Nanshan Group, who is the developer of Thomson Impressions, together with Logan Property, had smashed the record of Government Land Sales (GLS) in Singapore history.
The China-based developers had won the site with a top bid of $1.003 billion for the site in Stirling Road. Sitting on a land size of 21,109 square meters, this development is able to yield up to a total of 1100 units. It is within walking distance to Queenstown MRT station and its nearest competition are Queens Peak and Commonwealth Towers, as well as the upcoming development by MCL Land at Margaret Drive.
This is the first time that a residential site had crossed over a billion dollar level. The previous record was $683 million, which was won by Cheung Kong in 1997 and had developed into Costa Del Sol at Bayshore Road.
In fact, this record breaking bid is made up of two adjoining sites and had been in the reserve list since March 2010. There are a total of 13 bidders during this tender. Base on the price won, it is translated to $1050 per square foot per plot ration (psf ppr), with a maximum permissible GFA of 954,000 square foot. This amount is much higher than what the analysts had expected, which ranges between $830psf to $1000 per square foot.
Based on the price of $1050 psf ppr, it is expected the break even price will be around $1600 psf, with a launch price of $1800 psf on average. With this in mind, buyers will be much attracted to existing launch nearby such as Artra, Principal Garden, Alex Residences and Highline Residences.
This new launch, sitting on a prime city fringe location, and a few MRT station to Raffles Place and high growth One North business park, is expected to launch in April to June 2018.
Source from Straits Time: http://www.straitstimes.com/business/property/record-1b-bid-for-queenstown-land-parcel