Tag Archives: Queenstown

Chinese Developer pour in S$1B bid for Queenstown GLS site

A huge residential plot at Stirling Road launched by the government drew a record price of over S$1 billion in a joint bid from Logan Property Holdings (LPH)and Chinese conglomerate Nanshan Group. LPH is a new Hong Kong-listed entrant to Singapore market, originating from China’s Guangdong province

The bid of S$1,050.7 per square foot per plot ratio (psf ppr) on gross floor area is very bullish for for the 99-year-leasehold site thus setting a new record in the Queenstown area.

The site – despite its 2.11-ha size and heavy financial commitment required – saw a healthy demand of 13 bidders in total. The 227,000 sq ft plot near Queenstown MRT Station is expected to yield 1,110 units with prices projecting from S$1,700 psf upwards.

This bid signals a determination to enter the Singapore market. The top bid by the Chinese consortium is 8.3 % higher than the next highest bid tabled by MCL Land, and is 20.6 % higher than the S$871 psf ppr that MCC Land paid in June 2015 for the land parcel for Queens Peak. Competition was fairly stiff with close to half of the tenderers bidding in excess of S$900 psf ppr for the site, she added.

LPH has been studying the Singapore market for a while and believes “this is the right time to enter Singapore”.

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Queenstown site bid signals positive market sentiment

A large residential site in Queenstown able to yield about 1,110 units has been triggered for sale, in a sign of improving market sentiment. A developer committed to bid at least $685.25 million for a 2.11ha Stirling Road site. The site has been on the Government Land Sales reserve list since March 2010, which was made up of two adjacent sites once offered separately but merged into one site in 2012.

The 99-year leasehold site is next to Tiong Ghee Temple and near Anchorpoint shopping centre. As it is one of the larger sites on offer, analysts said the bid reflected better market sentiment, and developers’ growing appetite for residential land.

Many developers are running low on land and have to demonstrate that they have longer- term corporate growth strategies.Being a prime city-fringe site, it is also likely to generate much interest and attract buyers easily. Competitive bidding are expected.

Based on a maximum permissible gross floor area of 954,328 sq ft, the bid translates to a price of $718 per sq ft (psf) per plot ratio. Bids are expected to climb further, to between $830 psf and $950 psf.

It is noted though of unsold supply in Commonwealth Towers, Queens Peak and an upcoming project in Margaret Drive. The pricing will likely take a cue from Queens Peak, with an average of $1,640 psf, and Commonwealth Towers, at an average of $1,654 psf.

Take a walk where you live

Six hundred people will go on 21 walking tours around Singapore this weekend as part of the global Jane’s Walk movement

The Jane’s Walk tours will take participants through places such as Queenstown (above) and Tiong Bahru.

Singapore’s scorching heat has not put off a growing number of residents who are signing up to pound the pavements and explore the city on foot.

Global movement Jane’s Walk returns from Friday to Sunday for its third annual edition of free volunteer-led walking tours. More than half of the 21 tours here have been fully booked since registration opened on April 7, while the eight remaining tours are filling up quickly.

The tours have close to doubled from 11 last year. Four tours were conducted in 2013.

Among the tours still available are a walk along the Green Corridor – the nature-filled former KTM railway land – and another to learn about the changing urban landscape of Singapore’s first satellite public housing estate, Queenstown.

Other new tours offered this year are a leisurely dog walk in the Tanglin Road and Dempsey Hill area and, for those who are up for a challenge, a jog through the city’s park connectors from Geylang to Gardens by the Bay. Avid cyclists are welcome to ride along. For history buffs, there are tours of neighbourhoods such as Bishan and Clemenceau Avenue.

Ms Mai Tatoy, 45, organiser of Jane’s Walk in Singapore, says the walks have been gaining popularity. “Even before I attempted to reach out to media outlets to promote the event, some tours were already fully booked,” she says.

Jane’s Walk, which takes place this weekend in more than 130 cities worldwide, began in Toronto in 2007 to honour Jane Jacobs, a CanadianAmerican urban design activist who died in 2006, aged 89. Jacobs had advocated walking as a way to get to know a city. Every May on the weekend closest to May 4 – Jacobs’ birthday – volunteers in different cities introduce participants to the myriad facets of the city’s neighbourhoods.

Ms Tatoy says: “The walks are a way for city dwellers to be a tourist in their own city and learn the history and stories behind an urban space.”

After attending a walking tour of Joo Chiat last year, freelance tour guide Charlotte Chu is back for more – not as a participant, but as a walk leader. She will be guiding a heritage tour titled Walking In The Footsteps Of Our Foremothers, which is fully booked. It takes participants along Waterloo and Victoria streets and Stamford Road, with Ms Chu pointing out various landmarks related to pioneer women and telling their stories.

The 53-year-old says there is no better way to explore a city than by foot: “The objective of Jane’s Walk is great as it’s all about getting people to step out and explore the city on foot, something many residents will not do on their own typically.”

An ardent supporter of Jane’s Walk is the Singapore Heritage Society, which has helped by recommending walk leaders. The society’s president, Dr Chua Ai Lin, says: “Hopefully, it inspires participants to pay greater attention to their surroundings and learn about the stories behind them.”

Participants can sign up for the walks online via ticketing platform Peatix. Each tour can take 15 to 35 people on a first-come-first-served basis. Ms Tatoy expects 600 people to attend the walks this year, double the number who participated last year.

Film-maker Ashima Thomas, 35, will be going for two tours – a first for her as she has never been on a guided walking tour before.

She says: “The tours sound intriguing and will be a good way to learn about my home. I like the idea of walking to learn more about a city. You might just stumble upon hidden secrets lurking in lanes or meet a resident who can share more about the area. It is an experience you won’t get sitting in a tour bus.”