Sunday, November 18, 2012
Property Spotlight: Tanah Merah vicinity (Part 2)
Soon is concerned that, based on the three
new parcels sold this year (including eCO), there will be about 1,900 new homes
coming up over the next few years in the neighborhood around the Tanah Merah
MRT station. In addition, more supply is in the pipeline. For instance, next to
eCO is another land parcel (Parcel B), located at the junction of New Upper
Changi Road and Bedok South Avenue 3, that is earmarked for a 595-unit
residential project sitting on the Reserve List of the government land sales
programme. Adjacent to it, where the Tanah Merah MRT station is located, is a
parcel designated for "future development".
Even though prices have been stable, and
the take-up rate at new launches have been healthy, Soon is concerned that
there could be an oversupply in the next few years when these new condos are
completed.
David See, senior associate director of
OrangeTee, who specializes in marketing units in District 16, is more sanguine.
He reckons that, based on the bid prices by the developers, the new projects
will be launched at higher prices.
For instance, the 343,171sqft Land Parcel
A, located on New Upper Changi Road and Bedok Road, was put up for sale in
August and won by Keppel Land last month with a bid of $434.55 million($791psf
ppr). The price for the 99-year leasehold site paid by Keppel
Land was just 7.1% higher than the
second-highest bidder, a joint venture between Fragrance Group and World Class
Land .
Incidentally, in August, Fragrance and World Class
Land won the tender for a
smaller parcel of around 150,700sqft across New Upper Changi Road , with a bid of
$285.22 million ($676psf ppr). It is estimated that the new condo, called Urban
Vista , will have 550 units, and it is expected
to be launched in the coming months.
Following the close of the tender for the
site on New Upper Changi Road
on Oct 16, Joseph Tan, CBRE's executive director of residential services,
commented: " The 11 bids garnered for the site and the quantum of the bids
show that developers are confident that this residential project will be well
received when launched."
Tan estimates Keppel Land's breakeven at
$1,200psf, with the selling price of the new project pegged around $1,400psf,
which is slightly higher than the average $1,300psf achieved at eCO so far. Keppel Land
intends to develop a residential project with about 700 units on the site, with
sizes ranging from 500 to 1,400sqft.
Source: THE EDGE SINGAPORE
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