SG’s URA launched a tender for a condominium site

Martin Place Residences Building

The Urban Redevelopment Authority (URA) of Singapore has launched a public tender for a residential site at Martin Place last 28th of April (Thursday) this year.

This 99-year leasehold residential site has become under the confirmed list of the GLS (Government Land Sales) Programme for the first half year. This development has roughly about 15,936 square meters and has a maximum gross floor area of 44,622 square meters and can probably hold for about 450 units. It also has a maximum building height of 153 meters above mean sea level according to the URA.

The future occupants of this project will have a great access to the said residence as it isn’t far from some MRT stations such as the Great World MRT, Dhoby Gaut MRT, and Somerset MRT. This residence is also nearby to some local and prestigious schools like the Cambridge @ Robertson, EtonHouse Pre-School Robertson, River Valley Primary School, and The Little Skool-House. This offered site is also within the vicinity in a well-established residential are that features splendid condominiums such as the Waterford Residences and the Martin Place Residences.

The tender for this land site has closed at 12 noon last June 28 and the Urban Redevelopment has awarded the tender of this residential site to First Bedok Land Pte Ltd as they have submitted the highest bid for this land parcel.

A new residence in Bugis has sold almost 90% in 3 days

sold-sign-white-background

A new residence in Bugis is the DUO Residences. It has sold for over 468 units out of 540 units that were released last 15th of November 3pm in the year 2013 according to its developer M+S Pte Ltd.

They were sold up for about 87 per cent of the units released in three consecutive days. Most of the units are more likely to sell by the end of Friday, as the lineups of the show flat were still long when The Strait Times visited at 3pm.

Most of the buyers were Singaporeans which are 78 per cent; most of them were investors that were already staying in private homes, while the other 16 per cent are the Malaysians and 6 per cent of Americans, Chinese, and Indonesians according to Ms Tan.

According to M+S Pte Ltd, The average price of the units is about 2,000 dollars per square foot (psf) and the highest per square foot that were achieved for the studio apartment was 2,600 dollars psf.

The chief operating officer of the M+S Pte Ltd, Kemmy Tan, said that the demand was strong enough to achieve a good pricing from the developer’s point of view for a 49-storey residence.

Lendlease and ADIA, Successful bidders for Park Place Residences

Bidding

The URA (Urban Redevelopment Authority) granted permission for the developers last December 2015 to build a project, is now called Park Place Residences, that will comprise a 429 apartment units with a 43,740 sq m and 470,813 sq ft of retail space and a 91,340 sq m and 983,175 sq ft fross floor area of office space.

A spokesman for Lendlease once said that the apartments will occupy three towers and that they are confident that this project will revive the area after it’s completed.

Lendlease has a 30% stake in developing this project, while ADIA has 70%.

The developers, Lendlease-ADIA alliance, were the highest bidder for the 99-year leasehold site at state that was officially closed last March 31, 2015. Its winning bid of S$1.67 billion worked out to an almost S$950 per sq ft of gross floor area.

The site holds for about four plots of 2 land parcels, an underground, and airspace. It can be developed to a maximum gross floor area of 164,794 sq m and about 1.77 million sq ft. This upcoming development will have a direct connection to both Circle Line and Paya Lebar East-West Line MRT stations.

Lendlease is known as an integrated infrastructure group that has operated in Singapore since 1973. It can span an entire development, investment, management, construction and project management, asset, and property management.

The URA also gave provisional permissions to other developers in Hongkong and Malaysia.