{"id":113517,"date":"2020-01-10T10:02:21","date_gmt":"2020-01-10T03:02:21","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/bids-for-jalan-bunga-rampai-and-irwell-bank-rd-gls-sites-lower-than-expected\/"},"modified":"2020-01-10T10:33:42","modified_gmt":"2020-01-10T03:33:42","slug":"bids-for-jalan-bunga-rampai-and-irwell-bank-rd-gls-sites-lower-than-expected","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bids-for-jalan-bunga-rampai-and-irwell-bank-rd-gls-sites-lower-than-expected\/","title":{"rendered":"Bids for Jalan Bunga Rampai and Irwell Bank Rd GLS sites lower than expected"},"content":{"rendered":"


\nDevelopers \u201ccontinue to adopt a more prudent approach to land bids, amid market uncertainties, ample upcoming supply, and the cooling measures which remain in place\u201d, said Tricia Song, head of research for Singapore at Colliers International. Photo: URA
\nThe Urban Redevelopment Authority (URA) has announced the closings tenders for Government Land Sales (GLS) sites at Irwell Bank Road and Jalan Bunga Rampai yesterday (9 Jan).\u00a0
\nThough Colliers International noted that the sites received healthy interest from developers, the bids submitted were lower than expected.
\nThis comes as developers \u201ccontinue to adopt a more prudent approach to land bids, amid market uncertainties, ample upcoming supply, and the cooling measures which remain in place\u201d, said Tricia Song, head of research for Singapore at Colliers International.
\nShe also noted that developers are more conservative in bidding for sites, mindful of the subdued economy, as well as the ABSD penalty that developers have to incur if they don\u2019t build and sell all units within five years of being awarded the site.\u00a0\u00a0
\nThe 12,786.5 sq m site at Irwell Bank Road attracted seven bids, with City Developments (CDL) offering the highest bid of $583.89 million.
\n\u201cThe top bid price was about 11% lower than our earlier expectations of $1,700 psf ppr, probably due to developers provisioning a higher margin for the 25% remittable ABSD should they not be able to build and sell the project within the stipulated timeframe of five years,\u201d noted Song.
\nA consortium comprising Far East Organization, Sino Group and Sekisui House submitted the second highest bid of $560.1 million, while Winvale Investment came up with the lowest bid of $409.89 million.
\nMeanwhile, the 4,666.6 sq m site at Jalan Bunga Rampai received nine bids, with Wee Hur Development placing the highest bid of $93.39 million or $885 psf ppr \u2013 which is slightly below Colliers\u2019 expectation of $900 psf ppr.
\nNonetheless, the healthy interest received for the site came as no surprise given that it is the smallest residential site under the second half of 2019 GLS programme, with the potential to yield just 115 housing units, said Song.
\n\u201cIt is hence of a palatable development quantum which appeals to more developers. It is also deemed to be at a lower risk of not being able to sell-out within the ABSD timeline of five years,\u201d she added.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Bids for Jalan Bunga Rampai and Irwell Bank Rd GLS sites lower than expected<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Developers \u201ccontinue to adopt a more prudent approach to land bids, amid market uncertainties, ample...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-113517","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-twV","jetpack-related-posts":[{"id":113621,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tenders-for-jalan-bunga-rampai-irwell-bank-road-sites-awarded\/","url_meta":{"origin":113517,"position":0},"title":"Tenders for Jalan Bunga Rampai, Irwell Bank Road sites awarded","date":"January 15, 2020","format":false,"excerpt":"\r Wee Hur Development and CDL were the highest bidders for the GLS sites. Photo: Irwell Bank Road site.\u00a0 The tenders for two residential Government Land Sales (GLS) sites at Jalan Bunga Rampai and Irwell Bank Road have been awarded the highest bidders, announced the Urban Redevelopment Authority (URA) on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2020\/01\/Jalan-Bunga-Rampai-GLS-H12020-Site.png?fit=1017%2C675&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":114103,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-cautious-gls-bid-causes-8-20-drop-in-land-prices\/","url_meta":{"origin":113517,"position":1},"title":"Developers\u2019 cautious GLS bid causes 8-20% drop in land prices","date":"January 14, 2020","format":false,"excerpt":"\r The muted sales take-up rates seen in existing projects in the vicinity of both sites are possible reasons that developers have placed lower bids. The cautious approach employed by developers towards bidding for land has caused an 8% to 20% drop in land prices including the 5% Additional Buyer\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110335,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jalan-bunga-rampai-residential-site-launched-for-tender\/","url_meta":{"origin":113517,"position":2},"title":"Jalan Bunga Rampai residential site launched for tender","date":"August 30, 2019","format":false,"excerpt":"\r With an area of 4,666.6 sq m, the confirmed list site has a maximum gross floor area of 9,800 sq m and a lease period of 99 years. Image source: URA A residential site at Jalan Bunga Rampa that could yield about 115 housing units has been launched for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112111,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/irwell-bank-road-residential-site-for-sale-for-650m\/","url_meta":{"origin":113517,"position":3},"title":"Irwell Bank Road residential site for sale for $650m","date":"November 1, 2019","format":false,"excerpt":"\r This residential site was also launched under the government land sales (GLS) programme\u2019s confirmed list for the second half of 2019. A residential site at Irwell Bank Road has been launched for sale by the Urban Redevelopment Authority (URA) via public tender, with the projected top bid ranging from\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114644,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/development-charges-for-non-landed-homes-trimmed-0-2-on-average\/","url_meta":{"origin":113517,"position":4},"title":"Development charges for non-landed homes trimmed 0.2% on average","date":"March 2, 2020","format":false,"excerpt":"\r The cut follows a 0.3% and 5.5% decrease in DC rates during the September 2019 and March 2019 review.\u00a0 The development charge (DC) rates for non-landed residential use have been slashed by 0.2% on average, on the back of a muted Government Land Sales (GLS) bidding and slower economic\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114700,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-closes-tender-for-canberra-drive-and-fernvale-lane-sites\/","url_meta":{"origin":113517,"position":5},"title":"URA closes tender for Canberra Drive and Fernvale Lane sites","date":"March 4, 2020","format":false,"excerpt":"\r Parcels A and B received five and four bids respectively, while the EC site at Ferndale Lane was hotly-contested, with seven bids. The tender for two private residential sites in Canberra Drive (Parcels A and B) and an executive condominium (EC) site in Fernvale Lane closed on Tuesday (3\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/113517"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=113517"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/113517\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=113517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=113517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=113517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}