Two 99-year leasehold tenure sites at Slim Barracks Rise are zoned for residential with commercial at first storey, and can yield around 405 housing units altogether. Source: URA
Two residential-cum-commercial sites at Slim Barracks Rise have been launched for sale on Tuesday (15 June), under the Confirmed List of the first half 2021 Government Land Sales (GLS) Programme, announced the Urban Redevelopment Authority (URA).
Zoned for residential with commercial at first storey, both sites have a 99-year leasehold tenure. Together they are expected to yield around 405 housing units.
Slim Barracks Rise Parcel A has a land area of 7,957.3 sq m and a maximum gross floor area (GFA) of 23,872 sq m, while Slim Barracks Rise Parcel B spans 5,936.6 sq m with a maximum GFA of 12,467 sq m. Thus, the former site can yield around 265 residential units and the latter site 140 housing units.
URA noted that the land parcels are launched “as part of JTC Corporation (JTC)’s continued efforts to inject more residential spaces in the one-north estate to meet housing needs and enhance the area as a vibrant mixed use business park that serves as a fertile ground for research, innovation and entrepreneurship”.
The tenders for the two sites will close on 28 September 2021.
Lee Sze Teck, Director of Research at Huttons Asia, expects about ten developers to bid for each site, with the top bid hovering around $1,200 and $1,300 per sq ft per plot ratio (psf ppr).
He considers Parcel A more attractive due to its regular plot size and proximity to the Buona Vista MRT interchange.
“Besides the appeal of one-north precinct, the land parcels are very close to the future One Holland Village,” he said.
Lee believes the bunching of two sites within the same area for sale is aimed at tempering land bids by developers.
“As both plots of land are not next to each other, it will prevent the situation of one developer securing both plots and achieving economies of scale and monopoly in the area,” he said.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: email@example.com