El Development and Gao Xiu Hua submit top bids for Slim Barracks Rise GLS sites
The tender for the 99-year leaseterm spots was debuted on 15June under the Approved Lineup of the initial half 2021 Government Land Sales program.
El Development put forward the best bid of $320.1 million or $1,246 psf per PR for Parcel A, that extends 7,957.3 sq meters. The spot possesses an optimum GFA of 23 thousand 8hundred 72 square m and also can produce 2hundred 65 property units with a commercial cap of 800 square metre in gross floor area.
“The leading quote was actually simply 1.3 percent exceeding the next greatest price from Gao Xiu Hua, who topped the proposal for Plot B,” stated CBRE’s Head of Research for Southeast Asia Tricia Song.
Gao Xiu Hua, who is assumed to be the wife of the Chairman of Kingsford Dvlpmt, submitted the highest offer for Parcel B at $162.4 million or $1thousand 2hundred 10 per square feet ppr. This number one proposal was 2.4 percent higher than the 2nd highest tender from TID Residence.
Stretching over 5,936.6 sq m, the site has a total gross floor area of 12thousand 4hundred 67 square meter also may produce 140 personal homes alongside a commercial cap of 4hundred square meter in GFA.
“Land A’s property charge is exceeding Plot B’s, perhaps because of Land A’s closer proximity to the Buona Vista MRT station,” Tricia further mentioned.
She accredited the strong enthusiasm for the locations to their “pretty appetizing sizes, the developing nature at the blooming one-north R&D business hub, plus smaller new real estate source located in the proximity”.
The plots surpassed a past home location at Slim Barracks Rise, that received a best offer of $One thousand One psf per PR at the time of the end of its tender in Sept2019.
It was subsequently turned into One-north Eden, the units of which were generally offered at an average cost of $Two thousand 9 per square feet, reported Tricia.
For both locations, Song predicts the properties getting promoted at beyond $2,100 per sq feet during commenced.