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MODERN LOOK FOR NEW BIDADARI ESTATE

Residents in the area will be able to visit a nearby market square and walk around a scenic park and lake.

The 10ha Bidadari Park will house the new Alkaff Lake, named after the Arab family that built the Alkaff Lake Gardens in the area in 1929.

BIDADARI HOUSING ESTATE TO HAVE FIRST BUS INTERCHANGE UNDERGROUND

The new interchange next to Woodleigh MRT station, expected to be ready by 2019, will cater to five bus services.

It will be "tucked away and hidden from the street view", sitting below a carpark and neighbourhood garden flanked by blocks of flats, according to the HDB's plans seen by The Straits Times.

Other plans to modernise Bidadari have been announced in the past couple of years for the area that was once Singapore's largest grave site. These include an underground service reservoir, a 10ha park and a lake within the park.

The future Bidadari estate will lay claim to a unique feature - Singapore's first underground service reservoir built on low, instead of high, ground.

Holding enough water to fill three Olympic-size pools, the tank will be built beneath the town's planned park to save on surface space and keep the surroundings unmarred.

The land above it will be "integrated with the surrounding park amenities, hence optimising land", PUB has said, adding that high ground available for service reservoirs is "limited".

COMPARING POTOING PASIR WITH NEARBY LOCALITIES

It is worth comparing Potong Pasir with Serangoon (mainly Serangoon Central, excluding Serangoon North and Serangoon Gardens), Woodleigh and the Bendemeer/Boon Keng area (where Eight Riversuites is). 

• Potong Pasir vs Serangoon area

 Serangoon may be further from the city centre than Potong Pasir but it is very well developed with a high-traffic mall (NEX), public housing and supporting amenities. It has a following of HDB homeowners within the vicinity and these flat owners mostly are in the mid-income brackets who have seen substantial increases in their flat prices. This is the profile that is most likely to upgrade to a private residential unit around the vicinity. There is limited land for developing private homes in the well-developed Serangoon so these HDB upgraders might be open to consider properties further out – putting owners of private homes in Potong Pasir at an advantage.

• Potong Pasir vs Woodleigh

The Woodleigh area have seen new completions like Bloosoms@ Woodleigh and * @ Woodleigh. It is expected to further develop on a massive scale from developments in Bidadari. Given that Woodleigh will continuously experience redevelopment till at least 2025, residents in Potong Pasir can also benefit from the spillover effects just from being adjacent to it.

• Potong Pasir vs Boon Keng area

Homes in Boon Keng can be are costlier than that of Potong Pasir, possibly going even higher than what mid-range investors and HDB upgraders can normally afford. As such, Potong Pasir is likely to be the better area that offers the best of both worlds in terms of location and price.

In term of rentals, Potong Pasir also fares equally well:

• Compared with Serangoon (excluding Serangoon North and Gardens), prices of non-landed homes in Potong Pasir at least 8 percent higher
• Compared with Woodleigh, prices of non-landed homes in Potong Pasir at least 6 percent higher
• Compared with Boon Keng, prices of non-landed homes in Potong Pasir at least 3 percent lower
• Compared with Bartley, prices of non-landed homes in Potong Pasir are at least 10 percent higher

As mentioned earlier, leasing demand is expected to be fairly buoyant here, as junior and mid-level expatriates move into the RCR to save on housing costs.

SPH and KAJIMA SUBMITS TOP BID FOR BIDADARI MIXED DEVELOPMENT GLS SITE

A consortium linked to Singapore Press Holdings (SPH) and Kajima Development has placed the highest bid in a state tender for a 99-year- leasehold mixed commercial and residential site in Bidadari estate.

It offered $1.132 billion, which works out to $1,181 per sq ft per plot ratio, for the site in Upper Serangoon Road.

The next highest bidder, a tie-up between Far East Civil Engineering and Sekisui House, put in a $1.117 billion offer for the 25,440 sq m site, which can yield about 825 private homes.

There were another 10 bids in the tender, which closed at noon yesterday.

The other bidders included GuocoLand, Kingsford, Sim Lian, Nanshan Group Singapore, Blossom Commercial Development and Chip Eng Seng.

An SPH spokesman said: "If the consortium is awarded the tender, it plans to develop a mixed-use development comprising residential condominium units and a retail mall in the upcoming Bidadari housing estate.

"We will also build a 65,000 sq ft community club, a 20,000 sq ft Neighbourhood Police Centre, a commercial bridge towards Bidadari Park and an underpass to connect to the bus interchange as part of the development."

The head of research and consultancy at JLL Singapore, Ms Tay Huey Ying, described the top bid as bullish. She highlighted how it is some 50 per cent higher than the $775 per sq ft per plot ratio paid for the nearby The Poiz Centre and The Poiz Residences mixed-use residential and commercial Government Land Sales (GLS) site in August 2014.

The number of bids, she added, showed that developers are confident in the Government's masterplan for the Bidadari estate.

That the highest bid was submitted by a local firm "should arrest some concerns that foreign players are increasingly edging out local developers in vying for development land".

Pointing out that local developers had submitted the highest bids in two-thirds of residential, and residential and commercial GLS land tenders since January last year, Ms Tay said: "In fact, we observed that local developers have been thriving well in the competition."

Ms Christine Li, research director at Cushman & Wakefield, added that "this integrated development site is also going to be the first landmark project for the popular Bidadari estate".

She said: "Despite the potential competition from the adjacent residential site in Woodleigh Lane, which will close its tender next month, developers are particularly optimistic about the prospect of this integrated development, as four out of 12 parties went above the $1 billion mark."

According to Cushman & Wakefield Research, over the past 10 years, there have been an average of 6.7 bidders per land tender for large GLS sites above $1 billion.

The head of research and consultancy at ZACD Group, Mr Nicholas Mak, said: "The aggressive bids submitted in the latest tender will greatly influence the tender for another GLS site in Bidadari that is located across Upper Serangoon Road."

WOODLEIGH PRIVATE CONDO GLS SITE GETS s$700.7 MILLION TOP BID

SINGAPORE — A private housing land parcel at Woodleigh Lane has attracted a top bid of more than S$700 million in a hotly contested tender under the Government Land Sales (GLS) programme.

The 99-year-leasehold site next to the Woodleigh MRT station sits on 210,402 sq ft with a maximum allowable gross floor area of 631,206 sq ft that can be developed into about 735 homes, the Urban Redevelopment Authority (URA) said.

The tender, which closed on Tuesday (July 11), drew a total of 15 bids, with CEL Unique Development, a unit of mainboard-listed builder Chip Eng Seng, submitting the highest bid of S$700.7 million, URA data showed.

That narrowly beat the second-highest joint bid of S$695 million from Corson and Wingjoy Investment, and the third-highest joint bid of S$688.1 million from Verwood Holdings and Logan Property.

The top bid translated into S$1,110.10 per sq ft per plot ratio (psfppr), with the top five bids in the tender exceeding S$1,000 psfppr, underlining the keen competition for the plot.

“The stiff competition from developers is also reflected in the top bid. Even though this is not a mixed-use site which typically commands a premium, the top bidder seems to be taking the cue from the winning bid of the Upper Serangoon Road site which was already above market expectation,” said Ms Christine Li, director of research at property firm Cushman & Wakefield.

In June, a mixed commercial and residential GLS site along Upper Serangoon Road drew a winning bid of S$1.132 billion from Singapore Press Holdings (SPH) and Kajima Development, translating into S$1,181.07 psfppr.

The top bid submitted in the latest tender means the developer will have to price the property close to the future selling price of units built on the Upper Serangoon Road site — in the S$1,700 to S$1,800 psf range, Ms Li said.

Source: Today On Line

UOL-UIC JOINT VENTURE BUYS FORMER HUDC ESTATE RAINTREE GARDENS AT POTONG PASIR AVENUE 1 THROUGH EN BLOC SALES

PROPERTY developer UOL Group said associate company UVD (Projects) Pte Ltd has bought the Raintree Gardens residential development at Potong Pasir Avenue 1 for S$334.2 million after an en-bloc tender.

The site had been launched for collective sale in September. Raintree Gardens, a former HUDC estate, was built in the late 1980s.

The purchase will be funded by bank borrowings and internal resources, UOL said. "The acquisition is in the ordinary course of the group's business, and would enable the group to replenish its land bank for residential development in Singapore."

UVD (Projects) is a joint venture by UOL subsidiary UOL Venture Investments and Singland Homes, a subsidiary of developer UIC.

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