08/09/2019
one-north Gateway site garners 9 bids in latest round of tenders: URA
SINGAPORE - The one-north Gateway site attracted nine bids by the time the tender process for it closed on Thursday (Sept 5).
The top offer was $155.7 million or $1,001 per square foot per plot ratio (psf ppr) lodged by TID Residential, a joint venture between Hong Leong Holdings and Mitsui Fudosan Co.
The site at one-north Gateway is launched for sale under the confirmed list as part of JTC's efforts to inject more residential spaces in the one-north estate in a bid to meet housing needs and to enhance the area as a mixed-use business park, URA said in a press statement.
Mr Desmond Sim, CBRE's head of research for South-east Asia, noted that the demand for the one-north Gateway site was unsurprising given its "palatable size and strategic location".
Bidders were "probably encouraged by the growing tenant pool, as well as the limited options available in the private residential market", he added, noting that the last residential site in the area was launched in 2005.
Ms Li said technology firm Razer and ride-hailing start-up Grab are building their headquarters in one-north, which could contribute to strong demand for housing, "as affluent tech workers who work long hours might prefer to live nearby to shorten their commute".
- Straits Times, Business (2019, Sep 5). One-north Gateway site garners 9 bids in latest round of tenders: URA
