TWO collective sales have been completed, although both were at prices lower than earlier indicated, perhaps showing that recent cooling measures have tempered demand a little.

Marine Point in Marine Parade Road has been acquired by CapitaLand at $101million. The owners wanted $110 million when the tender was launched in October.

If an estimated development charge of $12.8million is included, the price works out to $1,056 per sq ft (psf) per plot ratio (ppr), CapitaLand said.

It plans to redevelop the 51,185 sq ft freehold site into a 150-unit condominium of one-bedroom plus study and two-bedroom apartments.

This will bring CapitaLand’s pipeline of homes here to more than 2,600 units.

Mr Wong Heang Fine, chief executive of CapitaLand Residential Singapore, said the firm plans to maximise the project’s height to about 19 storeys and is confident that it will get strong interest from young families and professionals who have grown up in the area.

‘This will give the majority of the apartments a good view of the surrounding skyline and the sea. We plan to have (it) ready for launch in the first half of 2012,’ he added.

Bartley Terrace, near Bartley MRT station, was sold for $40million, which The Straits Times understands to be below its reserve price.

The tender was launched last year with an asking price of $48million.

Meadows Investment, a firm owned by Mr Neo Tiam Boon, executive director of local property and construction firm Tiong Aik Group, bought the site in a private treaty, said marketing agent Urban Front yesterday.

The price works out to about $760 psf ppr, inclusive of about $3million in development charges and a 10per cent balcony allocation.

The District 19 freehold site has a land area of about 40,482 sq ft with a plot ratio of 1.4.

The owners of the 32 units stand to reap $1.14million to $1.8million each, Urban Front said.

Source: Straits Times, 28 Jan 2011

Developers’ bids may not have met reserve prices, say residents
AN UNUSUAL quiet has come over the closing of several mega collective sale tenders that were launched amid much fanfare with $500 million-plus reserve prices.

New launches for collective sales, however, have continued unabated.

The lack of news on the closed tenders has stirred talk among some residents that developers’ bids, if any, may have fallen short of reserve prices.

Recent reports, for example, have suggested that Tulip Garden – whose tender with a reserve price of $650 million was launched early last month and closed last Thursday – had received no bids.

A resident The Straits Times spoke to said he understood three parties had expressed interest but no bids were made.

Mr Karamjit Singh, managing director of marketing agent Credo Real Estate, however, said the firm was ‘still in discussion with developers’.

If Tulip Garden gets sold for $650 million, it would be the third-largest collective sale by value here and the first freehold one above $500 million in three years.

Similarly, on the commercial front, no news is out yet on Tanglin Shopping Centre, whose tender with a reserve price of a hefty $1.25 billion closed on Tuesday.

City Developments (CDL), however, said in a statement yesterday that it had expressed interest in negotiating for the purchase of the development. Millennium & Copthorne Hotels, CDL’s hotel arm, owns 85 retail and office units and 325 parking spaces there.

Ms Jean Goh, senior marketing director of marketing agent ERA Realty, declined to comment further, saying the firm was still in the midst of negotiations.

Hawaii Tower in Meyer Road, with a $700 million reserve price and whose tender closed yesterday, also got no bids.

Mr Jeremy Lake, CB Richard Ellis’ executive director for investment properties, said the firm is following up with four parties that had expressed interest.

Experts say the collective sale market is being tested again with the Jan 13 property cooling measures leaving the market in flux as many were caught by surprise.

Tanglin Shopping Centre might be affected as ERA had earlier said it could be redeveloped to include homes.

The collective sale market had picked up last year with more than 30 sales totalling about $1.7 billion recorded as home prices surged. The strong rebound had been expected to continue this year.

Tenders launched before the latest property measures, and closing since, may have struggled to meet ambitious reserve prices, experts suggest, though they say it is too soon to draw conclusions.

Mr Alwyn Low, director of Deans Realtors, said even if bids with no special conditions came in above the reserve price for a collective sale, they would still take about a week to be finalised. There is also 10 weeks after the tender closes for private treaties to be ironed out.

Mr Donald Han, vice-chairman of property consultancy Cushman & Wakefield, said developers are more cautious. ‘Deals of more than $500 million can still happen, but vendors might need to consider more realistic pricing in the light of the new measures.’

Some developers are also often more inclined to pursue government land sites as the sale process is faster and fuss-free, experts said.

Market watchers will be awaiting news on an expression of interest that closed on Jan 12 for strata offices and retail units at 1 Finlayson Green.

Credo’s Mr Singh said the tender closing date for the Whitley Heights apartments has been pushed back to March 2, owing to requests from developers to look into the more complex nature of developing strata-landed homes.

The collective sale momentum, however, has carried on to this year. At least 10 collective sale tenders have been launched this year. These include Holland Tower, Newton View and Ying Mansions.

Source: Straits Times, 27 Jan 2011

Marine Point being sold en bloc for about $1,000 psf ppr
(SINGAPORE) The tender for Tanglin Shopping Centre’s collective sale closed yesterday and is understood to have drawn at least one submission – from City Developments Limited (CDL).

The reserve price for the en bloc sale is said to be $1.25 billion, working out to a whopping unit land price of about $4,000 per square foot of potential gross floor area, assuming the freehold site is redeveloped. Market watchers find it hard to believe that CDL would be prepared to pay such a price, suggesting some conditions could have been attached to its bid.

CDL’s London-listed hotel unit Millennium & Copthorne Hotels, through its wholly-owned unit King’s Tanglin Shopping Pte Ltd, owns 85 strata retail and office units as well as all 325 carpark lots in the development, reflecting more than 30 per cent interest in Tanglin Shopping Centre’s total strata area, based on earlier reports. The carpark lots are in the basement as well as in a rear multi-storey building.

M&C revealed in June last year that it had signed the Collective Sale Agreement for the sale of its strata-titled interest in the complex.

When contacted yesterday evening, Jean Goh, senior marketing director of ERA Realty Network, the marketing agent for Tanglin Shopping Centre’s collective sale, said: ‘We cannot comment at this point in time as we are still in the midst of negotiation.’

Based on Tanglin Shopping Centre’s existing strata area of about 380,000 sq ft (comprising shops, offices, medical suites and carparking space), the $1.25 billion reserve price works out to about $3,300 per square foot.

Tanglin Shopping Centre has a freehold land area of about 68,512 sq ft. It is zoned for commercial use with a 4.2+ plot ratio under Master Plan 2008. ERA has previously said the property has potential for a mixed development comprising residential and retail units or commercial office cum retail and/or a hotel annex.

Assuming the authorities allow a new commercial development on the site built up to the existing gross floor area (GFA) of 313,437 sq ft with no development charge (DC) payable, the $1.25 billion reserve price would work out to $3,988 per square foot per plot ratio (psf ppr).

However, a DC may be payable for a mixed development scheme that includes a residential component, sources suggest.

The building’s existing GFA slightly exceeds the maximum 287,750 sq ft allowed for the site under Master Plan 2008.

Tanglin Shopping Centre currently consists of 363 units of retail, office and medical units, plus the 325 carpark lots in the basement and eight-level multistorey carpark.

Market watchers say that the interest by CDL, which is part of Singapore’s Hong Leong Group, in the property is expected, given the group’s stronghold in the area. Besides its stake in Tanglin Shopping Centre, the group also has stakes in St Regis Singapore next door, Orchard Hotel and Palais Renaissance.

Separately, BT has learned that a collective sale deal for Marine Point at Marine Parade Road could take place soon. The price of the 51,185 sq ft freehold site is said to be about $95 million, or slightly below $1,000 psf ppr inclusive of DC. Selangor Dredging has been tipped as the potential buyer. Marine Point has a 2.1 plot ratio, which means it can be built into a new project with up to 107,489 sq ft GFA.

Source: Business Times, 26 Jan 2011

THREE freehold sites – two residential and one commercial – have been put up for collective sale, a further sign that the market remains buoyant.

The residential plots are the MacPherson Green condominium near Tai Seng MRT station and Holland Tower in Holland Heights.

The owners of MacPherson Green want up to $115 million for the 66,928 sq ft plot. Two strips of land nearby are also being offered as part of the sale.

The site consists of a 13-storey tower block of 48 apartments and nine townhouses. At that price, each owner can expect around $1.56 million for a 1,216 sq ft two-bedroom unit or $2.76 million for a 2,325 sq ft townhouse.

The other residential plot, Holland Tower, which sits on 21,879 sq ft of land, is a 14-storey tower with 19 apartments and is sited near the upcoming Holland Village MRT station.

No development charge is payable.

Marketing agent Jones Lang LaSalle declined to give an indicative price but recent developments in the area have sold for between $1,363 and $1,388 per sq ft per plot ratio.

Tenders for the two sites close on Feb 23.

The North Bridge Road Commercial Complex is also up for sale, with the tender closing on March 3. The six-storey block is used for retail outlets and offices.

The 11,615 sq ft plot can be built to a gross floor area of about 48,784 sq ft. However, marketing agent DTZ is seeking the Urban Redevelopment Authority’s approval to retain the building’s current gross floor area of 66,614 sq ft for the plot’s future owners.

The indicative price is between $110 million and $115 million.

Source: Straits Times, 25 Jan 2011

Such sites in ‘mid-prime’ zones and under $100m are sought after by developers
THE collective sale market has had a mixed year but two trends have emerged – prime areas are losing favour, while small plots are big hits with developers.

It is also clear that while there has been plenty of action – more than 30 deals were completed totalling about $1.7 billion – almost half the sites up for grabs through tender are still unsold, with many of those in prime spots.

Instead, the focus has shifted from prime areas like Districts 10 and 11 – traditionally en bloc strongholds – to so-called ‘mid-prime’ zones.

Developers have snapped up sites in areas such as District 19, which includes Upper Serangoon and Hougang, and Balestier in District 12. An analysis by Credo Real Estate of the 35 completed en bloc sales – through both tenders and private treaties – shows that two out of three took place in Districts 19, 12 and 15, which includes the Katong, Marine Parade, Telok Kurau and Siglap areas.

One factor is likely the attractive price tag offered by these projects, with the average deal size at around $50 million.

These include the $11 million Mellow Mansions deal in East Coast Road and Telok Kurau View for $16 million, both in District 15, and District 19′s Glenville in Lim Tua Tow Road, which sold for $40 million.

Mr Steven Ming, Savills executive director of investment, said that smaller sites of less than $100 million are selling well and are sought after by small- to medium-sized developers.

Another factor could be the growing attractions of up-and-coming places like District 19.

Credo managing director Karamjit Singh said that District 19 has emerged as an exciting new residential district in the light of infrastructure developments such as the North East and Circle MRT lines, Kallang-Paya Lebar Expressway and the presence of several international schools.

Balestier’s image has improved after several new condos were built, added Mr Singh. Its central location is another advantage.

Successful en bloc sales this year also included landed homes. A cluster of 16 terraces in District 15′s Fort Road fetched $86 million while two adjacent bungalows in nearby Margate Road went for $38 million. En bloc deals in prime areas suffered partly because of their absolute high asking price, experts said.

There are still 17 tenders that closed this year without buyers, according to Credo Real Estate. Out of this total, eight have asking prices of more than $100 million, while seven are in the prime districts 9, 10 and 11. Mr Kevin Lim, Urban Front Real Estate’s executive director of investment sales, said sales in prime districts started slowly this year and that may have made developers think twice about further investment while mid-prime projects are showing more promise.

Sellers in these prime areas are possibly holding out for more, having seen the steep run-up in prices over the year. They are also acutely aware that a rocketing market means they could be priced out when they start looking for a new home.

Meanwhile, some owners are negotiating private treaties or deciding whether to go for a second tender process. Newton View, Marine Point, Asimont @ Barker and Balmoral Condominium are among the projects without a buyer.

Another reason for buying reluctance is that larger en bloc sites with bigger price tags – they are usually in the prime areas – are often in competition for capital with government land sales (GLS) sites. Some developers are often more inclined to pursue GLS sites as the sale process is faster and fuss-free.

Consultants said that while en bloc sites generally require at least 12 months to be launch-ready, GLS plots can take as little as nine months.

While the average value of each sale has been relatively small this year, Mr Lim expects larger collective sales in the mid- to high-end segment to enter the market next year as optimism picks up.

‘But if the Government introduces more cooling measures, then sentiment will be dampened and the collective sales market will definitely be affected,’ he added.

Urban Front expects to introduce two more collective sales of more than $100 million, in Pasir Panjang and Balestier, into the market next year.

————————————————-
The focus has shifted from from prime areas like Districts 10 and 11 – traditionally en bloc strongholds – to so-called ‘mid-prime’ zones. An analysis by Credo Real Estate of the 35 completed en bloc sales shows that two out of three took place in Districts 19, 12 and 15.

Source: Straits Times, 31 Dec 2010

THE collective sale market has rebounded with a vengeance this year and once again, home-grown Credo Real Estate boss Karamjit Singh and his team have led the way.

This year, Credo handled deals of about $524 million – that is nine deals and about 31 per cent of the $1.7 billion in total sales – with second-placed Jones Lang LaSalle well behind at $292 million.

Mr Singh, a property veteran of 17 years, set up his own firm in 2002 but it was only in 2007 with the success of the $1.34 billion sale of former HUDC estate Farrer Court that Credo leapt ahead of the pack.

The sale of Farrer Court – now being launched as d’Leedon – still holds the title for the biggest lump sum ever shelled out for a residential site here.

It was a defining moment for the firm, said Mr Singh. The sale ‘certainly helped propel us to a new level in terms of brand recognition and market respect’.

Mr Singh, 39, and a married father of three, hailed from the large property consultancies but decided to strike out on his own in 2002.

The firm’s name was chosen to signify that it is the ‘credo’ or doctrine of the firm to succeed in the highly specialised field of real estate consultancy.

In the early days, he went door to door at old condominiums with collective sale potential to make his pitch.

He and his colleagues had to do everything from analysis, presentations and even canvassing for signatures but the early days were tough because Credo was an unknown in the industry.

What paid off for the firm was its decision to focus on the collective sale market: ‘As in any business, it pays to specialise, which is what we did in the investment and en bloc sales market,’ said Mr Singh.

He noted that it was crucial to have sound knowledge of land and development planning issues when dealing with collective sales.

‘This is important to be able to help the owners not undersell but extract maximum value from the sale.’

The secret is good communication skills and having an eye for detail to help pre-empt and resolve conflicts between different interest groups, Mr Singh added.

Despite being a relatively smaller firm, Credo has one of the largest teams, a dozen or so staff, dedicated to collective sales, which allows the firm to serve clients while maintaining a personal touch, which Mr Singh said is crucial in this business.

‘Owners don’t mind paying premium fees as long as they know they are getting the best advice that enhances not just the probability of a sale, but also getting the best sale value via a smooth and efficient process,’ added Mr Singh.

While Credo also works in asset divestment, valuation and project marketing, collective sales are still its strong point.

It launched the tender of Tulip Garden this month at a reserve price of $650 million. More deals of larger than $100 million are also expected to come onto the market next year, Mr Singh added.

But competition looks set to be stiffer next year with Jones Lang LaSalle appointed marketing agent of the former HUDC estate Pine Grove. This is expected to come on the market next year at an estimated reserve price of $1.7 billion.

Source: Straits Times, 31 Dec 2010

Most of the en bloc sales this year transacted at less than $50 million each, writes NICHOLAS MAK
THE residential en bloc or collective sales market in Singapore is picking up again in 2010 after taking a hiatus last year. To date, some 30-odd en bloc sales amounting to about $1.6 billion have been successfully concluded.

However, unlike the en bloc sales fever of 2005 to 2007, the size of each collective sales transacted in 2010 was smaller by comparison.

Most of the collective sales of residential developments transacted this year were less than $50 million each. The average value of each deal was about $52.6 million.

The largest collective sale transacted in 2010 was that of the 27-unit Meng Garden Apartments at Lloyd Road, which was sold for $137 million. By comparison, the average value of each collective sale that was concluded during the height of the previous property market boom in 2007 was $119.3 million.

The size, in terms of land area and the number of existing apartments, of each collective sale that was transacted in 2010 was also smaller. The average land area of the collective sales properties concluded in 2010 is about 36,000 sq ft, which is dwarfed by the average 105,000 sq ft of land of the en bloc sales in 2007.

Typically, about 94 per cent of the successful collective sale developments in 2010 consisted of less than 50 existing units. The average size is about 22 existing units in each project.

By contrast, the average number of existing units of the successful collective sale projects in 2007 is about 3.5 times larger.

The prime residential areas also witnessed fewer collective sales this year. Only about one-fifth of the successful en bloc sale developments in 2010 were located within the prime Districts 9, 10 and 11. The total transacted value of these en bloc projects in the prime districts added up to $678 million.

A significant number of collective sales projects were situated in the city-fringe areas, such as Districts 12 and 14. In 2007, the prime districts held about half of the 104 successful collective sales.

Government land sales

These prime district en bloc sales properties had a combined transacted value of some $8.5 billion.

One of the reasons for the smaller and fewer collective sales in 2010 is that many of the bigger developments in the prime districts and the popular East Coast region that could potentially be collective sales projects were already sold to developers in 2005 to 2007.

A second reason is that the flood of development sites from the Government Land Sale (GLS) programme for 2010, especially for the second half of this year, had attracted the attention and resources of many developers.

In response to the increase in housing demand and prices in 2009 and 2010, in the second half of 2010, the Singapore government released the largest supply of residential development land in the past 15 years. The 18 land parcels to be sold through the Confirmed List in H2, 2010 could potentially yield 8,300 housing units. In addition, there are another 13 sites on the Reserve List that could be developed into 6,000 homes.

So far this year, the authorities have sold 20 private 99-year leasehold residential sites amounting to $3.63 billion and another eight executive condominium (EC) sites that fetched $1.32 billion. This is not including the 14 smaller land parcels at Sembawang designated for landed housing that were auctioned off for $134.6 million in October.

In total, the government’s residential land sales in 2010 had absorbed about $5.1 billion of funds from developers, which is more than three times the amount that developers spent on private en bloc sales.

Some developers prefer to acquire GLS sites because the process is faster and more transparent. In almost all government land tenders, all the names of the bidders and their respective bids are revealed hours after the close of the tender.

By comparison, property agents who conduct en bloc sales are never known to reveal the list of bidders and their bids in the same manner as the government.

Furthermore, once the highest bid exceeded the government’s reserve price, the authorities would usually award the site to the highest bidder within a week after the close of the tender.

By comparison, some en bloc sales can be long drawn-out dramas, including protracted litigations, especially if some of the owners objected to the en bloc sale strongly or the estate agents had made some administrative mistakes.

Another reason why developers have been drawn to GLS tenders is the market segment that has enjoyed the most robust sales in the past two years is the mass market.

Condominium projects that are located near MRT stations are highly popular with homebuyers, provided they are priced reasonably. Developers are only too aware of this fact and there is a good selection of such land parcels in the recent GLS programmes.

The type of land that developers will buy would depend on the type of products that they are confident that they can sell at an attractive profit margin. The present trend of developers preferring small en bloc projects could continue into the first half of 2011.

This is because there are few indications that the sale volume in the high-end residential market would surge in the next few months.

In the past eight months, the sales volume of private homes in the prime districts had been relatively lacklustre as they made up less than one-fifth of the total number of private homes sold by developers.

On average, between April and November this year, 224 housing units in the Core Central Region (CCR) were sold in the primary market each month, while developers sold an average of 486 units and 642 units in the city-fringe and suburban regions respectively.

Furthermore, the asking price of the owners of the collective sales projects are unlikely to soften as they factor in the rising replacement cost of their new homes. Most collective sales could take months to conclude. And during that period, home prices could continue to rise.

But some developers may be turned away by the high asking prices as they could acquire the relatively cheaper GLS sites. Ironically, the very market forces that drive the en bloc sales market could also derail some of the potential deals.

Mega deals

In January 2011, four collective sales tenders are scheduled to close, including those with reserve prices exceeding $600 million each. It is an uphill task to successfully conclude such mega deals mainly because it would require the developer to put many of his eggs in one basket.

With a budget of $600 million, the developer could possibly acquire three to four GLS sites or 12 smaller en bloc sales sites, thereby diversifying his risks.

Each of the 20 GLS private condominium sites were sold by the government in 2010 for an average of about $181.4 million, while a large majority of collective sales in 2010 were transacted below $50 million each.

In addition, there is the risk of more cooling measures by the government in 2011. Any new government intervention is likely to further target property investors, while sparing first-time homebuyers.

And since a significant proportion of the high-end property buyers are investors and very few first-time homebuyers can afford luxury properties, any new property market curbs by the government is likely to affect the mid-tier and high-end segments.

However, there are also some major developers who are interested to acquire freehold trophy sites to add to their land bank.

But they are rather selective and the total land price, including the development charge that is payable to the government, is just one of the key selection criteria for the land parcels to be purchased.

In the coming year, there will be more collective sales attempts as some property owners try to cash in on the rising market.

In the face of such eagerness to sell, it is quite probable that one or two mega en bloc sales could be concluded in 2011.

However, the en bloc sales market in 2011 is unlikely to reach the red hot level of 2007.

Nicholas Mak is executive director (research & consultancy), SLP International Property Consultants

Source: Business Times, 28 Dec 2010

But large supply of state land, stricter rules may curb rate of deals: DTZ
COLLECTIVE sales have rebounded this year and should maintain their momentum next year, but are still unlikely to hit the heights seen in 2007.

Stricter rules, seller fatigue and the bumper supply of state land will combine to restrict the rate of en bloc deals, according to DTZ Research yesterday.

The sector has certainly revived this year, with 34 residential deals totalling $1.47 billion – a stark contrast to last year when the $100.8 million sale of Dragon Mansion was the only transaction.

But it is unlikely that the conditions that produced the watershed year of 2007 – when 136 deals totalling $12.4 billion were sealed – will be repeated, DTZ said.

Compared with 2007, this year’s sales were a lot smaller in size as well.

Only one – Meng Garden at $137 million – went for over $100 million while 26 of the 34 deals were done at under $50 million each. These made up almost half of the total value of en bloc sales.

In 2007, 22 properties were sold for between $100 million and $500 million each and four were sold for between $500 million and $1 billion each.

‘There was a lot more optimism in 2007 – major global economies and property markets were on a roll and there were fewer Government land sale sites available then,’ DTZ said.

As the Government tries to cool the property market, the large supply of land it is offering next year could distract developers from collective sale sites. Many of the Government plots are near MRT stations and in Housing Board estates with a ready pool of demand from potential upgraders.

DTZ said the process of buying a Government site is more straightforward as a project can be launched for sale within six to seven months of a successful tender – a further incentive for developers.

There are also signs that potential sellers are holding back collective sales, particularly in projects that had failed on earlier attempts. Other owners are holding out for higher prices.

But the collective sale market offers a wider variety of smaller and freehold sites that are more digestible for newer or boutique players. Government lots are on 99-year leases and tend to be large.

It helps that the property market is generally optimistic in the light of continued economic growth, said Mr Shaun Poh, DTZ’s senior director of investment advisory services and auctions.

‘Buyer response to new launches is still positive while developers are still low on land banks and continuing to buy sites. The market has also expanded with newer players joining in,’ he added.

The improving appetite for risk has allowed the collective sale market to enter a new phase with potentially larger deals.

A few estates with reserve prices above $500 million, such as Hawaii Tower in Meyer Road, have been launched for sale or are in the process of doing so.

A number of major condominium sites such as Pandan Valley and Kensington Park are now seeking the backing of owners and could be put up for sale next year, DTZ said.

Source: Straits Times, 28 Dec 2010

DEVELOPERS are showing keen interest in the landmark Lion City Hotel and Hollywood Theatre site up for sale near Paya Lebar MRT station.

The tender exercise has yet to close but about 40 companies have already made enquiries, said Landmark Property Advisors and Knight Frank, the two real estate firms marketing the site.

The list includes ‘every major developer’ in the market, Landmark director Lee Hon Kiun said yesterday.

He and Knight Frank’s senior manager for investment sales, Mr Ian Loh, said some partnerships may be in the works as developers team up to vie for the site, which carries an indicative price tag of $300 million.

The successful bidder will be allowed to redevelop it into a new condominium, the marketing agents said.

The Urban Redevelopment Authority (URA) has granted outline permission for the plot to be used for a residential building, with shops on the first floor. But an estimated development charge of $80.8 million will apply for this option.

Earlier, the URA had approved a mixed commercial and residential development on the land.

Apart from the new development option, the URA has allowed an additional 5,791 sq ft of state land to be included as part of the site. This will extend the plot on two fronts, bringing it closer to Geylang Road on one side and nearer Tanjong Katong Road on another.

With the state land, the site’s area will be increased from 147,909 sq ft to 153,700 sq ft, with a total gross floor area of 461,104 sq ft. It will be able to host about 380 apartments with an average size of 1,000 sq ft each, as well as 78,000 sq ft of retail space on the first floor.

However, developers must pay an extra $8 million for the state land.

Including this premium and the estimated development charge of $80.8 million to convert the site into a residential development, and based on the $300 million indicative price, the price of the land works out to $843 per sq ft of potential gross floor area.

The tender closing date has been extended to Jan 18 from the original Jan 6.

Source: Straits Times, 21 Dec 2010