El Development and Gao Xiu Hua submit top bids for Slim Barracks Rise GLS sites
The offer for the 99-year lease term locations was launched on 15June within the Confirmed Lineup of the first half 2K21 GLS program.
El Development offered the top price of $3hundred 20 point 1 mil or $1,246 per sq feet per PR for Parcel A, which spans 7,957.3 square metres. The spot features a peak GFA of Twenty Three thousand Eight hundred Seventy Two sq m plus can produce 265 apartments units with a retail limit of 8hundred sq metre in GFA.
“The number one tender was literally just One point Three percentage exceeding the next highest price from Gao Xiu Hua, who tipped the quote for Land B,” revealed CBRE’s Head of Research study for SE Asia Tricia Song.
Gao Xiu Hua, that is believed to be the other half of the Chairman of Kingsford Development, submitted the main offer for Land B at $162.4 million or $1thousand 2hundred 10 psf per plot ratio. This particular leading tender was Two point Four percent greater than the 2nd greatest proposal from TID Residence.
Covering 5,936.6 sq meter, the site has a total GFA of Twelve thousand Four hundred Sixty Seven square meter and could possibly produce 1hundred 40 personal apartments with a retail cap of 4hundred sq meter in gross floor area.
“Plot A’s land price is more than Plot B’s, likely because of Land A’s shorter proximity to the Buona Vista MRT station,” Tricia said further.
She attributed the powerful attention for the locations to their “remarkably satisfactory measurements, the rising nature at the prospering one-north R&D firm hub, moreover limited brand new apartments source inside the vicinity”.
In fact, the spots outmatched a previous residence location at Slim Barracks Rise, that got a number one price of $1thousand 1 psf per PR during the course of the cease of its tender in Sept2K19.
It was afterward turned into One-north Eden, the apartments of that were generally offered at a median amount of $2,009 psf, revealed Song.
For the 2 locations, Tricia projects the properties to be promoted at over $2.1K per sq feet once introduced.