The site at One-north Gateway is launching soon, expected to be on sales in 2nd half of 2020.
The site was launched for sale in the first half of the 2019 Government Land Sales Programme. It was launched under confirmed list as part of JTC’s efforts to inject more residential spaces in the one-north estate. It was a move to meet housing needs and to enhance the area as a mixed-use business park, URA said in a press statement.
One-north Gateway will be a rare mixed-development
Zoned for residential with commercial at the first storey, the one-north Gateway site occupies an area of 5,778.7 sqm. It have a maximum gross floor area (GFA) of 14,447 sqm. With the land size and plot ratio, it was estimated to yield 165 units.
Height control for the first two storeys stands at 23m to 25m above mean sea level (AMSL). while the overall building height control is 61m to 87.5m AMSL. According to URA, the site is estimated to yield about 165 housing units.
One-north Gateway selling price
One-north Gateway is launching soon after the site received nine bids at the close of the tender on September 2019. The top bid of $155.7 million was submitted by TID Residential. It was an unit of TID Pte Ltd (a joint venture between Japanese developer Mitsui Fudosan and Hong Leong Holdings). The bid price by TID translates to a land cost of $1,001 psf per plot ratio (psf ppr).
Analyst predicted the breakeven price for the new project to be in the range of $1,500 to $1,550 psf. Assuming a minimum average unit size of 85 sq m for the new project, the developer could be looking at selling prices at an estimated $1,600 psf.
According to the analyst, the adjacent project, One-north Residences, was completed in 2009. The prices of units in the 900 to 1,000 Sqft range have changed hands at prices of around $1,500 PSF.
In fact, the last residential site to be launched for sale at one-north was the site next door. The development of one-north Residences, the first condominium project in one-north.
The healthy interest for the site at one-north also reflects “pent-up demand”, says CBRE’s Sim.
The bidders were probably encouraged by the growing tenant pool. There are limited options available in the private residential market as well.
However, the site is also located on top of MRT tracks which may impact the construction process and costs. With that, it led to an experienced developer bidding for the site, notes Sim.
Christine Li, Cushman & Wakefield (C&W) head of research for Singapore and Southeast Asia sees the new development at one-north Gateway further enhancing the work-live-play concept at one-north. She expects to see “strong demand for units in the project” owing to the relative scarcity of housing stock in the one-north precinct, she adds.
Nearest MRT – Buona Vista MRT Interchange.
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