New mixed-use GLS site at one-north launched for tender

A land parcel at one-north Gateway has been launched for public tender under the 1H2019 government land sales (GLS) programme. The 62,201 sq ft site is zoned for residential with commercial on the first storey, and can accommodate a maximum gross floor area (GFA) of 155,506 sq ft. It is the smallest site on the confirmed list of the 1H2019 GLS programme, and has the potential to house 165 units.
The site is next to one-north Residences which was completed in 2009, and the new development should supplement the housing demand generated by the growing working population in the one-north technology enclave, says Tricia Song, head of research for Singapore at Colliers International. The size of the site is also “palatable” and could appeal to niche developers, she adds.
The new development along one-north Gateway could comprise up to 165 residential units (Picture: URA)
Lee Sze Teck, head of research at Huttons Asia, expects the site to attract a top bid of $900 to $950 psf per plot ratio (ppr), which translates to about $140 million to $150 million. He says: “More than 50,000 people work in one-north with foreigners making up the majority. Yet the number of residential homes has stayed stagnant.”
The site is expected to draw eight to 10 bidders, says Christine Sun, head of research and consultancy at OrangeTee & Tie. “Residential sites with a commercial component remain popular among developers, given its rarity, attractive rental yield and convenience enjoyed by both residents and tenants,” she says. “Given that this development may attract many investors, the development may comprise of a number of smaller-sized units which could be sold at a higher psf price of between $1,900 psf and $2,000 psf for these units.”
Two reserve List sites open
At the same time, two land parcels under the 1H2019 GLS reserve list are open for tender. Located at Hillview Rise and Dunman Road respectively, both are residential sites.
The Dunman Road site is beside Dakota MRT Station on the Circle Line. It is the “most attractive” site on the current reserve list, says Song, given its proximity to the MRT station, unblocked views of East Coast, proximity to the CBD, as...