El Development and Gao Xiu Hua submit top bids for Slim Barracks Rise GLS sites
The offer for the 99-year lease term locations was commenced on 15 June in the Approved Listing of the 1st half 2021 Govt Land Sales procedure.
El Development put forward the premier price of $320.1 mil or $1.246K psf per plot ratio for Plot A, that reaches 7,957.3 sq meters. The site owns a top gross floor area of Twenty Three thousand Eight hundred Seventy Two sq metre as well as can yield 2hundred 65 apartments units with a commercial limit of 8hundred sq meter in gross floor area.
“The high quote was just One point Three percentage above the next top quote from Gao Xiu Hua, who peak the quote for Plot B,” mentioned CBRE’s Head of Research for S.E.A. Tricia Song.
Gao Xiu Hua, who is believed to be the partner of the Chairman of Kingsford Dvlpmt, proposed the best offer for Parcel B at $162.4 million or $1,210 psf per plot ratio. This particular best proposal was 2.4 % more than the second highest offer from TID Residence.
Extending 5,936.6 sq meter, the spot has a total GFA of Twelve thousand Four hundred Sixty Seven sq meter as well as could offer 1hundred 40 nonpublic households including a retail cap of 400 sq metre in GFA.
“Parcel A’s land rate is over Plot B’s, likely because of Parcel A’s nearer distance to the Buona Vista Mass Rapid Transit station,” Song added.
She associated the good interest for the locations to their “comparatively satisfactory scales, the growing nature at the thriving one-north R&D company core, also controlled new residence amount around”.
In fact, the plots outshined a past house spot at Slim Barracks Rise, which in turn earned a premier bid of $1thousand 1 psf ppr in the course of the conclusion of its offer in Sept2019.
It was eventually developed into One-north Eden, the units of which were marketed at a mean sales price of $Two thousand Nine psf, shared Tricia.
For both locations, Song forecasts the development to get sold at above $2.1K psf once kicked off.