One North Eden

13/01/2021

Launching soon ! Call 9099 3382 for more info

19/11/2020

09/03/2020

The one-north Gateway site received nine bids at the close of the tender on September 5. The top bid of $155.7 million was submitted by TID Residential, a 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).
The nine bids received for the one-north Gateway site came as no surprise as it’s the smallest site on the Confirmed List, with the potential to yield about 165 units. “It’s a palatable development quantum which appeals to more developers,” says Tricia Song, Colliers International head of research for Singapore. The risk of not being able to sell out the units in the project within the five-year timeline is also reduced, she adds.

Song reckons the breakeven price for the new project to be in the ballpark 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 north of $1,600 psf, she estimates.

Source: Edgeprop