Wong Xian Yang Head of Research Singapore Cushman & Wakefield comments on URA tender launch for two sites at Slim Barracks Rise. The URA has launched the tender for two sites (residential with commercial at 1st storey) within the one-north precinct. Both sites are smallish sites and can yield 405 residential units in total. 

Both sites are expected to be highly sought after by developers, given the strong locational attributes, limited supply of private residential units in the area and palatable development quantum. The last GLS sold in the area was the one north gateway site, which is the upcoming one-north Eden. The site garnered a total of 9 bids and attracted a top bid of $ 1001 psf ppr. One-north eden was launched in April 2021 and is currently about 89% sold out as of May 2021. The median transacted price for sold units was $1999 psf. Only 18 units remain unsold out of the 165 unit development.

The future developments will benefit from strong leasing and selling demand given her location within one-north and close proximity to science park, which caters to technology and biomedical industries. These industries are expected to thrive in the new economy amidst digital transformation and higher growth for life science. Tech unicorns Razer and Grab have located their headquarters at one-north, while Shopee is located at Science Park. Both sites are also a stone’s throw away from Biopolis, the premier research hub for biomedical sciences in Singapore.

Both sites also score highly on accessibility and amenities given their close proximity to 2 MRT stations and educational institutes such as Anglo-Chinese School (Independent) and Fairfield Methodist Primary and Secondary Schools.

Site A is expected to garner more demand given the closer proximity to the MRT station and higher building heights which allow for better views. But given the small sizes of both sites and same closing tender dates, we could see a developer bidding to win both sites to mitigate future competition and achieve higher economies of scale.

Site A

Click below to visit URA site

Slim Barracks Rise (Parcel A)

Expected winning bid: $1050 - $1200

No of bids: 7-12

Site B

Click below to visit URA site 

Slim Barracks Rise (Parcel B)

Expected winning bid: $1050 - $1150

No of bids: 7-12

The tenders for both sites will close on the 28th September 2021.