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

Eugenia Liew29 Sep 2021

Two residential sites at Slim Barracks Rise received robust interest during the close of their tender, with each site attracting 10 bids, revealed the Urban Redevelopment Authority (URA) on Tuesday (28 September).

The tender for the 99-year leasehold sites was launched on 15 June under the Confirmed List of the first half 2021 Government Land Sales (GLS) programme.

El Development submitted the top bid of $320.1 million or $1,246 per square foot per plot ratio (psf ppr) for Parcel A, which spans 7,957.3 sq m. The site has a maximum gross floor area (GFA) of 23,872 sq m and can yield 265 housing units with a retail cap of 800 sq m in GFA.

“The top bid was just 1.3% above the second highest bid from Gao Xiu Hua, who topped the bid for Parcel B,” said CBRE’s Head of Research for Southeast Asia Tricia Song.

Gao Xiu Hua, who is believed to be the wife of the Chairman of Kingsford Development, submitted the top bid for Parcel B at $162.4 million or $1,210 psf ppr. This top bid was 2.4% higher than the second highest bid from TID Residential.

Spanning 5,936.6 sq m, the site has a maximum GFA of 12,467 sq m and could yield 140 private homes with a retail cap of 400 sq m in GFA.

“Parcel A’s land rate is higher than Parcel B’s, probably due to Parcel A’s closer proximity to the Buona Vista MRT station,” Song added. 

She attributed the strong interest for the sites to their “relatively palatable sizes, the growing catchment at the thriving one-north R&D business hub, and limited new housing supply in the vicinity”.

In fact, the sites outperformed an earlier residential site at Slim Barracks Rise, which received a top bid of $1,001 psf ppr during the close of its tender in September 2019.

It was later developed into One-north Eden, the units of which were sold at a median price of $2,009 psf, said Song.

For the two sites, Song expects the projects to be sold at above $2,100 psf when launched.

 

Eugenia Liew, Senior Digital Content Specialist at PropertyGuru, edited this story. To contact her about this or other stories, email eugenialiew@propertyguru.com.sg

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