Wednesday, 11 January 2012

Newsflash : Mt Vernon site land sale price is 20% less than similar site across road

[Commentary : The chill is starting...Interestingly the SAME consortium bought the piece of land directly across the road. The Mt Vernon site $psf of GFA is S$ 495.19 psf. Whereas the one at Bartley Road was sold at  S$ 620.84 psf of GFA. A whooping 20% discount! If you look on Google Maps there is no significant difference in terms of amenities etc. The Circle Line MRT also has entrances on both sides of the road. Property prices will come down!!!]

SINGAPORE: A consortium - comprising Intrepid Investments, Sunmaster Holdings and TID Residential - has submitted the highest bid in the tender for a residential site at Mount Vernon Road.

The consortium submitted the top bid of S$388.11 million for the 20,810.9 sq m site.

Only five bids were submitted for the site even though it is a very accessible location, reflecting what an analyst said is the cautious attitude of developers following the latest property market-cooling measures.

"Response to the tender of the residential site at Mount Vernon reflects the cautious attitude of developers following the latest property measures introduced in December 2011 and in anticipation of a slowing economy in 2012," said CBRE Research's executive director Li Hiaw Ho.

The 99-year leasehold site is adjacent to Bartley MRT station of the Circle Line.

The lowest bid of S$250.8m was from Mezzo Development.

A condominium of around 20 storeys comprising some 800 units can be built on the site.

CBRE estimates that the condominium units could sell for between S$1,100 and S$1,200 psf.

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