{"id":55249,"date":"2017-05-18T18:03:31","date_gmt":"2017-05-18T11:03:31","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/foreign-developers-jointly-bid-over-1-billion-for-queenstown-site\/"},"modified":"2017-05-18T18:19:39","modified_gmt":"2017-05-18T11:19:39","slug":"foreign-developers-jointly-bid-over-1-billion-for-queenstown-site","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/foreign-developers-jointly-bid-over-1-billion-for-queenstown-site\/","title":{"rendered":"Foreign developers jointly bid over $1 billion for Queenstown site"},"content":{"rendered":"


\nThe top bid of just over $1 billion for the Stirling Road site translates to a land price of about $1,050 psf. (Photo: URA)
\nThe tender for a 2.11ha residential site at Stirling Road in Queenstown attracted substantial interest from developers, with a total of 13 bullish bids submitted at the close of the tender exercise on Thursday (18 May), said the Urban Redevelopment Authority (URA).
\nHong Kong-listed Logan Property and Nanshan Group from China jointly submitted the highest bid of just over $1 billion. The second-highest bid of $925.7 million came from MCL Land, followed by a $901 million offer from OUE.
\nDr Lee Nai Jia, Head (SEA) Research at Edmund Tie & Co., said the winning bid works out to about $1,050 psf per plot ratio, which means the breakeven price will likely be around $1,600 psf to $1,700 psf.
\nHe revealed that the average price for other developments in the Queenstown and Redhill area, which includes Queens Peak ($1,696 psf) and Principal Garden ($1,662 psf), are priced within the same range.
\nOne of the main attributes of the Stirling Road site is its central location and proximity to the Queenstown MRT station, noted Lee. \u201cIt is also close to the Buona Vista area, which consists of high growth industries such as pharmaceuticals and R&D. The rental catchment is substantial, as it appeals to people working in the CBD or Jurong East.\u201d
\nOffered on a 99-year lease, the land parcel was originally on the reserve list of the Government Land Sales Programme. It was triggered for sale last month after an unnamed developer committed to a minimum bid of $685,250,000.
\n\u201cThe recent land bids and successful launches have further reinforced developers\u2019 sentiments, and we expect stronger bids in upcoming launches. It will not be surprising to see another record bid for the tender of the mixed-use site located near the Bidadari housing estate,\u201d added Lee.
\nThe URA said a decision on the award of the tender will be made after the bids have been evaluated.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Foreign developers jointly bid over billion for Queenstown site<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The top bid of just over $1 billion for the Stirling Road site translates to...<\/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-55249","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-en7","jetpack-related-posts":[{"id":55809,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/stirling-road-site-secured-by-consortium-for-s1bil\/","url_meta":{"origin":55249,"position":0},"title":"Stirling Road site secured by consortium for S$1bil","date":"May 24, 2017","format":false,"excerpt":"\r The tender exercise\u00a0for the land parcel near Queenstown MRT station closed on 18 May 2017 with a\u00a0winning bid of S$1,050.70 psf. The Urban Redevelopment Authority (URA) revealed on Tuesday (23 May) that the tender for the residential site at Stirling Road has been awarded to a consortium which submitted\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51526,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-to-launch-tender-for-queenstown-reserve-list-site\/","url_meta":{"origin":55249,"position":1},"title":"URA to launch tender for Queenstown reserve list site","date":"April 11, 2017","format":false,"excerpt":"\r The site at Stirling Road was triggered for sale after a developer committed to a minimum bid of $685,250,000. (Photo: URA) The Urban Redevelopment Authority (URA) announced yesterday that it accepted an application from a developer to put up a residential site at Stirling Road in Queenstown for sale\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":56008,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-may-2017\/","url_meta":{"origin":55249,"position":2},"title":"News Roundup (May 2017)","date":"May 26, 2017","format":false,"excerpt":"\r Our top Singapore property stories. Rare sea-facing landed homes to launch in Sembawang A new freehold strata landed housing development located next to Sembawang Park at the end of Sembawang Road is expected to go on sale soon. Called Watercove, the 80-unit project is being developed by Bukit Sembawang\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/05\/Shunfu-Ville-1024x599.jpg?fit=1024%2C599&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":52924,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-unit-submits-top-bid-for-tampines-site\/","url_meta":{"origin":55249,"position":3},"title":"CDL unit submits top bid for Tampines site","date":"April 26, 2017","format":false,"excerpt":"\r The top bid of $370.1 million for the 99-year leasehold site works out to about $565 psf on the land. Source: URA The tender for a 2.17ha residential site at Tampines Avenue 10 (Parcel C) closed yesterday after attracting nine bids from property developers, said the Urban Redevelopment Authority\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/04\/Tampines-Avenue-10.jpg?fit=795%2C295&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":37204,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-receives-14-bids-for-margaret-drive-site\/","url_meta":{"origin":55249,"position":4},"title":"URA receives 14 bids for Margaret Drive site","date":"December 6, 2016","format":false,"excerpt":"\r The 0.48ha site is within proximity to two MRT stations. Source: URA The tender for a residential site at Margaret Drive in Queenstown closed on Tuesday (6 December) after attracting 14 bids from developers, said the Urban Redevelopment Authority (URA). MCL Land (Regency) submitted the top bid of $238.39\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":73812,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-closed-tender-for-jiak-kim-street-and-fourth-avenue-sites\/","url_meta":{"origin":55249,"position":5},"title":"URA closed tender for Jiak Kim Street and Fourth Avenue sites","date":"December 6, 2017","format":false,"excerpt":"\r View of the land parcel at Jiak Kim Street. (Photo: URA Map) Two residential plots in Jiak Kim Street and Fourth Avenue attracted a total of 17 bids with the combined top bid amounting to nearly $1.51 billion, after the Urban Redevelopment Authority (URA) closed the tender for both\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\/55249"}],"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=55249"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/55249\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=55249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=55249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=55249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}