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This Awesome Mixed Development that stone throw away from heart of the city area!
You should call be to find out before it is gone.
1 bedroom from $6xx,000
2 bedroom from $8xx,000
3 Bedroom $1,1xx,000
4 Bedroom $1,9×0,000
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MRT w Shopping Mall
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Poiz Residences is directly opposed to The Venue Residences and shopping mall. This future retail shops mall next Potong Pasir MRT Station. This mall will serve the Potong Pasir residents and those commuters in that area. Given its location within the city fringe, it favors healthy demand with its unique development.
Foreign developers were out in force in a hotly contested state tender for a mixed-use site at Potong Pasir that closed yesterday.
The 1.6ha residential and commercial plot in Meyappa Chettiar Road fetched a stunning 15 bids, far more than the expected number of eight.
Consultants said the plot could have appealed because it is right next to the Potong Pasir MRT station and has a commercial segment.
A mixed-use development there could tap the growth of the upcoming Bidadari new town, they added.
The tender was a close fight with a difference of just 3.2 per cent between the top bid and the third-highest for the 99-year leasehold site.
Chinese developer MCC Land led the way, offering $471.6 million, or $775 per sq ft (psf) per plot ratio (ppr).
It edged out another foreign developer, Best Desire Investments, which offered $757 psf ppr. Best Desire is believed to be part of Hong Kong tycoon Li Ka Shing’s Cheung Kong group.
These bids were in the middle of the $600 to $900 psf ppr price range that analysts had predicted, signalling that most developers were still cautious.
A joint venture between Bo An Investments and Santarli Venture came in third with $751 psf ppr.
The lowest offer was from Tennessee Investments, which bid $244 million, or $401 psf ppr.
Analysts noted that foreign developers had bid actively and, in some cases, more aggressively than local players.
“Six of the 15 bids were either submitted by foreign developers or consortiums with foreign companies,” SLP International research head Nicholas Mak said yesterday.
Real estate lawyer Lee Liat Yeang added: “Chinese developers still believe in putting money here, especially in good sites above MRT stations. This site is also large, allowing them to achieve economies of scale. The total cost is not big by Chinese standards.”
This tender drew the highest number of bids since a Geylang East private condominium site tender that closed in January this year, which garnered 16 offers.
CBRE research head Desmond Sim said the high number “proved that developers still need to replenish their land banks to ensure that core business is sustainable”.
“The opportunity to put the commercial component of this development for sale on a strata-titled basis could have propped up the bid,” Mr Sim said.
Up to 5,000 sq m, or 53,819.5 sq ft, of the plot’s gross floor area can be for commercial use. This is about 8.8 per cent of the maximum gross floor area.
Mr Mak estimates that the break-even price for homes and commercial units developed on the Meyappa Chettiar site will range from $1,250 psf to $1,320 psf.
A nearby mixed-use site with a smaller commercial portion was sold in September 2012 for $793 psf ppr to City Developments and Hong Leong. Its commercial component was capped at 2,000 sq m of gross floor area.
This 99-year leasehold parcel is being developed into a mixed development called The Venue Residences and Shoppes. It had sold 66 out of its 266 homes by the end of last month.
– See more at: http://business.asiaone.com/news/potong-pasir-mixed-use-site-draws-foreign-interest#sthash.BMMj40Hc.dpuf