The tender for the two GLS sites at Slim Barracks Rise closed on 28 September 2021 with both bids crossing $1,200psf mark. EL Development won Parcel A with a winning bid of $1,246psf while Kingsford Development was second with just $4m short. The Normanton Park developer, Kingsford Development, however won Parcel B with a winning bid of $1,210psf.
Parcel A can yield an estimated 265 units while Parcel B’s estimated yield is 140 units. Both sites are within close proximity to the Buona Vista MRT Interchange (East-West and Circle Lines) and are expected to capture interest from investors and buyers working in the One-North precinct.
The strong interest for these two sites are said to be attributed to developers’ dwindling land banks and the successful sales launch of One-North Eden sold at a median price of $2,009psf. The launch prices for the 2 new GLS sites are expected to be $2,000psf to $2,200psf.