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Lim Yew Soon, managing director of EL Development, takes calculated risks when purchasing the residential sites. The government launched two sites available for sale at one-north -namely, Slim Barracks Rise Parcels A and B at the end of June in 2021 instead placing his bets on each of the sites, Lim banked on winning only one site, which was Parcel A.
The 85,652 sq ft 99-year leasehold site which Lim was focusing on has a plot-to-plot ratio of 3.0 which lowers EL Development to build a 27-storey, high-rise apartment block. “Typically residential developments that are built in the one-north zone are mid-rise with 13-15 stories,” says Lim. Thus, at the conclusion on September 20, 2021’s tender, EL Development emerged at the top of the 10 bidders. The company was granted the site at $320.1 million ($1,246 per plot ratio, psf)) in the month of October, 2021.
The brand new residential project located at Slim Barracks Rise is named Blossoms By The Park. The condo features two levels of parking in the basement, with the strata-titled units totalling approximately 4,306 square feet on the upper level.
The commercial units line the public plaza which provides an access point to the park’s public area as well as it is also the Buona Vista Station (an interchange for the Circle and East-West Lines). By taking the shortcut to the park it’s only a three to 5-minute stroll (288m) towards Buona Vista MRT station.
EL Development appointed ADDP Architects as the design architect of the project. ADDP Architects was also appointed by Ecoplan Asia as the landscape architect. Ecoplan will design the adjacent one-north parks as well. “Right this moment it’s a pretty sad area,” says Lim. When it’s finished the space will become “a seamlessly integrated extension of the amenities for residents and greenery” Lim adds.
In Blossoms by The Park the residents’ amenities are located on the second floor and apartments are located on from the third to 27th floors. The building has 11 floors, or 11 units each floor. The units at the penthouse level (27th level) are exactly the same as the units that are on lower levels. The only difference is in the ceiling high: 4.75m for the penthouses and 2.75m for lower floor units.
One- and two-bedroom units are very popular’
In determining the units’ types, EL Development considered the prescribed average area of 85 square meters (914.9 sq feet) in the single-north portion within the Rest of Central Region. Therefore, one-bedroom-plus- study units of 549 sq ft, two-bedroom units of 678 sq ft, and two-bedroom-plus-study units of 721 sq ft accounted for 125 out of the 275 units (45.45%).
In addition to the triple-bedroom units with dual-keys, the number of two-bedroom and one-bedroom kinds would rise up to one hundred and fifty-five units (about 63.63%). Lim says that those who purchase three-bedroom dual-key units are buying two bedrooms and an en-suite studio in one purchase. “We realize that the two-bedroom and one-bedroom units are in high demand in the present marketplace,” he adds. “Such properties are attractive buyers due to their low cost.”
It The best place to start is Tembusu Grand in the prime neighborhood of Katong. The development saw 340 of 638 units within the 99-year leasehold condominium sold at an average cost of $2,465 per square foot over the weekend between April 8 and 9. Based on Ismail Gafoor, CEO of PropNex Realty, about 70% of the units sold were one- or two-bedroom units. Although there were some homeowners but the majority was investors. states.
Blossoms By the Park open for previews the show on April 14 and the debut on the 29th of April. Prices will start from $1.291 million ($2,352 psf) for a one-bedroom-plus-study unit, from $1.499 million ($2,211 psf) for a two-bedroom, and from $1.585 million ($2,198 psf) for a two- bedroom-plus-study. Three-bedroom units with dual keys start at $2.082 million ($2,276 per sq ft) for three bedrooms, while three-bedroom units cost $2.279 million ($2,183 per square foot). In contrast, four-bedroom units start with $2.921 million ($2,243 per square foot) as well as four-bedroom units that are premium start starting at $3.335 million ($2,213 per square foot).
Ken Low, managing partner of SRI Ken Low, managing partner of SRI, anticipates the average price of sale to be within the “$2,350 to $2,400 range”.
PropNex’s Gafoor expects that the performance in sales of Blossoms By The park will likely to be comparable to the performance for Tembusu Grand. “Blossoms By The park is priced with care,” he adds. “Sales will likely to exceed fifty% figure.” With only 275 units, a 50% is roughly 140 to 138 units.
‘Strong sales track record’
SRI’s Low highlights the previous three launches of one-north, which brought “a excellent track record of sales”. Particularly, the initial condominium project in one-north, The 405-unit One-North Residences was launched on March 7, 2007 and% sold in just three days. The following launch, in July 2007 included 334 units The Roches-ter Residences. “It was sold out within less than an entire months,” Says Low.
Just diagonally to Blossoms In The Park, which is diagonally opposite Blossoms The 165-unit One-North Eden that was officially first launched in April 2021just 14 years following The Rochester Residences’ launch. In the initial weekend the project was sold out. 140 of the units (85%) at One-North Eden were purchased according to the Low of SRI’s. The project was fully sold out by the end of March 2022less than one year after its launchat a cost of $1,965 per sq ft Based on caveats filed by URA Realis.
The next one-north launch is likely to occur at The Hill @ One-North which is a 142-unit housing project from Kingsford Development. This Slim Barracks rise Parcels B project is separate by Blossoms By The Park by the Nan- yang Technological University Alumni House and Executive Centre.
“The main reason to choose one-north is it’s a major business hub,” says Marcus Chu the chief executive officer of ERA Realty Network. One-north encompasses 200ha of site developed by JTC Corp, and houses more than 400 multinational businesses and 15 public research institutes as well as five higher education, such as Insead as well as Essec Business School, and corporate campuses like the global campus of Unilever, Unilever Campus @ one-north.
JTC estimates there are 50,000 or so experts in one region. The ERA’s Chu mentions other knowledge workers working in the area, including there is the National University Hospital (NUH) and The National University of Singapore (NUS) as well as Science Parks 1 and 2. “Many of them would like to live in a close distance of their workplace,” he says.
Due to the absence of new housing supply in one-north, the other private condominiums that have been launched within District 5 have witnessed “strong and steady demand” from investors and owner-occupiers throughout the years, claims Chu. “We are seeing a lot of demand in projects in one-north.”
There is a shortage of new products
The rates for residential rental at one-north are holding steady due to the lack of new rental supply, according to the ERA’s Chu.
Mark Yip, CEO of Huttons Asia, says there are two completed private residential developments with 739 units within One-North Rochester Residences as well as One-North Residences. For 2023, a unit with two bedrooms in One-North Residences was rented for an average of $5,551 per month, whereas a two-bedroom unit located at The Rochester Residences was rented at an average rate of $6,550 per month. “The rents are higher than similar non-landed developments such as Dover Parkview and Heritage View and are expected to exceed expectations given the limited availability,” he adds.
According to Yip Yip, the two residential parcels in Slim Barracks Rise are the only sites that are zoned to residential use in the area around Biopolis as well as Fusionopolis.
One-north is a place that typically has “robust rental transactions as well as median rents” as per Low of SRI. “The one-north region in District 5 could have higher rents than developments in District 3 which include Alexandra, Bukit Merah, Queenstown and Tiong Bahru,” he says.
One-north is a popular choice for investors While the ERA’s Chu expects “a fair amount of owner-occupiers” too. He anticipates Singapore citizens as well as permanent residents to comprise most buyers in new launches of projects, like Blossoms By The Park.
Owner-occupiers, specifically families with children who are of schooling age, are also attracted to the area. The closest schools to the property, located 1km away from Dover Road are Fairfield Methodist School (Primary and Secondary) and ACS (Independent) according to SRI’s Low. The school is just a walk of three minutes from Buona Vista’s MRT interchange station as well as 5 minutes towards Star Vista Mall.
Majority of investors
However, Low expects investors to be a bigger percentage of the purchasers in Blossoms By the Park. Low sees one-north benefits from the plans of the government in the direction of Greater One North, an expansion of the existing R&D as well as high tech ecosystem. This includes the upcoming Dover Knowledge District, NUH Campus, NUS and Science Parks 1 and 2.
Low mentions that one north of the city is “a five-minute drive, or three MRT stops away from the Greater Southern Waterfront”.
EL Development’s Lim believes of the fact that “Blossoms by the Park” is the perfect name for the project. “‘By the Park’ refers to being right next to a park. We chose “Blossoms” is the reason we wanted a name that was related to the theme of gardens. We decided that ‘Blossoms’ would sound great in Chinese as well, as it symbolizes abundance and growth,” he notes.
Lim adds: “One-north is Singapore’s Silicon Valley.” In addition to being close to schools that are good One-north offers a perfect location for those looking to work in knowledge industries, Lim says. Lim thinks that one-north provides “an ideal atmosphere” for families as well.