One-North Eden

image for illustration purposes only, does not represent One-North Gateway

One-North Eden 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.

 

Key Selling Point

1. A unique development rising amidst lush flora, accompanied by the beautiful greenery of the Nepal Hill and One North Park

2. Offers a serene lifestyle away from the hustle and bustle, without compromising on any convenience as the CBD is just a 15-minute drive away.

3. Head down to The Star Vista, Rochester Mall, Parkway Parade and Holland Village Shopping Mall for a range of dining, shopping, and entertainment amenities – all located a short drive away from home.

4. Kent Ridge Park, Singapore Botanic Gardens, MacRitchie Reservoir and Mount Faber Park located approximately 10-15 minutes away.

5. Several schools such as Fairfield Methodist Primary School, Henry Park Primary School, New Town Primary School, Anglo-Chinese Junior College (ACJC), as well as the world renowned National University of Singapore (NUS) are located just around the vicinity.

6. The Central Business District and Orchard Road shopping belt is also located a 15-minutes drive away via One North Link.

One-North Eden 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.

Land for One-north gateway
Photo: CNA

One-North Eden selling price

One-North Eden 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.

Nearby development

According to the analyst, the adjacent project, One-North Eden, 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. 


Location

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.

Access to MRT – Buona Vista MRT and One-North MRT.




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