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09-03-2011, 07:14 AM
Mar 9, 2011
Record 11 bids for Clementi DBSS site
Top bid of $224m from EL Development for site near MRT station
By Daryl Chin
A RECORD 11 bids were submitted yesterday for a plot of land in Clementi as a site for a Design, Build and Sell Scheme (DBSS) project.
EL Development submitted the highest bid of $224 million for the 235,800 sq ft plot. That works out to $271 per sq ft per plot ratio (psf ppr), the highest-ever for a DBSS plot.
The plot in Clementi Avenue 4 is estimated to yield some 770 units in blocks of up to 45 storeys.
The DBSS was introduced in 2005 to provide higher-end Housing Board flats designed and built by private developers. The units have better-quality fittings, like those found in condominiums.
SLP International head of research Nicholas Mak estimates the break-even cost to be about $490 psf to $530 psf, with selling prices of $430,000 for three-room, $590,000 for four-room and $720,000 for five-room flats.
This puts the development on a par with other headline-grabbing DBSS projects such as City View@Boon Keng and The Peak@Toa Payoh, where five-room flats were sold at around $720,000.
A resale five-room flat in Clementi Avenue 4 fetched $570,000 in December last year.
Analysts said the development is attractive due to its location and proximity to amenities. It is within walking distance of Clementi MRT station and the town centre, and less than 1km from Nan Hua Primary School.
'The level of interest and bids submitted in yesterday's tender indicate some developers are still confident of the prospects of well-located properties,' said Mr Mak, noting that the list of bidders read like a who's who of contractor-developers in Singapore.
The Government has introduced various measures to meet the demand for public housing. These include ramping up the supply of build-to-order units from 11,000 to 14,000 for the first half of the year and cutting down the waiting time for applicants to choose their flats.
In August last year, the Government revised the household income ceiling from $8,000 to $10,000 for DBSS flats, and this puts the Clementi flats within reach of more buyers.
But potential buyers The Straits Times spoke to said the high prices will make them think twice before committing.
Sales manager Steven Chan, 28, and his wife, who is in public relations, have a combined income of $9,000. He said: 'While we really like the area, we might opt to live somewhere less in demand, and not be saddled with a huge and risky debt, despite the recent changes.'
Added Mr Mak: 'For that price, they can get a similar-sized resale executive condominium in Bukit Panjang or Woodlands, which has better facilities and will allow them to move in straight away.'
But buyers will have to weigh this against not getting the CPF housing grants that come with new HDB flats.
darylc@sph.com.sg
Record 11 bids for Clementi DBSS site
Top bid of $224m from EL Development for site near MRT station
By Daryl Chin
A RECORD 11 bids were submitted yesterday for a plot of land in Clementi as a site for a Design, Build and Sell Scheme (DBSS) project.
EL Development submitted the highest bid of $224 million for the 235,800 sq ft plot. That works out to $271 per sq ft per plot ratio (psf ppr), the highest-ever for a DBSS plot.
The plot in Clementi Avenue 4 is estimated to yield some 770 units in blocks of up to 45 storeys.
The DBSS was introduced in 2005 to provide higher-end Housing Board flats designed and built by private developers. The units have better-quality fittings, like those found in condominiums.
SLP International head of research Nicholas Mak estimates the break-even cost to be about $490 psf to $530 psf, with selling prices of $430,000 for three-room, $590,000 for four-room and $720,000 for five-room flats.
This puts the development on a par with other headline-grabbing DBSS projects such as City View@Boon Keng and The Peak@Toa Payoh, where five-room flats were sold at around $720,000.
A resale five-room flat in Clementi Avenue 4 fetched $570,000 in December last year.
Analysts said the development is attractive due to its location and proximity to amenities. It is within walking distance of Clementi MRT station and the town centre, and less than 1km from Nan Hua Primary School.
'The level of interest and bids submitted in yesterday's tender indicate some developers are still confident of the prospects of well-located properties,' said Mr Mak, noting that the list of bidders read like a who's who of contractor-developers in Singapore.
The Government has introduced various measures to meet the demand for public housing. These include ramping up the supply of build-to-order units from 11,000 to 14,000 for the first half of the year and cutting down the waiting time for applicants to choose their flats.
In August last year, the Government revised the household income ceiling from $8,000 to $10,000 for DBSS flats, and this puts the Clementi flats within reach of more buyers.
But potential buyers The Straits Times spoke to said the high prices will make them think twice before committing.
Sales manager Steven Chan, 28, and his wife, who is in public relations, have a combined income of $9,000. He said: 'While we really like the area, we might opt to live somewhere less in demand, and not be saddled with a huge and risky debt, despite the recent changes.'
Added Mr Mak: 'For that price, they can get a similar-sized resale executive condominium in Bukit Panjang or Woodlands, which has better facilities and will allow them to move in straight away.'
But buyers will have to weigh this against not getting the CPF housing grants that come with new HDB flats.
darylc@sph.com.sg
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