<转>Sengkang最新一幅EC地段只卖了280psf ppr

pl · 发表于 21-1-2015 15:32:41|来自：新加坡

本帖最后由 pl 于 21-1-2015 15:33 编辑

Exec condo land bids slump to lowest since 2011

Kalpana Rashiwala
21 January 2015
Business Times Singapore

Bids for Sengkang parcel come in below expectations; Sim Lian's top bid 24%
below price of nearby plot last Feb

Singapore

THE generally weak sales at most executive condo launches in recent months are
eroding developers' confidence in this market segment.

Sim Lian's top bid of S$280.04 per square foot per plot ratio (psf ppr) on
Tuesday, for a 99-year leasehold EC site along Anchorvale Crescent in Sengkang,
was 24 per cent lower than the S$367 psf ppr that SingHaiyi paid for a
neighbouring plot in February last year (which it will develop into The Vales
project). That tender drew 12 bids - against just three at the latest tender.

Moreover, Sim Lian's highest bid marks the lowest pricing for EC land since
July 2011, when the Twin Waterfalls plot in Punggol fetched S$270 psf ppr,
property consultants noted.

The other two bidders at Tuesday's tender were Allgreen Properties, which bid
S$143.89 million or around S$255 psf ppr, while Victoria Realty - owned by Tan
Koo Chuan and Melvin Poh - offered S$126.80 million or S$225 psf ppr for the
1.75-hectare site, which can yield an estimated 525 homes.

ECs are a public-private housing hybrid with initial buyer eligibility and
resale conditions that are fully lifted 10 years after the completion of the
project.

The December 2013 introduction of a 30 per cent mortgage service ratio cap on
EC units bought from developers has clipped the wings of many potential EC
buyers. Moreover, noted OrangeTee research head Christine Li, "developers are
discouraged by poor take-up for most EC projects released in recent months -
due to ample supply from launches especially in Punggol and Sengkang".

According to market talk, sales at the latest EC launch, The Amore, in Punggol
Central, which was released for sale over the weekend, have crossed 20 per cent
or close to 80 units in the 378-unit project.

JLL national director Ong Teck Hui too noted the Sengkang/Punggol area has the
highest concentration of new EC projects, with 14 sites sold (excluding the
subject site) since 2010. "The number of unsold units in this area is around
2,000 and the sales take-up of recent nearby EC launches has not been
encouraging. These factors would have also weighed down tender participation as
well as bidding quantum."

SLP International executive director Nicholas Mak too said the top bid at
Tuesday's tender came in below his initial forecast of S$320-360 psf ppr.
"Based on the S$280 psf ppr bid by Sim Lian, it would be able to break even at
around S$640-660 psf, allowing it to launch the project on site at a price that
would undercut the neighbouring projects," said Mr Mak, alluding to Bellewaters
and the yet-to-be-launched The Vales.

Qingjian Realty paid S$331 psf ppr for the Bellewaters site at a tender that
closed in late May 2013. "Based on the top bid at today's land tender, EC land
price has returned to the level in mid-2011. This is perhaps another sign of a
stabilising property market as a result of the government's cooling measures,"
said Mr Mak

The 1.75-hectare site tendered on Tuesday is near Cheng Lim LRT Station and is
estimated to generate some 525 homes.

Ms Li describes the lowest two bids at the tender as "bottom fishing"
exercises. She said the current tepid market may see an extension of this
behaviour to tenders for private housing land as well.

Developers who are still keen on buying land are still bidding but at very
conservative levels.

OrangeTee research head Christine Li noted that developers are discouraged by
poor take-up for most EC projects in recent months.