El Development and Gao Xiu Hua submit top bids for Slim Barracks Rise GLS sites
The tender for the 99-year leasehold plots was opened on 15June under the Verified Record of the initial half ’21 Govt Land Sales procedure.
El Development handed in the main tender of $320.1 million or $1,246 per square ft ppr for Land A, which extends 7,957.3 square metres. The spot features a max gross floor area of 23 thousand 8hundred 72 sq meter as well as can provide 265 residences units with a commercial limit of Eight hundred sq meter in gross floor area.
“The best price was literally simply One point Three percentage more than the following greatest offer from Gao Xiu Hua, that got the price for Parcel B,” spoke CBRE’s Head of Research study for SE Asia Tricia Song.
Gao Xiu Hua, who is regarded to be the partner of the Chairman of Kingsford Dvlpmt, tendered the top tender for Land B at $1hundred 62 point 4 million or $One thousand Two hundred Ten psf ppr. This particular main tender was Two point Four percentage more than the second highest offer from TID Housing.
Covering 5,936.6 sq meter, the location has a maximum gross floor area of 12,467 square meter plus can return 1hundred 40 private residential properties alongside a commercial limit of Four hundred square metre in GFA.
“Plot A’s property price is over Land B’s, most likely caused by Plot A’s nearer distance to the Buona Vista train terminal,” Song further mentioned.
She referred the robust attraction for the sites to its “pretty palatable measurements, the progressing nature at the rising one-north R&D company center, and also ltd brand-new property quantity located in the location”.
In fact, the sites outperformed an older house plot at Slim Barracks Rise, which in turn obtained a highest tender of $1,001 psf ppr during the end of its offer in September’19.
It was ultimately become One-north Eden, the apartments of which were offered at a median amount of $2.009K psf, said Tricia.
For the 2 spots, Tricia expects the development for being marketed at beyond $2.1K psf while introduced.