[UPDATE] EL Development, Kingsford Development top bidders for GLS sites at Slim Barracks Rise

/ EdgeProp Singapore
September 28, 2021 9:45 PM SGT
The two separate GLS sites will be developed into new mixed-use projects in the One-North precinct.
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SINGAPORE (EDGEPROP) - The tender for the two government land sale (GLS) sites at Slim Barracks Rise Parcel A and Parcel B in the one-north precinct closed on Sept 28 with 10 bids each.
Compiled by EdgeProp Singapore
EL Development topped the bids for Slim Barracks Rise (Parcel A) with a bid price of $320.1 million or $1,246 psf per plot ratio (ppr). Meanwhile, Kingsford Development, which submitted its bid under director and shareholder’s name, Gao Xiuhua, emerged the highest bidder at $162.388 million ($1,210 psf ppr) for the adjacent site at Parcel B. Gao is the wife of Kingsford Development founder Cui Zhengfeng.
Incidentally, Kingsford’s Gao was also the second highest bidder for Parcel A, with a bid just $4 million below EL Development’s.
The top bids for Parcel A and B were 24.5% and 20.8% higher than the $1,001 psf ppr bid submitted by developer TID, a joint venture between Hong Leong Holdings and Mitsui Fudosan, for the neighbouring site at One-North Gateway in 2019. The project was launched as the 165-unit One-North Eden in April 2021. On the first weekend of launch, 85% of the units were sold at a median price of $2,009 psf.
“Developers would have been encouraged by the successful launch of One-north Eden,” says Ong Teck Hui, JLL senior director of research and consultancy. “The enthusiastic bidding in today’s tender is also due to an upbeat market with rising prices while declining unsold inventory is prompting developers to replenish their land banks.”
Source: URA
Parcel A has a 99-year leasehold site area of 85,652 sq ft and maximum gross floor area (GFA) of 256,958 sq ft. Lim Yew Soon, managing director of EL Development, says he was drawn to the site at Parcel A given its location in one-north as well as proximity to two MRT stations, namely One-North MRT Station on the Circle Line and Buona Vista Interchange Station for the Circle and East-West Lines.
EL Development intends to develop the site into a 27-storey condominium block with about 271 units. The development is likely to contain a good mix of one- to four-bedroom units and penthouses, says Lim. He estimates that the selling price of the new project is likely to be in the $2,000 to $2,200 psf range, and he is looking at launching the project in 15 months’ time.
Parcel B is slightly smaller with a site area of 63,902 sq ft, and maximum GFA of 134,195 sq ft. “The main draw of the site at Parcel B is being part of the one-north precinct which was master-planned by the world-renowned Zaha Hadid,” Gao says in a statement. “It is also in the proximity of Buona Vista MRT Interchange which connects both the Circle and East-West Lines. These attributes alone will bring about a unique locational proposition.”
Source: URA
According to Gao, Kingsford Development continues to be committed to developing projects in Singapore. Its latest project, the 1,862-unit Normanton Park, was launched in January this year, and it is already 65% sold nine months later at an average price of $1,774 psf, based on caveats lodged to date. (Browse newly launched condos in Singapore right now)
Its earlier projects, namely the 512-unit Kingsford Hillview Peak that was launched in 2012, and the 1,165-unit Kingsford Waterbay that was launched in 2015, are already fully sold and completed.
Likewise, EL Development’s projects are fully sold, except for its 340-unit high-end project, Pullman Residences Newton at Dunearn Road. Launched in November 2019, the project is close to 30% sold to date. Lim intends to relaunch the project in the middle of 2022 when “travel restrictions are lifted”, he says.

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