El Development and Gao Xiu Hua submit top bids for Slim Barracks Rise GLS sites
The offer for the 99 yr leaseterm spots was opened on 15June within the Verified Record of the first half 2021 Govt Land Sales program.
El Development put forward the high offer of $3hundred 20 point 1 million or $1,246 per square foot per PR for Land A, in which stretches over 7,957.3 sq m. The plot owns a peak GFA of 23,872 sq metre as well as can return Two hundred Sixty Five flats units with a retail cap of Eight hundred square m in gross floor area.
“The best tender was literally only 1.3 % above the 2nd top quote from Gao Xiu Hua, who tipped the quote for Parcel B,” said CBRE’s Head of Research for SE Asia Tricia Song.
Gao Xiu Hua, that is thought to be the better half of the Chairman of Kingsford Dvlpmt, proposed the leading quote for Plot B at $162.4 mil or $One thousand Two hundred Ten per sq feet per PR. This main quote was 2.4 percent over the second top quote from TID Residence.
Extending 5,936.6 square metre, the site has a peak GFA of 12thousand 4hundred 67 square meter and may produce 140 nonpublic apartments including a commercial limit of Four hundred sq metre in gross floor area.
“Parcel A’s property premium is exceeding Plot B’s, probably due to Plot A’s closer distance to the Buona Vista MRT station,” Song said further.
She referred the healthy curiosity for the spots to their “relatively enjoyable sizings, the rising nature at the flourishing one-north R&D firm center, moreover smaller new real estate supply in the proximity”.
The spots surpassed a past home location at Slim Barracks Rise, which acquired a best proposal of $1,001 psf per plot ratio during the course of the end of its tender in Sept’19.
It was afterward developed into One-north Eden, the apartments of which were sold at a mean cost of $2thousand 9 per sq foot, mentioned Song.
For the two sites, Tricia foresees the projects getting advertised at higher than $2,100 per square ft once launched.