El Development and Gao Xiu Hua submit top bids for Slim Barracks Rise GLS sites
The tender for the 99 yr leasehold sites was introduced on 15Jun in the Verified Record of the 1st 6 mths ’21 Govt Land Sales programme.
El Development put forward the leading proposal of $320.1 mil or $1.246K per sq feet per plot ratio for Plot A, that covers 7,957.3 square m. The site features a total gross floor area of 23 thousand 8hundred 72 square meter and can supply 2hundred 65 homes units with a retail limit of 800 sq metre in GFA.
“The main offer was actually simply One point Three percent greater than the next greatest proposal from Gao Xiu Hua, that topped the bid for Plot B,” mentioned CBRE’s Head of Research for S.E.A. Tricia Song.
Gao Xiu Hua, who is thought to be the spouse of the Chairman of Kingsford Dvlpmt, tendered the leading quote for Parcel B at $1hundred 62 point 4 million or $1thousand 2hundred 10 psf per plot ratio. This leading quote was 2.4 percentage higher than the 2nd greatest bid from TID Residential.
Extending 5,936.6 square m, the location has an optimum gross floor area of 12thousand 4hundred 67 sq m also can generate One hundred Forty nonpublic residential properties and having a commercial cap of 400 sq meter in gross floor area.
“Parcel A’s land premium is greater than Plot B’s, most likely because of Land A’s nearer distance to the Buona Vista train terminal,” Tricia said further.
She attributed the solid enthusiasm for the plots to its “fairly tasty scales, the flourishing nature at the thriving one-north R&D company hub, moreover minimal new housing amount around”.
The plots outshined a former non commercial location at Slim Barracks Rise, that received a highest offer of $1thousand 1 psf ppr at the time of the cease of its tender in Sept’19.
It was eventually turned into One-north Eden, the units of that were promoted at a mean rate of $Two thousand 9 per square foot, claimed Song.
For the two locations, Song presumes the development to be advertised at beyond $2thousand 1hundred psf once opened.