Two residential GLS sites at one-north launched for tender
By Charlene Chin / EdgeProp Singapore | June 15, 2021 6:12 PM SGT
SINGAPORE (EDGEPROP) - The Urban Redevelopment Authority (URA) has launched two residential sites under the first half 2021 government land sales (GLS) programme in the one-north precinct, along Slim Barracks Rise. (See also: Behind the bullish bids for GLS sites in Tanah Merah and Yishun)
Both sites are zoned for residential with commercial use at the 1st storey, and have a lease period of 99 years. Altogether, the sites can potentially yield up to 405 units.
Slim Barracks Rise (Parcel A) spans 7,957.3 sqm with a maximum gross floor area (GFA) of 23,872 sqm, while Slim Barracks Rise (Parcel B) has a site area of 5,936.6 sqm and a maximum GFA of 12,467 sq m.
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The launch is part of a plan by JTC Corporation to inject more residential spaces in the one-north precinct.
The most recent site sold in the vicinity was the sale of the One-North Eden site in September 2019 at a land rate of $1,001 psf ppr, after bidding by 9 parties, notes Ong Teck Hui, senior director of research & consultancy at JLL.
“Besides the attractive location, the subject sites are relatively small, requiring less capital outlay which could widen tender participation beyond major developers. Developers could also be encouraged by the sales performance of One-North Eden, which managed to sell 141 units or 85% of the total of 165 units, at a median price of $2,009 during its first month of launch,” says Ong.
“We expect 10 to 15 parties contesting for each of the sites, which could fetch top bids of between $1,100 and $1,200 psf ppr,” he adds.
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Both sites are located within walking distance to Buona Vista and one-north MRT Station, and are in close proximity to amenities at one-north park and The Star Vista. Schools like Anglo-Chinese Junior College and Anglo-Chinese School (Independent), Fairfield Methodist School (Secondary), Fairfield Methodist School (Primary), Insead and Essec Business School are also nearby.
The tender for both land sites will close on September 28 at 12pm.
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