Two sites at one-north's Slim Barracks Rise beat forecasts with 10 bids each

Hill @ One North Government Land Sale Site Map

THE Urban Redevelopment Authority (URA) has ended the tender for 2 land plots at Slim Barracks Rise that are earmarked for residential with commercial at first storey.

On September 28, 2021, land parcel A, which spans 85,648.4 square feet (sq ft) garnered the top bid of S$320.1 million or about S$1245.7 per square foot per plot ratio (psf ppr), exceeding the forecasts of many property consultants.

This top bid was given by EL Development. It was 1.27% higher than the second highest bid of S$316.1 million or about S$1,230.2 psf ppr by a representative of Kingsford Development Pte Ltd.

In the mean time, the 63,901 sq ft land parcel B got a top bid of S$162.4 million or S$1,210.1 psf ppr from Gao Xiuhua, one of the owners of Kingsford Development.

Senior director of research and consultancy at JLL, Mr Ong Teck Hui, noted that the bids were competitive. He said: “Developers’ hunger for sites is also reflected by many of them bidding for both sites, to increase the probability of success.”

Mr Ong added that real estate developers were probably to be encouraged by the success of One-North Eden in April, which sold 141 of the total 165 units at a median price of S$2,009 psf within its initial month.

Meanwhile, Ms Tricia Song, head of research (South-east Asia) at CBRE commented: “The plots are attractive because of their relatively palatable sizes, the expanding catchment at the thriving one-north R&D business precinct, and scarce new housing supply in the area.”

“We predict the Slim Barracks Rise projects to sell above S$2,100psf when they are launched,” she said.

At their inception on June 15, analysts forecasted that the land parcels would garner a high number of bids because of their relatively small sizes compared to other GLS land plots.

Some analysts also anticipated parcel A, which is now the Blossoms By The Park site, to attract more bidders than parcel B, due to the former’s closer distance to Buona Vista MRT Station. However, both sites attracted 10 bids each.

The pair also outperformed the One-North Eden site. Launched under the GLS programme back in 2019, the plot drew 9 bids at a price $1,001 psf ppr.

“The enthusiastic bids received today is also because of an upbeat market with increasing prices, while falling unsold inventory is pushing developers to top up their land banks,” Mr Ong said.

Source: https://www.businesstimes.com.sg/property/two-sites-one-norths-slim-barracks-rise-beat-forecasts-10-bids-each

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