Martin Place Residences Building

URA launched a tender for a condominium site @ Martin Place

Singapore’s URA (Urban Redevelopment Authority) has launched a residential site for sale by public tender last 28th of April (Thursday) this year.

This 99-year leasehold project has become under the confirmed list of the Government Land Sales (GLS) Programme for the first half-year. This development has approximately 15,936.1 square meter plot and has a maximum gross floor area of 44, 622 square meters and can probably hold for about 450 units and also comes with a maximum building height of 153 meters above mean sea level according to the URA.

Future residents could have a great access to the said site as it isn’t far from some MRT stations such as the Great World MRT, Somerset MRT, and Dhoby Ghaut MRT. The said residence is also nearby to some local and prestigious schools like the River Valley Primary School, Cambridge @ Robertson, EtonHouse Pre-School Robertson, and The Little Skool-House. The site is also within the vicinity in a well-established residential area that features condominiums such as the Martin Place Residences and Waterford Residences.

The tender for this land parcel has closed at 12 noon last June 28.

The Urban Redevelopment Authority has awarded the tender of this residential site to First Bedok Land Pte Ltd. This company has submitted the highest bid in the tender for the said site.

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DUO Residences has sold over 468 units within 3 days

The Duo Residences is a 660-unit residence in Bugis that sold over 468 units out of 540 that has released as of 3pm Friday November 15, 2013, according to its developer M+S Pte Ltd.

It all works to rate up of about 87 per cent within three days. A lot of units are more likely to be sold by the end of Friday, as the lineups at the show flat were still long when The Strait Times visited at 3pm.

78 per cent of the buyers were Singaporeans. And of these, most of them were investors that are already staying in private homes.

The average price of the units was about $2,000 per square feet (psf) and the highest per square foot that achieved for the studio apartment was $2,600 psf, M+S said in their statement.

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

According to Ms Tan, the rest of the buyers were 16 per cent Malaysians and the rest are Indonesians, Chinese and Americans that are 6 per cent.

URA Gallery

Lendlease building the Paya Lebar Central

The Lendlease enterprise plans to build a large scale mixed urban development at Paya Lebar Central project site and will pull out $1.6 billion (S$1.67 billion) for this proposed project. This amount will possess by an unnamed major global investment partner of Lendlease.

This joint venture that will hold a 30 percent at stake was said to be the highest bidder for this site, says by the infrastructure company.

This mixed development will be funded by the combination of project level, non-recourse, debt and equity.

According to Steve McCann, a Lendlease chief executive, that the transaction itself demonstrates their collaborative approach to its investment partners to secure the key asset creation opportunities through the participation in an urban regeneration projects in cities. And that it is a great opportunity for a continued success in the region that it increases their global capabilities to develop a large urban regeneration projects around the world.

It is said that the Singapore Urban Redevelopment, which manages government land sales in Singapore, must clear the purchase of the site.

The said mixed-use project will be called the Park Place Residences. According to Lendlease, the land site will hold for about 165,000 sq m of development that includes retail, office, and residential use. This is Lendlease’s second major project only in South East Asia in only a matter of time that they just recently signed a $2.8 billion deal with the Malaysian government to manage the another upcoming mixed use site in March.