Singapore has seen an upsurge in the availability of condos that has attracted a diverse line of interested parties and seen an increase in the market price. This has been followed with a record-breaking bid for a central boulevard white site under the Government Land Sales (GLS) program of Singapore.
Central Boulevard Condo Wealthy Link
The Urban Redevelopment Authority (URA) of Singapore is the authority tasked with planning the use of Singapore’s land mass and its conservation to make sure Singapore is a great city to live, work and play in. It plans and facilitates Singapore’s physical development in conjunction with the community so that there can be real value for anything that goes on the land.
Any additional houses for rental boasts renters with more alternatives to decide upon. The worst-hit parts are the ones without easy-access to conveniences, like trains and buses. However, ERA agent Zola Tan noted demand is constantly on the hold up in mature locations and also those near MRT stations.
Because of their tenure of the piece of land, freehold properties are often more pleasing to purchasers in the open-market as in contrast with leasehold real estate. Nonetheless, the somewhat high asking selling prices of such freehold properties could possibly have brought about an increase in the number being set up for auction in recent quarters,” Lee explained.With regards to total sales, the number of properties effectively auctioned off increased to 10 during the third quarter from nine within the preceding period.
It manages the Government Land Sales Program where developers are given a platform where they bid for listed sites that are ripe for development. The developers usually then go ahead and put up condos, hotels or office suites that will help them recover their money and build Singapore to greater heights in the same breathe. The top bidder is from Wealthy Link IOI Properties.
Central Boulevard Condo Malaysia IOI Properties
This site was put on the reserve list for the 2nd half of the government Land Sales Program. It was launched and put up for public tendering after the URA of Singapore announced that a developer Wealthy Link IOI Properties had put a minimum bid price of S$1,536,087,718 in the tender for this land parcel at Marinay Bay near Lau Pa Sat. This was in August 2016 and meant that any amount less than the S$1.5 B price tag would automatically not be considered. This bid closed at 12 noon on 8th November 2016 and posted a record top bid of S$2.57 by Wealthy Link which is a unit of Malaysia’s IOI Group.
This is a 99-year leasehold on Central Boulevard with a gross plot ration of 13 and gross floor area of 141,294sqm maximum. The URA has its own set limits for this particular site; 100,000sqm minimum must be set aside for the development of office spaces, 5,000sqm maximum for retail purposes and the remaining floor area can be used for additional office space, serviced apartments and also an address for Central Boulevard Condo in Singapore.
Central Boulevard Marina Bay Condo
This highest bid of S$2.5B translated into S$1,689 per square foot per plot ratio and to break even, the developers are said to be aiming at full office development that will give a return of S$3,000 to S$3,100 per square foot per plot ratio when completion comes at around the year 2020. The current hotel supply is said to be adequate hence the developer is expected to focus on dining space.