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QUEENSTOWN HERITAGE

ONE NORTH: BIOPOLIS, FUSHIONPOLIS and MEDIAPOLIS

One-North

The vision for one-north is steadily becoming reality as world-class research facilities, business parks and commercial spaces continue to be developed here to provide quality business spaces and to support activities in biomedical sciences, physical sciences, engineering, infocomm technology and the media industry.

Artist's impression of one-north
© JTC Corporation

The development of Nepal Hill, planned as a leadership training and development hub, is also progressing well. Four Acres Singapore, the first global leadership development centre outside of London for the global conglomerate Unilever, opened this year.

Major industry names like Procter & Gamble, Lucasfilm, ESSEC Business School and MediaCorp have also committed substantial investments to develop their own facilities, which will contribute to the flourishing of the research and business communities at one-north when completed.

At Fusionopolis, construction has commenced for Phase 5 which will pioneer the “Work Office Home Office” (“WOHO”) concept offering flexible spaces for office, living and lifestyle functions. Infinite Studios, the first development within Mediapolis, was completed recently and houses Singapore’s largest soundstages.

Artist’s impression of Mediapolis
© JTC Corporation

HOLLAND VILLAGE SET FOR MORE BUZZ MIXED USE RELEASED

Site located on Holland Road and close to junction with North Buona Vista Road expected to draw big developers

SINGAPORE — Holland Village is likely to become a more vibrant attraction after a mixed-development land parcel at Holland Road was put up for application yesterday under the Reserve List of the Government Land Sales (GLS) programme, with the site expected to draw big and seasoned developers.

The proposed development has to be “compellingly attractive on its own and yet will complement the adjacent low-rise and street-oriented character of Holland Village. The development should reinforce the vibrancy of Holland Village and incorporate new high-quality public spaces for people to gather and interact”, the Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB) said in a joint statement yesterday.

If successfully triggered for tender, the site, which is located along Holland Road close to the junction with North Buona Vista Road, will be the first land parcel to come under the Concept and Price Revenue tender system since 2010. A concept proposal will be evaluated before the bid prices are considered, a move that property analysts say will allow the Government to have better control over the development of Holland Village and preserve the area’s identity.

“It is no longer based on the highest bidder and this way, the Government will know what is coming up on this site and whether it is in line with what they have in mind. If all the concepts are not favourable, they don’t have to award the tender,” said Mr Chris Koh, director of Chris International.

Concept proposals will be assessed against a set of criteria, including the layout of building form and massing, quality of architecture and landscaping, connectivity and pedestrian network, as well as the attractiveness of public spaces, the URA and HDB said. Crucially, the bidder and its design teams must have a proven track record in developing projects of a similar nature, they said.

Chesterton’s managing director Donald Han said the two-envelope process will ensure that only serious developers participate in the tender as conceptualising a project requires a large sum of expenditure.

“When you have to put up two envelopes — one for the concept plan and one for tender price — you have to spend a few hundred thousand dollars for the conceptual work as there is a lot of preliminary consulting work involved,” he said.

Four sites have been put up under the Concept and Price Revenue tender process since 2005. A commercial site at Stamford Road/North Bridge Road was the last tender to be awarded under this method in 2010.

The Holland Road site was moved from the Confirmed List of the GLS programme for the second half of this year to the Reserve List for the first half of next year on Thursday. The 99-year leasehold, 247,000 sq ft site is the first that will go on sale under the Holland Village Extension plan announced in the Master Plan 2014. The plot can yield around 570 homes and about 145,000 sq ft of retail space.

Analysts said interest in the site should be robust given the prime location and the unique charm of the area.

Mr Eugene Lim, key executive officer at ERA Realty, said: “This development is going to be some form of landmark ... I believe it will be triggered, but maybe not so soon because developers have to work out their concept proposals first.”

Mr Han said the tender should receive around five bidders, with the winning bid to translate to about S$1,200 to S$1,300 per square foot per plot ratio, or about S$770 million to S$840 million.

TOP BID FOR LAND PARCEL DUNDEE ROAD SITE

HY Realty, which shares the same shareholders as Chinese developer Hao Yuan Investment, has emerged as the top bidder for the land parcel at Dundee Road in Queenstown that drew nine offers.

Its S$483.18 million bid, which works out to S$871.14 per square foot per plot ratio (psf ppr) for the 99-year lease site, was 8.4 per cent higher than the second-highest bid, from Allgreen Properties.

The owners and directors of HY Realty, Du Zhenzeng and Wen Baoguo, who also own Hao Yuan, are shifting their focus in development projects from suburban to city-fringe homes through this new vehicle, BT understands.

HY Realty plans to develop a 700-unit condominium on the 10,516 square metre site, which is close to the Queenstown MRT Station. "This project is expected to be launched in the first quarter of 2016," said a HY Realty spokesman.

"We are confident of this location as city-fringe homes are always in high demand due to the close proximity to city centre as well as the high density of amenities," he added.

Desmond Sim, CBRE research head for Singapore and South-east Asia, noted that the top bid reflects the developer's landbanking hunger and confidence in the Dundee Road site's location, being in the Queenstown Planning area, in the Central Region of Singapore.

"As end-June marks the second anniversary of TDSR (total debt servicing ratio), bidders for this site have the advantage of being able to punt on a possible review of the property measures," he said.

But JLL head of research for South-east Asia Chua Yang Liang noted that the number of bids drawn was the lowest for a residential site in the Rest of Central Region (RCR) since the third quarter of 2014 when a site at Sims Drive received just four bids. This is also lower than the 14 bids drawn by a 99-year private condo site in Toa Payoh that just closed last week.

"The smaller number of bidders could suggest two things: Firstly, developers are not as enthusiastic over this site; and secondly, there is bid saturation as developers struggle to absorb the two sites consecutively in what is a slowing market," Dr Chua said.

As a new kid on the block, HY Realty has been vying for sites from state tenders, coming in sixth for the Toa Payoh site that was awarded on Tuesday to Evia Real Estate, Maxdin and Malaysia-listed group Gamuda for S$345.86 million. Similarly, they had in March lost to MCL Land in bidding for a Jurong West site.

"We reckon the developer could be looking at a selling price of between S$1,550 and S$1,600 psf, assuming a construction cost of between S$320 and S$360 psf," Dr Chua said. "This could be priced to sell especially since the average take-up rate of the nearby projects around Queenstown and Redhill have been about 20 to 60 per cent with an average price for new sales ranging between S$1,680 and S$1,750 psf."

Among the bidders for the Dundee Road site, Allgreen Properties priced the site at S$803.95 psf ppr while Hong Leong Holdings, CDL and Hong Realty put in a S$780.26 psf ppr bid. Cheung Kong Holdings' unit Japura Development put in the lowest bid of S$506.63 psf ppr.

R'ST Research director Ong Kah Seng noted that the cautious bidding among developers was expected given that a nearby project, Commonwealth Towers, also in Queenstown, launched about a year ago, still has 400 unlaunched units as at end-May. It sold 372 units out of a total 845 units so far, based on caveats lodged. He expects the future project at Dundee Road to sell for at least S$1,500 psf. "To achieve high selling prices, the project is expected to roll out more small-format units."

Earlier in February, Hao Yuan Investment won a state tender for an executive condominium site at Woodlands Avenue 12 with a top bid of S$103.79 million or S$278 psf ppr.

Condos in Queenstown/Redhill Over Past 3 Years

Source: Business Times 24th June 2015

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