El Development and Gao Xiu Hua submit top bids for Slim Barracks Rise GLS sites
The offer for the 99 yr leaseterm locations was commenced on 15Jun under the Confirmed List of the first half 2021 Government Land Sales procedure.
El Dvlpmt handed in the leading quote of $320.1 million or $1.246K psf per plot ratio for Plot A, that stretches over 7,957.3 sq metres. The site has a total GFA of Twenty Three thousand Eight hundred Seventy Two sq metre and also can produce 265 property units with a retail cap of Eight hundred sq m in GFA.
“The high offer was only One point Three percentage greater than the 2nd greatest offer from Gao Xiu Hua, that topped the proposal for Plot B,” shared CBRE’s Head of Research for SE Asia Tricia Song.
Gao Xiu Hua, who is thought to be the other half of the Chairman of Kingsford Development, tendered the top quote for Parcel B at $1hundred 62 point 4 mil or $One thousand Two hundred Ten psf per PR. This particular best tender was Two point Four % greater than the 2nd top tender from TID House.
Reaching 5,936.6 square meter, the site has a maximum GFA of Twelve thousand Four hundred Sixty Seven square meter furthermore might provide 1hundred 40 exclusive households alongside a retail cap of 4hundred sq m in gross floor area.
“Parcel A’s property premium is more than Parcel B’s, maybe because of Plot A’s shorter vicinity to the Buona Vista MRT terminal,” Tricia added.
She attributed the robust curiosity for the plots to its “fairly acceptable measurements, the developing catchment at the blooming one-north R&D business hub, as well as controlled brand-new residence source within the location”.
The locations outperformed an older residence spot at Slim Barracks Rise, that obtained a highest price of $One thousand One psf ppr during the conclusion of its tender in September’19.
It was ultimately developed into One-north Eden, the units of that were generally sold at a mean sales price of $2,009 per sq feet, shared Song.
For the 2 sites, Tricia predicts the projects being marketed at higher than $2.1K psf when debuted.