The offer for the 99 year leasehold plots was introduced on 15June within the Confirmed List of the first 6 mths 2021 Govt Land Sales process.
El Dvlpmt offered the number one bid of $320.1 million or $1,246 psf per PR for Plot A, in which spans 7,957.3 square metres. The plot holds an utmost GFA of 23,872 sq meter and also can provide Two hundred Sixty Five property units with a retail limit of 800 square metre in gross floor area.
“The highest proposal was literally simply One point Three percent over the second highest tender from Gao Xiu Hua, who got the tender for Land B,” stated CBRE’s Head of Research for S.E.A. Tricia Song.
Gao Xiu Hua, who is believed to be the partner of the Chairman of Kingsford Dvlpmt, sent the best proposal for Land B at $1hundred 62 point 4 million or $1thousand 2hundred 10 per sq feet per plot ratio. This highest bid was Two point Four percent greater than the second top bid from TID Housing.
Extending 5,936.6 sq m, the spot has a max gross floor area of Twelve thousand Four hundred Sixty Seven sq meter and also may generate One hundred Forty private homes with a retail cap of 400 sq metre in GFA.
“Land A’s land rate is higher than Land B’s, maybe caused by Plot A’s nearer proximity to the Buona Vista MRT station,” Tricia added.
She referred the healthy excitement for the plots to its “rather tasty measurements, the progressing catchment at the blooming one-north R&D firm core, plus small new apartments supply inside the neighborhood”.
As a matter of fact, the spots outperformed a previous residential site at Slim Barracks Rise, which in turn received a top bid of $One thousand One per sq ft per PR in the course of the close of its offer in Sept2K19.
It was subsequently developed into One-north Eden, the apartments of which were marketed at an average price of $Two thousand Nine per sq foot, claimed Tricia.
For both plots, Song presumes the projects getting sold at greater than $2.1K per sq feet the moment released.