Tampines site to anchor H2 industrial land sales

Tampines site to anchor H2 industrial land sales

Reserve sites comprise new plot in Jurong, six sites rolled over from H1

 

(SINGAPORE) The Ministry of Trade and Industry (MTI) yesterday unveiled an industrial land sales programme for the second half of 2008 that could yield a total supply quantum that is a tad above that of the first half.

 

The latest slate has just one site on the confirmed list, at Tampines Industrial Avenue 4 (opposite the wafer fab park and near the Giant, Courts and Ikea outlets) and seven plots on the reserve list, of which only one is new – a plot in Jurong at Pioneer Road North/Soon Lee Road. The other six reserve list plots are being rolled over from H1 2008.

 

Both new sites at Tampines and in Jurong are being offered on 30-year leasehold tenures and zoned Business 2, which means they can be developed for a wide range of uses such as clean/light industry, general industry and warehouse.

 

The 5ha Tampines plot on the confirmed list will have minimum floor-plate size and product-type stipulations. ‘The objective of such conditions is to address demand for industrial space for single-users which need larger floor plates,’ MTI said.

 

Colliers International director (industrial) Tan Boon Leong envisages the plot to be developed into a low-rise industrial facility of at most two and a half storeys (with mezzanine offices) as the site has just a 0.8 plot ratio (ratio of maximum potential gross floor area, or GFA, to land area).

 

‘Industrialists like low-rise premises so this site should be well sought after by both industrialists and developers,’ Mr Tan reckons. He estimates the site will fetch bids of at least $40-$50 per square foot per plot ratio (psf ppr), or $17.2 million to $21.5 million in absolute terms. The plot, which can have a maximum GFA of about 430,000 sq ft, is slated for launch in November.

 

Mr Tan expects the Pioneer Road North reserve-list site to fetch around $35-$45 psf ppr. The site will be made available for application in October.

 

The government releases a site on the reserve list only upon successful application by a developer that undertakes to bid at a minimum price acceptable to the state.

 

Confirmed list plots on the other hand are launched according to a pre-stated schedule, regardless of demand.

 

The other six reserve-list plots for H2 2008 that are being rolled over from the H1 list are located at Yishun Avenue 6 (two parcels), Toh Tuck Avenue, Ubi Avenue 4, Kallang Pudding Road and Serangoon North Avenue 4. All six plots are zoned for Business 1 use, meaning they can be developed for clean and light industrial, and warehouse use.

 

The Toh Tuck plot has 30-year leasehold tenure while the other five are being offered on 60-year leases.

 

MTI’s H2 2008 sole confirmed list site can potentially generate about 40,000 sq metres GFA, similar to the 42,000 sq m from the only confirmed plot in H1 2008 located at Woodlands Industrial Park E5.

 

The seven reserve plots in H2 may be developed into some 188,570 sq m GFA, or 8 per cent higher than the 174,570 sq m from the seven plots in the H1 slate.

 

‘MTI probably wants to keep the status quo in the industrial property market, which has been pretty stable this year,’ Colliers’ Mr Tan suggested.

 

Source: Business Times

Advertisements

MTI to release 8 industrial sites in the second half this year

MTI to release 8 industrial sites in the second half this year

 

The Trade and Industry Ministry will release eight industrial sites with a total area of some 13 hectares for the second half this year.

 

Of these, only one is in the confirmed list, while the rest are released under the reserve list.

 

The site confirmed for sale is located at Tampines Industrial Avenue 4.

 

MTI said that for this site, JTC will be introducing specific technical conditions on minimum floor plate size per unit and the product type.

 

The objective of such conditions is to address demand for industrial space for single-users which need larger floor plates.

 

Further details on these conditions will be announced by JTC when the site is ready for launch.

 

Other sites released under the reserve list include those at Yishun, Kallang Pudding Road and Serangoon North.

 

Under the reserve list, the Government will only release a site for sale if an interested party submits an application for the site to be put up for tender.

 

The tender offer must be of a minimum purchase price that is acceptable to the Government.

 

The figures of the site releases are identical to government industrial land sales programme for the first six months of the year.

 

Source: 938Live

Exciting vision for mega site

Exciting vision for mega site

 

URA seeks to bring ‘24/7’ life to cluster near Bugis

 

AN EXCITING cluster of shops, homes, entertainment centres, hotel and office space — all set within an attractive garden-like environment in the heart of Singapore’s city centre.

 

This is the Urban Redevelopment Authority’s (URA) vision for the 2.7-hectare green field development site, :bordering Ophir and Rochor roads, it is putting out for tender.

 

With analysts forecasting a possible land sales price of over $1 billion, this could be the second most expensive plot of government land sold this year, after the $1.2 billion paid by Parkway for a rare hospital site near Novena.

 

“Every major developer in town will be looking at it,” said Mr Nicholas Mak, director of consultancy and research at Knight Frank.

 

“But while they may be paying attention, they may not all bid, because in today’s market, getting the necessary financing is difficult. As this is a big one, some might bid in consortiums instead.”

 

The URA wants to bring some “exciting 24/7” life to the area.

 

The site, located behind Parkview Square, is seen as a natural extension from the established convention, office and hotel hub at Marina Centre.

 

“New developments in the Beach Road/Ophir-Rochor Corridor will inject vibrancy and activities to this part of the city and form a new office cluster for financial and business institutions that will complement the existing financial district at Raffles Place and Marina Bay,” said the URA’s statement.

 

The site can potentially accommodate at least 570,000 sq ft of mixed-use space.

 

At least 40 per cent of the area is zoned for office use and at least 15 per cent must be for hotel and hotel-related uses.

 

Mr Li Hiaw Ho, executive director of CB Richard Ellis Research, said: “If awarded, the office development is likely to be ready in 2013 and could offer city-fringe office occupiers an option to upgrade or expand into a higher grade quality building without moving into the central business district.

 

“There would also be the added benefit of proximity to the Circle Line, which would have been completed a few years earlier, as well as the Downtown Rail Transit System (RTS) line that will be completed around the same time,” said Mr Li.

 

“Thus, an office development on this site should be attractive to occupiers.”

 

The site is flanked by the historical district of Kampong Glam. Bras Basah and Bugis are also nearby.

 

In fact, the future development will have direct basement-level connections to the new Bugis Interchange MRT station, with immediate access to the existing East-West RTS line and the recently-announced Downtown RTS line.

 

The new development can tower up 40 storeys high, providing panoramic views across the city to Marina Bay and the new Sports Hub at Kallang.

 

Source: Today Newspaper

Ophir/Rochor Rd white site for sale

Ophir/Rochor Rd white site for sale

But developers are not expected to bid bullishly

 

A 2.7 hectare prime white site at Ophir/Rochor Road has been offered for sale by the Urban Redevelopment Authority (URA) – but developers are not expected to bid bullishly.

 

The site, in the new Beach Road/Ophir-Rochor Corridor, has been put on the confirmed list of the first-half 2008 Government Land Sales (GLS) programme.

 

And according to URA, it is a ‘natural extension from the established convention, office, hotel hub at Marina Centre’.

 

But given current quiet market conditions and rising construction costs, property analysts say that developers are unlikely to bid strongly. Bids are expected to range between $600 and $900 per square foot per plot ratio (psf ppr).

 

Cushman and Wakefield managing director Donald Han believes the site does not compare with a ‘super prime’ Beach Road site awarded in September 2007 for $1,068.6 psf ppr.

 

He also said that with a North Bridge Road site already identified as part of the second-half GLS programme, ‘developer and investor interest in the Ophir/Rochor Road site could be diverted’.

 

The new ‘corridor’ will be a 24/7 mixed-use area comprising integrated office, hotel, retail, entertainment and residential projects, according to URA.

 

‘New developments in the Beach Road/Ophir-Rochor Corridor will inject vibrancy and activities into this part of the city and form a new office cluster for financial and business institutions that will complement the existing financial district at Raffles Place and Marina Bay,’ it says.

 

The first development site for sale in the ‘corridor’ will have a maximum permissible gross floor area (GFA) of about 160,000 sq m, (1,722,224 sq ft). At least 40 per cent of the total GFA is for office use, with at least 15 per cent for hotel and hotel-related uses. The remaining GFA can be for office, hotel or other complementary commercial and residential use.

 

CBRE Research executive director Li Hiaw Ho said that if awarded, the office development is likely to be ready in 2013 and could offer city-fringe office occupiers an option to ‘upgrade or expand into a higher-grade quality building without moving into the CBD’.

 

Mr Li said that occupancy rates in the Beach Road/City Hall area remain strong at 93.3 per cent.

 

Although the market is subdued, sites on the confirmed list are generally expected to sell faster compared to those on the reserve list.

 

DTZ Debenham Tie Leung executive director Ong Choon Fah reckons the Ophir/Rochor Road site could appeal to developers who want to position a project ‘differently’.

 

‘Not everybody wants to be in Marina Bay,’ she said.

 

Source: Business Times

Govt puts up Bugis plot for sale in quiet market

Govt puts up Bugis plot for sale in quiet market 

Appeal of 2.7ha site, near new Bugis MRT station, expected to draw bids over $1b

 

THE vacant U-shaped plot in Bugis used by art circus troupe Cirque du Soleil three years ago was put up for sale yesterday with a price expected in excess of $1 billion.

The prime 2.7ha site in front of Parkview Square could house a 40-storey office building, about 500 hotel rooms, as well as shops and homes.

 

There will also be direct basement level connections to the new Bugis MRT station that is being built to accommodate the upcoming Downtown Line.

 

The plot is designated a white site, meaning it can be used for different functions, such as residential or commercial.

 

Property consultants believe the white site’s size, location and transport links will make it particularly appealing.

 

‘Some developers will find it attractive as it is very big, which allows for various development and architectural options,’ said Knight Frank’s director of research and consultancy, Mr Nicholas Mak.

 

But the cautious mood in the property market is likely to affect demand and bids, the consultants said.

 

They expect the 99-year leasehold white site to fetch anything from $1 billion to $1.4 billion, or between $600 and $813 per sq ft (psf) of potential gross floor area.

 

A white site in nearby Beach Road was awarded to a City Developments-led consortium for $1.689 billion, or $1,068.6 psf of potential gross floor area, last September when the property market was buzzing.

 

‘The Beach Road site is pricier as it is closer to the financial hub, and thus more attractive,’ said a market watcher. ‘Besides, the market is so much quieter now, compared with last year.’

 

Mr Mak said the Bugis plot could have fetched a similar price if it was launched during last year’s property boom.

 

This is the first land parcel offered for sale in the Ophir-Rochor corridor, a new growth area that the Government hopes to turn into a commercial hub.

 

The Ophir-Rochor corridor, which is seen as a natural extension of the established convention, office, hotel hub at Marina Centre, is expected to become a busy mixed-use cluster, said the Urban Redevelopment Authority (URA) yesterday.

 

Flanked by Kampong Glam and Beach Road, the area will also complement the financial district at Raffles Place and Marina Bay, URA said.

 

This planning vision dictates that at least 40 per cent of the total gross floor area of the U-shaped plot must be set aside for office use, while hotel and hotel-related uses should occupy at least 15 per cent.

 

The rest of the total gross floor area of about 160,000 sq m or 1.72 million sq ft can be used for more offices, hotel space, or shops and homes.

 

The URA, which unveiled plans for the Ophir-Rochor area last year, marketed the area’s first available sale site at an annual global property event at Cannes in March this year.

 

CBRE Research executive director Li Hiaw Ho said an office development on the site should be built by 2013 and could offer city fringe office occupiers an option to upgrade or expand into a higher-grade building without moving into the Central Business District.

 

The tender closes on Dec 3.

Buyers wanted

 

The prime 2.7ha site in front of Parkview Square can house a 40-storey office building, about 500 hotel rooms, as well as shops and homes.

 

It is the first land parcel offered for sale in the Ophir-Rochor corridor, a new growth area that the Government hopes to turn into a commercial hub.

 

The site can be used for different functions, such as residential or commercial.

 

Source: Straits Times

URA puts up Ophir-Rochor Road for sale by public tender

URA puts up Ophir-Rochor Road for sale by public tender

 

SINGAPORE: The Urban Redevelopment Authority (URA) has launched a white site for sale in the Ophir Rochor corridor.

 

The announcement did not come as a surprise, as the government had already indicated it will be sold under the confirmed list of the land sales programme.

 

The 2.7 hectare site is expected to be a mixed use cluster, acting as a connector between the existing financial district and the historical centres of Kampong Glam and Beach road.

 

The site has a gross permissible floor area of 160,000 square metres.

 

The winning bidder has to set aside 40 per cent of the site for office use, with at least another 15 per cent for hotel related activities.

 

In the future, the site will also have direct basement access to the new East-West rail line, through the upcoming Bugis Interchange MRT station.

 

Analysts are expecting a land cost of up to 1.5 billion Singapore dollars, translating to between 850 Singapore dollars and 900 Singapore dollars per square foot of gross floor area.

 

Rents in the area are expected to be between 8 Singapore dollars and 10 Singapore dollars per square foot.

 

The URA has said it will continue to release more land in the Ophir Rochor area over the next five to 10 years in tandem with market demand. – CNA/vm

 

Source: Channel NewsAsia

HDB launches 2 new BTO projects in Punggol & Sengkang

HDB launches 2 new BTO projects in Punggol & Sengkang

 

HDB is launching two new housing projects in Punggol and Sengkang under the Build-To-Order, or BTO, System today.

 

Over 1500 premium 3, 4 and 5-room flats will be offered under the projects.

 

With these two new projects, HDB has launched a total of around 4,500 units in 7 BTO projects in towns like Punggol, Sengkang, Yishun and Woodlands in the first half of this year.

 

The development in Punggol, called Punggol Breeze, is a Premium Contract comprising 778 units of 4-room and 186 units of 5-room flats.

 

Fernvale Residence in Sengkang meanwhle offers 55 units of 3-room, 444 units of 4-room and 124 units of 5-room Premium flats.

 

Source: 938Live