FCL's new Yishun residential units may sell for S$1,300-S$1,450 psf

In line with high bid costs.

Frasers Centrepoint Ltd (FCL) bided a brow-raising S$1,077 psf a mix-used commercial and residential plot at Yishun Central 1, in 900 residential units will rise costing around S$1300 to S$1,450 per square feet, according to Maybank, citing analyst calls.

Here's more from Maybank:

The hot news this week was that Frasers Centrepoint Ltd (FCL) bided a stunning S$1,077 psf (47% above 2nd highest bid from a consortium led by Far East) for a mix-used commercial and residential plot at Yishun Central 1. At this price, it was also 103% above CapitaLand’s bid of S$531 psf. FCL plans to develop a 12-storey integrated complex, comprising 900 residential units, a retail mall, a bus interchange and a community club.

The commercial space constitutes approx. 27% of the total GFA of 1.33m sqft. The high price factors in operating synergies in its location next to Northpoint, and demonstrates FCL’s ambitions to reinforce its shopping centres in the Northern area (Yishun, Woodlands and Sengkang), with its existing Northpoint, Causeway Point and Compass Point.

It also aligns with the HDB’s “Remaking Our Heartland” programme for Yishun, with more than 15k new residential units, comprising both public and private developments to be completed in 2013-2018, alongside the new Khoo Teck Puat hospital and rejuvenation of Yishun Pond and Yishun Park.

Analysts expect ASP of S$1,300-S$1,450 psf for the residential units when launched in 2014, and view the new mall as a potential sponsor injection into its REIT vehicle, Frasers Centrepoint Trust (FCT) in due course. Northpoint and Causeway Point were last valued at S$2,420 psf and S$2,126 psf respectively in the previous round of FY12 valuation on 30 Sep 2012, with cap rates of 5.5% each. Compass Point has a FY12 book value of S$1,925 psf.

Also Read

One Sophia sells 30% of units at weekend launch

Turf City sites could deliver up to 800 public housing units: Huttons

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit