|Developer||East Vue Pte Ltd (Jointly developed by Frasers Centrepoint Singapore, Sekisui House and Keong Hong Holdings)|
|Location/Address||Siglap Link Singapore|
|Site Area||19,309.6sqm / approx. 207,848.53sqft|
|Total Units||843 residential units (including 2 commercial units)|
|Tenure||99 years leasehold w.e.f 29 June 2015|
|Description||4 blocks of 27-storey|
|Expected TOP||01 April 2021|
|Expected Legal Completion||01 April 2024|
|Total No. Car parks||843 + 6 accessible lots|
|Architect||ADDP Architects LLP|
|Main Contractor||Keong Hong Construction Pte Ltd|
|Interior Designer||2nd Edition Pte Ltd|
|Landscape Consultant||Tinderbox Pte Ltd|
|Unit Types||1 Bedroom Suites: 420 / 506 / 689sqft (109units)
1+Study Suites: 560 & 775sqft / 592 & 732sqft (188units)
2 Bedroom Viva: 678 – 807sqft (197units)
2 Bedroom Vantage: 786 & 936sqft (24units)
2 Bedroom Trio: 829 & 980sqft (23units)
3 Bedroom Viva: 1023sqft (23units)
3 Bedroom + Study Viva: 1087 & 1302sqft (77units)
3 Bedroom + Study Vantage: 1130sqft (22units)
3 Bedroom Prive: 1206 – 1475sqft (108units)
4 Bedroom Vista: 1485sqft (10units)
4 Bedroom Prive: 1679 / 1733 / 1938sqft (42units)
5 Bedroom Penthouse: 3294sqft (3units)
Shop: 581sqft (2units)
Published Date: 18 Jan 2016
The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Siglap Road to FCL Topaz Pte. Ltd., Sekisui House, Ltd. and KH Capital Pte. Ltd. Estimated 843units. The consortium submitted the highest bid in the tender for the site. The residential site was launched for public tender on 26 November 2015. The tender for the site closed on 14 January 2016. The land parcel was offered for sale on a 99-year lease term. Details of the awarded land parcel and the successful tenderer are provided below:
|LOCATION||ALLOWABLE DEVELOPMENT||SITE AREA||MAXIMUM GROSS FLOOR AREA||SUCCESSFUL TENDERER||TENDERED PRICE
($PSM of GFA)
|Siglap Road||Residential||19,309.6 m||67,584 m||FCL Topaz Pte. Ltd., Sekisui House, Ltd. and KH Capital Pte. Ltd.||$624,180,000
Source from URA
Frasers Centrepoint JV tops bids, plans 800-900 units on plum seafacing site
A CONSORTIUM led by Frasers Centrepoint that placed the top bid of S$624.18 million, towards the high end of market expectations, for a 99-year site near East Coast Park is planning to build an 800-to-900-unit condo designed to maximise seaview-facing units. The consortium plans to launch the project within a year. “The development, which will be targeted primarily at owner occupiers in the mid to upper segment, will overlook the East Coast Park/beach, a popular venue for … outdoor activities and sea sports,” the consortium said on Thursday evening.
Moreover, the site is a stone’s throw from the future Siglap MRT Station (on the Thomson-East Coast Line); the station is slated for completion in 2023.
Frasers Centrepoint unit FCL Topaz will hold a 40 per cent stake in the consortium, while Sekisui House will also hold 40 per cent and KH Capital (a unit of Keong Hong Holdings) the remaining 20 per cent. Keong Hong is expected to provide construction services for the project. In all, eight bids were received for the 1.9-hectare land parcel along Siglap Road near the junction with East Coast Parkway and in close proximity to the beach. The highest bid, which translates into S$858 per square foot per plot ratio (psf ppr), was 4 per cent above the second highest offer of S$825 psf ppr from a tie-up involving units of Hong Leong Holdings, City Developments and TID Residential.
GuocoLand was in third place, with a S$801 psf ppr offer; followed by a partnership among UOL, Singapore Land and Kheng Leong, which priced the site at S$800 psf ppr. Allgreen Properties placed the lowest bid of S$477 million or about S$656 psf ppr.
JLL national director Ong Teck Hui said the highest bid of S$858 psf ppr was at the top end of expectations and suggests a bullish outlook in demand for units in the future project on the site.
“Besides the top bidder, it appears that other bidders also shared similar optimism, as the top four bids were above S$800 psf ppr – all falling within a 7 per cent margin.
“The East Coast address, promising sea views, the amenities at East Coast Park and Katong are strong pull factors for buyers which the successful tenderer can leverage on. There are few new projects in the vicinity and certainly none having such a wide sea-view frontage,” Mr Ong added.
CBRE Research Singapore and South East Asia head Desmond Sim too said the project will boast unblocked sea views in addition to enjoying quick access to East Coast eateries. “Being located in a mature estate, the site is supported by a comprehensive suite of amenities and a range of educational institutions. Market watchers believe the top bid would translate into a breakeven cost of around S$1,320 to S$1,350 psf and the consortium could be eyeing an average selling price of around S$1,500 to S$1,600 psf.
Among existing projects, some analysts pointed to Costa del Sol as the most comparable to the latest site in terms of location. Last year, 28 units were transacted in that condo, based on data of caveats lodged, at a median price of S$1,210 psf. However, Costa del Sol was completed in 2004 and is on a site with 81 years’ balance lease.
While the Frasers Centrepoint consortium would require favourable market conditions for a successful launch of their project and will also be hoping for some easing of the property cooling measures by the time the project is released, an already existing strong plus-point in their favour is that so far, there is no “supply fatigue” in the area – unlike other locations where the government has released a string of sites in the past five years.
SLP International executive director Nicholas Mak said: “As there is almost no new private condo development in the locale, the project on the site just tendered will not have to face keen competition.”
Ong Kah Seng, director at R’ST Research, described the eight bids at Thursday’s tender as a good showing considering the big ticket size of the development. “Although there are many potential collective sale sites in the East Coast, most developers would find the acquisition process too long and uncertain. Buying a site at a state tender is more time-efficient. Developers remain hungry for land.”
The tender for the Siglap Road site was conducted by Urban Redevelopment Authority.
Source from Business Asia One
A highly prized rarity on the local property scene – the first new project with sea views to be built along East Coast Parkway (ECP) in 15 years – is going on sale soon. Frasers Centrepoint Singapore is launching the 843-unit Seaside Residences condominium at the end of April. The East Coast plot housing the project was the first government land sale site along the ECP since 2001. It is next to Victoria School.
Frasers had led a consortium to win the hotly contested tender for the 207,847 sq ft plot for $624.18 million in January last year. True to its name, the developer said the units at Seaside Residences are being designed to maximise the sea views, with 70 per cent of units orientated towards the sea. The project will have four 27-storey blocks. The units range from one- to five-bedroom types and penthouses, with floor areas between 424 sq ft and 2,690 sq ft.
The developer told The Straits Times yesterday that the condo will have a 115m-long infinity pool and a sky terrace – boasting a three storey-high ceiling – between the 14th and 16th floors. Frasers Centrepoint Singapore chief executive Christopher Tang called the project “a unique development that will cater to home buyers seeking a seaside home outside the bustling city centre”. Analysts expect strong demand for the units, given the rarity and attractive attributes of the site. It is less than 1km from East Coast Park and just a three-minute walk to the future Siglap MRT station.
Dr Lee Nai Jia, head of South-east Asia research at Edmund Tie and Co, expects strong buyer interest as there have been no new sites on the East Coast since 2001. The last government land sale site in the area was also won by Frasers Centrepoint, in 2001 , and developed into the 612-unit Cote d’Azur condominium.
Dr Lee said: “Based on what we see historically, demand for developments in these mature estates tends to be very high. One example is Gem Residences (in Toa Payoh), which sold about half its units in a day before the public launch.” He added that the Seaside Residences site had a rare combination of sea views and proximity to the future Siglap MRT station on the Thomson-East Coast Line, which runs through the city and is set for completion in 2023. Ms Christine Li, director of research at Cushman and Wakefield, is equally bullish over the project’s prospects, tipping a 50 per cent take-up rate of units within six months of the launch.
She expects the project to be launched at a price of between $1,550 and $1,650 per sq ft. “Competition is not as intense due to the lack of supply pipeline in the vicinity,” she said, adding that the area was unlikely to see successful collective sales and did not host any site under the Government Land Sales programme in the last year. “Thus, investors looking to purchase new developments would have limited choices such as Marine Blue and Amber Skye, both of which are priced at $1,700 to $1,800 psf,” she noted.
Source from The Straits Times