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$CITY DEVELOPMENTS LIMITED(C09.SI)$

CDL-MCL Land tie-up makes top bid of $445.9m for Farrer Park residential site

1. The first residential government land sales (GLS) tender for 2021 - a plum site in the Farrer Park area - closed on Tuesday (April 27) evening after attracting 10 bids and a robust bid price that showed developers' hunger for land.

2. City Developments (CDL) and joint venture partner MCL Land, through their wholly-owned units Maximus Residential SG and Maximus Commercial SG, emerged the top bidder at $445.9 million. This is only 5.7 per cent higher than the second highest bid of $421.9 million.

3. The top bid of $1,129 per sq ft per plot ratio (ppr) is at the upper end of analysts' estimates. It is also higher than that of another GLS site in Perumal Road, where Uptown @ Farrer is being developed, which was awarded at $1,001 psf ppr in 2017.

4. "The URA non-landed property price index has increased 17.4 per cent from first quarter 2017 till first quarter 2021, much more than the increase in land price. This shows that developers are mindful of the potential risk of new cooling measures affecting demand," Huttons Asia director of research Lee Sze Teck said.

5. He also noted that the volume of uncompleted unsold stock at 21,602 units is "getting dangerously low".

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Comments

FlySKY
2021-05-03
FlySKY
sinking
黄岭
2021-04-28
黄岭
挺好
fir3spirit
2021-10-13
fir3spirit
like

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This shows that developers are mindful of the potential risk of new cooling measures affecting demand,\" Huttons Asia director of research Lee Sze Teck said.</p><p>5. He also noted that the volume of uncompleted unsold stock at 21,602 units is \"getting dangerously low\".</p></body></html>","htmlText":"<html><head></head><body><p><a href=\"https://laohu8.com/S/C09.SI\">$CITY DEVELOPMENTS LIMITED(C09.SI)$</a></p><p>CDL-MCL Land tie-up makes top bid of $445.9m for Farrer Park residential site</p><p>1. The first residential government land sales (GLS) tender for 2021 - a plum site in the Farrer Park area - closed on Tuesday (April 27) evening after attracting 10 bids and a robust bid price that showed developers' hunger for land.</p><p>2. City Developments (CDL) and joint venture partner MCL Land, through their wholly-owned units Maximus Residential SG and Maximus Commercial SG, emerged the top bidder at $445.9 million. This is only 5.7 per cent higher than the second highest bid of $421.9 million.</p><p>3. The top bid of $1,129 per sq ft per plot ratio (ppr) is at the upper end of analysts' estimates. It is also higher than that of another GLS site in Perumal Road, where Uptown @ Farrer is being developed, which was awarded at $1,001 psf ppr in 2017.</p><p>4. \"The URA non-landed property price index has increased 17.4 per cent from first quarter 2017 till first quarter 2021, much more than the increase in land price. This shows that developers are mindful of the potential risk of new cooling measures affecting demand,\" Huttons Asia director of research Lee Sze Teck said.</p><p>5. He also noted that the volume of uncompleted unsold stock at 21,602 units is \"getting dangerously low\".</p></body></html>","text":"$CITY DEVELOPMENTS LIMITED(C09.SI)$ CDL-MCL Land tie-up makes top bid of $445.9m for Farrer Park residential site 1. The first residential government land sales (GLS) tender for 2021 - a plum site in the Farrer Park area - closed on Tuesday (April 27) evening after attracting 10 bids and a robust bid price that showed developers' hunger for land. 2. City Developments (CDL) and joint venture partner MCL Land, through their wholly-owned units Maximus Residential SG and Maximus Commercial SG, emerged the top bidder at $445.9 million. This is only 5.7 per cent higher than the second highest bid of $421.9 million. 3. The top bid of $1,129 per sq ft per plot ratio (ppr) is at the upper end of analysts' estimates. It is also higher than that of another GLS site in Perumal Road, where Uptown @ Farrer is being developed, which was awarded at $1,001 psf ppr in 2017. 4. \"The URA non-landed property price index has increased 17.4 per cent from first quarter 2017 till first quarter 2021, much more than the increase in land price. This shows that developers are mindful of the potential risk of new cooling measures affecting demand,\" Huttons Asia director of research Lee Sze Teck said. 5. 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