jobs, many, including displaced sellers from en-bloc sales, may downgrade to public housing," he said.
"There were 15,000 unsold private homes in the pipeline as at the middle of this year"
"7,400 new units to come on the back of 2017's flood of collective sales"
"at least 10,000 ..... from this year's government land sales."
"Given slower economic and population growth, we do not see a runaway demand in sales transaction volume and property prices in the next few years"
"Coupled with the slow growth of the economy and jobs, many, including displaced sellers from en-bloc sales, may downgrade to public housing," he said.
"There were 15,000 unsold private homes in the pipeline as at the middle of this year"
"7,400 new units to come on the back of 2017's flood of collective sales"
"at least 10,000 ..... from this year's government land sales."
"We are not in the same league as this condo"
ReplyDeleteOf course lah - FH vs leasehold. You are not comparing apple with apple.
I told you already so many times - use the money from the TC en bloc to get yourself a better alternative. And I told you so many times..there are good bargains along the futuristic TEL MRT line..if only you want to open up yourself to the opportunities available..go for it..just stop this anti enbloc movt..TC en bloc is now or never..there will not be any other chance to monetise your stagnant and depreciating asset..what is the use of living in an old and depreciating estate.. think
can't help pointing out JLL is running both FR and AP.
ReplyDeleteIts actually a good thing for FR as JLL can just simply negotiate with those that did not win AP, although the number of losers are known.
DeleteHi Edwin yes negotiations must start fast for FR! And hopefully can get a deal without conditions and maybe a slightly lower price, rather than one with a high price but with conditions attached
DeleteI suppose we might be getting a high price without conditions as there are no other competing good quality sites around high density areas.
DeleteThe only other site under sale is Changi Gardens which is a low-rise freehold site with same land size as Amber Park but only a plot ratio of 1.4 at $196M. Not all freehold sites succeeded in their collective sale though (Villa d'Este & Dunearn Court).
Honestly, I see no impending conditions as the minimum spent by the prospective developer is pretty close to that of Amber Park, which is about $1B. And all those losing 7 bids do likely to have that kind of money ready to be spent.
Though, I happened to wonder if this is a deliberate strategy by JLL, so that ultimately FR gets a better deal through multiple private negotiations as compared to the public tender. Otherwise, I would consider our present situation as a coincidence.
Might be a strategy to get the low hanging fruits. But better be done fast, as more enblocs are coming out. By the way Villa and Dunearn failed in their enbloc? Or are they having private treaty as well?
DeleteYou are right. Perhaps both Villa d'Este and Dunearn Court are in private treaty discussions.
DeleteBut its quite odd for these smaller sites not to succeed directly through public tender. I thought there were quite a lot of developers with smaller war chests would want to secure those locations.
The prices quoted are quite on the high side though. Eg. More than 1700psf for Villa. The impending HUDCs are starting to flood the market, not mentioning the huge ones like Spring Grove how long does private treaty usually take to complete?
DeleteIt is Amber Park and not Amber Point that is another condo not too far from Amber Park.
ReplyDeleteBut normanton on 5 Oct is more interesting as its more apples to apples. Can blogger pls have another post for normanton?
ReplyDelete230pm close tender and no news till now. En bloc cooling down.
ReplyDeleteAmber Park sold 906.7M with 8 bids! Well, CDL bought back their land.
ReplyDeletehttp://www.straitstimes.com/business/property/cdl-snaps-up-amber-park-for-9067m-setting-new-record-for-freehold-en-bloc-sale
CDL snaps up Amber Park for $906.7m, setting new record for freehold en-bloc sale.
ReplyDeletehttp://www.straitstimes.com/business/property/cdl-snaps-up-amber-park-for-9067m-setting-new-record-for-freehold-en-bloc-sale
ReplyDeleteAP might still be having negotiations. Or if not listed company buy, they dont have to announce also
ReplyDeleteIts out. Smashed fh enbloc record.
ReplyDeleteVery far from cooling down. They got 8 bids, highest at over 900mil.
ReplyDeleteneed to see how normanton goes. it may be the DP/LUP uncertainty and cooling the 99yr but not FH enblocs.
ReplyDeleteThis coming from the last person you'd expect.
ReplyDeletehttp://www.straitstimes.com/business/property/developers-bullish-bidding-for-land-not-sustainable-says-redas-chief
Wow 8 bids, but the negotiations took quite long, did they announce any conditions attached to the bid?
ReplyDeleteEven if there were conditions they would be tight lipped about it
ReplyDeleteAmber Park does not have any DP payable(development baseline is higher than Plot ratio of 2.8), also there is no LUP because it's freehold. With these two major items out, it is unlikely there will be conditions.
ReplyDeleteSo maybe launching the tender bid before Amberpark was not such a good idea, all the developers were aiming for this bid(8 of them). Maybe the other HUDCs should try to avoid launching tender at similar time of a freehold site tender to avoid the competition.
ReplyDeleteFor most ex-HUDCs it is their 3-4 enbloc attempt, i think?
ReplyDeletethe newspapers scream in excitement when an enbloc happens, but look at response from FR, all quiet, only 1 article in BT, and nothing on facebook. This gives people an impression that everyone in Singapore is enblocing, except themselves. Without realising that it took a decade for TC and most ex-HUDC to see the light of day (which 7 ex-hudc have not yet seen, and are far from it)
You've to hear the dog which didn't bark. If JLL just said there were 8 bids without saying further, it could very well be 1 bid above RP and 7 bids below. Because if it was 8 bids and 7 bids were close together, then JLL would have said it for sure. Regardless, it is clear the bids are not that great, else it would have been proudly announced and repeated all over.
ReplyDelete