Artra Condo Price

Artra Condo Price | The Artra Prices

The Urban Redevelopment Authority (URA) launched this site for sale by public tender on 20 September 2015. A total of 10 bids were submitted. The tender closed 12 November, and was awarded to the top bidder Tangs Skyline Pte on 17 November 2015.

Tangs Skyline, part of the Tang Group of Companies (otherwise known as Tang City Holdings), put in a top bid of SGD$376.88 million. This works out to $851 PSF per plot ratio for the land.

What is interesting is that the 2nd highest bid was just 1% lower. At SGD$373.1 million or $842 PSF PPR, by a JV of UOL Venture Investments and Singland Homes. In fact, the top 5 bids were all within a 4.8% range, indicating that the top bid was not an over-valued or over-enthusiastic one.

The Artra Condo Price . Artra Pricing Analysis

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Artra Condo Price Projection · The Artra Pricing Analysis

It is always harder to estimate pricing merely based on the land cost PSF, if the development has a commercial component. That is because the value of the commercial space could be more, thus off-setting some of the cost of the residences. On the other hand, the developer could choose to value them equally, while keeping the commercial units for rental.

Assuming equal value, and overheads, construction and financing of $450 PSF, break-even PSF could be in the region of $1,300. Some industry experts have in fact estimated a break-even of about $1,350 to $1,400 PSF.

According to Mr Nicholas Mak, SLP International executive director, this would, “… provide the developer with a comfortable profit margin, based on the selling price of comparable new condominiums in the vicinity that range from $1,530 to $1,950 psf.”

Our estimate is that the Artra condo price range could be in the region of $1,500 to $1,800 PSF, varying with the unit facing, size, and level.

Note: Bear in mind that published average pricing for a project usually pertains to the pricing of mid-floor & mid-size units like 3 & 4 bedders. Average prices of 1 & 2 bedroom units are usually higher than the average stated PSF for a project.

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The Artra Condo Price Range · Market Analysis

There were 10 bidders for this site, and competition for it was quite keen. Which was hardly surprising, as the site is attractive given its nearness to Redhill MRT station, and its commercial component at the 1st storey.

What was surprising however, was that the top bid came in at the lower end of market expectations. In fact, it compares very favourably with the land price of other new projects in the vicinity that still have significant numbers of units for sale.

And since land price is a good barometer of eventual selling price, apart from rising construction costs, here are some statistics:

PROJECT LAND COST
PSF PPR
AVERAGE PRICE REMARKS
Alex Residences $970 PSF $1,900 PSF 2 min walk to Redhill MRT
The Crest $960 PSF $1,700 PSF 6 min walk to Redhill MRT
Principal Garden $821 PSF $1,620 PSF 1km walk to Redhill MRT
Commonwealth Towers $883 PSF $1,670 PSF At Queenstown MRT
Queens Peak $871 PSF $1,635 PSF At Queenstown MRT

For purposes of estimating the Artra condo price range, Alex Residences ought to be the one to look at, as it is the nearest, just an extra couple minutes walk from Redhill MRT station.

See this report for the news article on the land sale (opens in new window).

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THE ARTRA CONDO PRICE · SHOWFLAT VIEWING · VIP PREVIEW

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