El Development and Gao Xiu Hua submit top bids for Slim Barracks Rise GLS sites

The tender for the Ninety Nine yr leasehold sites was commenced on 15Jun from the Confirmed Outline of the first half ’21 GLS process.

El Development offered the main offer of $320.1 mil or $1,246 per square feet ppr for Land A, which stretches over 7,957.3 square metres. The site owns a peak GFA of 23 thousand 8hundred 72 sq metre and also can supply 265 homes units with a retail limit of 8hundred square m in GFA.

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“The top offer was just 1.3 percent over the 2nd highest tender from Gao Xiu Hua, who peak the quote for Plot B,” mentioned CBRE’s Head of Research for SE Asia Tricia Song.

Gao Xiu Hua, who is believed to be the partner of the Chairman of Kingsford Development, proposed the best price for Plot B at $162.4 million or $1.21K per sq ft ppr. This premier bid was Two point Four % over the second highest offer from TID Residential.

Covering 5,936.6 square m, the location has a top gross floor area of Twelve thousand Four hundred Sixty Seven sq m furthermore may return One hundred Forty personal apartments together with a retail limit of 4 hundred square m in gross floor area.

“Parcel A’s property price is greater than Parcel B’s, maybe because of Plot A’s shorter distance to the Buona Vista train terminal,” Tricia further mentioned.

She accredited the strong curiosity for the plots to its “comparatively acceptable sizings, the growing catchment at the blooming one-north R&D enterprise center, and also controlled new real estate amount in the location”.

The plots defeated a past house spot at Slim Barracks Rise, that earned a highest offer of $1thousand 1 per sq feet per plot ratio during the course of the cease of its tender in September’19.

It was eventually turned into One-north Eden, the units of which were sold at a median cost of $Two thousand Nine per square feet, said Tricia.

For the two sites, Tricia presumes the development getting promoted at beyond $2thousand 1hundred psf during released.

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