Kingsford makes a comeback with the preview of The Hill @ One-North

/ EdgeProp Singapore |

April 5, 2024 10:15 AM SGT

Artist's impression of the 142-unit The Hill @ One-North (Picture: Kingsford Development)

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Developer Kingsford Real Estate Development will open the sales gallery of its latest project, the 142-unit The Hill @ One-North, for public preview on Saturday, April 6. The launch is scheduled for a fortnight later, on April 20.

The Hill @ One-North has a seven-storey and two 11-storey blocks sitting on a 63,902 sq ft, 99-year leasehold site at Slim Barracks Rise. Kingsford had emerged at the top of 10 bids for the 99-year leasehold site at Slim Barracks Rise (Parcel B) in a government land sales (GLS) tender that closed in September 2021. Its winning bid was $162.388 million or $1,210 psf per plot ratio (ppr).

The tender for the neighbouring site, Slim Barracks Rise (Parcel A), also closed on the same day in September 2021. Kingsford’s was the second-highest of 10 bids submitted for Parcel A. At 85,652 sq ft, Parcel A is larger than Parcel B. EL Development won the site at Parcel A with a bid of $320.1 million ($1,246 psf ppr).

EL Development launched its new project at Slim Barracks Rise, the 275-unit Blossoms by the Park, at the end of April 2023—three days after the latest set of property cooling measures came into effect. These included a doubling of additional buyer’s stamp duty (ABSD) for foreigners to 60%.

At the launch of Blossoms by the Park, over 200 units (73%) were taken up at an average price of $2,423 psf on the first day of sales, April 29, 2023. EL Development says Singaporeans and permanent residents comprised 96% of the buyers. A year on, Blossoms by the Park is 87% sold.

Showflat of a two-bedroom unit at The Hill @ One-North (Photo: Kingsford Development)

Before Blossoms by the Park, the last new project launched in the One-North area was the nearby 165-unit One-North Eden. The project by TID, a joint venture between Hong Leong Holdings and Mitsui Fudosan, garnered 85% sales on the first weekend of launch in April 2021. It was fully taken up within a year.

“For now, The Hill @ One-North faces minimal competition as the neighbouring development, Blossoms by The Park, is 87% sold (as at March 24),” says Ismail Gafoor, CEO of PropNex. “There is presently no upcoming new private residential supply in the immediate neighbourhood of The Hill @ One-North.”

Further down one-north, the GLS site at Media Circle was awarded to a joint venture between two Chinese developers, Qingjian Realty and Foresea Holdings (China Communications Construction Co.), in February. A neighbouring plot will be awarded next month. “We do not expect the Media Circle project, which is slightly further from the MRT station, to be competing directly with The Hill @ One-North since the site was only awarded in February and may not be put on the market this year,” notes PropNex’s Gafoor.

PropNex is one of the three joint marketing agencies for The Hill @ One-North. The other two are ERA Realty and Huttons Asia.

Kingsford teamed up with MCC Singapore to purchase Chuan Park en bloc for $890 million, with the deal given the green light by the High Court in May 2023 (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Acquisition spree

Kingsford’s last residential project in Singapore was the 1,862-unit Normanton Park, a redevelopment of the former privatised HUDC estate of the same name. In October 2017, Kingsford purchased the 99-year leasehold site en bloc for $830.1 million.

Despite Normanton Park’s launch being delayed for two years after it was hit by a no-sale licence in early 2019, the project was sold out within 18 months. Launched at the start of January 2021, the final unit — a 1,087 sq ft, three-bedroom premium apartment — was sold in July 2022 for over $2 million ($1,845 psf).

With Normanton Park’s success, Kingsford’s founder, businessman Cui Zhengfeng, a Chinese national from Shenyang who became a Singapore citizen, was ready to acquire more sites. Kingsford teamed up with MCC Singapore to purchase Chuan Park en bloc for $890 million. The deal was given the green light by the High Court on May 26, 2023.

A month later, on June 27, 2023, a Kingsford-led consortium emerged at the top of four bids for the GLS site at Marina Gardens Lane. Kingsford’s other joint venture partners in the new development are two Chinese groups, Obsidian Development and Polarix Cultural & Science Park Investment. Together, they paid $1.034 billion ($1,402 psf ppr) for the 99-year leasehold, 131,805 sq ft site at Marina Gardens Lane.

Kingsford's Cui must have breathed a sigh of relief when the URA rejected a sole bid of $770.46 million for the neighbouring white site at Marina Gardens Crescent on Feb 8. The bid for the 1.73 ha white site translated to a land rate of $984 psf ppr—30% below Kingsford’s price for Marina Gardens Lane.

Cui Zhengfeng, founder of Kingsford, says 2024 is a pivotal year for the company, which plans to launch three projects within 12 months (File photo: Samuel Isaac Chua/EdgeProp Singapore)

‘A pivotal year’

Kingsford is expected to develop a 790-unit residential project at Marina Gardens Lane, with 8,073 sq ft of commercial space on the first level. The new development at the former Chuan Park site will have 916 units.

“This is a pivotal year for the company as we plan to launch three projects within 12 months,” Kingsford’s Cui comments in a statement. “We are kicking off the bumper year with the launch of The Hill @ One-North this month, [followed by] the Chuan Park project in July and Marina Gardens Lane project by year-end.”

Of Kingsford’s three projects, The Hill @ One-North is the smallest. It has two-, three- and four-bedroom units. Indicative pricing for two bedrooms is above $1.9 million, with three bedrooms set upwards of $2.3 million and four bedrooms north of $3 million.

No official price list has been released for The Hill @ One-North as yet. “We believe that in pricing the units, the developer will consider the transacted prices of the nearby Blossoms by the Park,” says PropNex’s Gafoor. While the average price at the initial launch was $2,423 psf, the average price for the 13 units sold since January has climbed to $2,558 psf, he points out.

Two- and three-bedroom units (showflat pictured) make up 96% of the units at The Hill @ One-North (Photo: Kingsford Development)

Based on recent sales at new project launches, the two- and three-bedroom types are the most sought-after units. At The Hill @ One-North, two- and three-bedroom units comprise nearly 96% of the total.

The Hill @ One-North is located within the Rest of Central Region (RCR) in District 5. The development is perched on a sloping terrain and integrated with the neighbouring 16-ha one-north Park. P&T Consultants is the appointed project architect, while Ecoplan Asia is the landscape designer.

Residential units at The Hill @ One-North will be fitted with smart home-enabled devices, including lighting and air-conditioning control, smart plug and digital lockset.

Facilities within the development include communal gardens, swimming pools, a clubhouse, a barbecue pavilion, and a gym. The project is scheduled to obtain its Temporary Occupation Permit in December 2026.

In addition to residential units, The Hill @ One-North has five commercial units for sale: four with street-level frontage and the fifth on the third storey facing One-North Park.

The Hill @ One-North is located within the employment clusters of the one-north R&D precinct (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Nearby amenities, growth areas

Buona Vista MRT Station (interchange for the East-West and Circle Lines) and one-north MRT Station (Circle Line) are within walking distance of The Hill @ One-North. Other nearby amenities include malls like The Star Vista and Rochester Mall and food and beverage establishments like Timbre+ One North, Holland Village Market & Food Centre and Dempsey Hill.

The Hill @ One-North is located within the employment clusters of the one-north R&D precinct, Buona Vista, the National University of Singapore, the National University Hospital, and the Science Parks. PropNex’s Gafoor expects buying interest from owner-occupiers working in the area and investors looking to tap the leasing potential of being in the one-north R&D precinct.

Gafoor adds that with nearby schools — Fairfield Methodist School (Primary and Secondary), Angle-Chinese School (Independent), and Anglo-Chinese Junior College — the project will also appeal to young couples, families, and expatriates working in the area.

“With the hefty ABSD levied on foreigners and investors, we expect most buyers to be Singaporeans and PRs who are first-time homebuyers,” says Gafoor.

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