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.
Artist’s Impression . The Artra . Click to Enlarge
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.
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:
||2 min walk to Redhill MRT
||6 min walk to Redhill MRT
||1km walk to Redhill MRT
||At Queenstown MRT
||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).
THE ARTRA CONDO PRICE · SHOWFLAT VIEWING · VIP PREVIEW
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NEWPORT RESIDENCES & OTHER DEVELOPER LAUNCHES
A rare freehold mixed development will be launched on the site of the former Fuji Xerox Towers at 80 Anson Road. This project will be a re-development of the site by the current owners, City Developments Pte Ltd.
The mixed development is called Newport. It will comprise Newport Residences which is the residential condominium, and Newport Tower, which will house the commercial component including retail space. There will be a public space, to be called Newport Square.
Newport Residences is within walking distance of two MRT station. The Prince Edward Road MRT station will be within 4 minutes walk, while Tanjong Pagar MRT station is within 6 minutes walk.
80 Anson Road is actually within the Tanjong Pagar precinct, but just directly across Keppel Road from the grand plans for Greater Souther Waterfront City. Hence this project does hold a lot of promise for those who are looking for a true live + work + play home.
As this is a re-development, there is no land sale to act as a guide on what the Newport Residence prices will be like. If you are interested to know more, just drop us a line, and we will keep you posted once the showflat VIP Preview is about to launch. We will keep you updated on the indicative Newport Residences pricing too.
Park Place Residences :: Like Newport Residence, this is a mixed Development too, but at Paya Lebar Quarter. 429 residential flats for sale . Register here for Park Place Residences showflat viewing and other launch details . By Lendlease Group . Singapore