BLOSSOMS BY THE PARK
Mixed Development at One-North Singapore
REGISTER FOR UPDATES . BY EL DEVELOPMENT
REGISTER FOR UPDATES . BY EL DEVELOPMENT
We present here the upcoming launch of Blossoms By The Park @ one-North. The Blossoms condo is a new residential development with retail at ground level, along North Buona Vista Road. This project is attractive for a number of reasons, not least its location within One North Business Park.
Despite the numerous research and industry hubs sprouting here, there have been few new residential developments to match. In this case, with less than 300 homes for sale in the project, demand will likely outstrip supply.
Note: This is NOT an advertisement for sale.
Blossoms By The Park . The Project
The Blossoms condominium + retail development is nestled in one-North, at the corner of North Buona Vista Road and Slim Barracks Rise. It is one of the best located of the residential sites here, being roughly 260 metres or 4 minutes walk from Buona Vista MRT interchange station. It is also within walking distance of One-North MRT station on the Circle Line.
This is a rather pleasant environment, and is right beside the greenery of one-north Park to its rear. (Hence its name.) The park is quite big, spanning 16-hectares comprising 13 land parcels running across the whole length of one-North.
Residents can enjoy pretty open views, not just of the park, but also of the surrounding, as the site itself sits on elevated ground.
Yet Blossoms at one-North is also not far from the CBD. It is an RCR (Rest of Central Region) site, 15 minutes drive off-peak from Orchard Road and the central financial district.
The commercial space at the ground floor of the project will provide F&B and retail options for the residents. This commercial space will also enhance the overall value of the project, as such retail space usually command a higher price than residential space at ground level.
Within the estate itself, there are plenty of other appealing venues for weekend or after-work hang-outs for residents. Directly across North Buona Vista Road, we have Rochester Mall and Star Vista. And in the vicinity we have the lifestyle enclaves of Holland Village (set to be further enhanced when One Holland Village completes), and Dempsey Hill.
The Blossoms condo is being developed by EL Development Pte Ltd. They acquired the land in a GLS (government land sale) that drew ten bids by tender closing on 28 September 2021.
Register interest for updates or to view the showflat, or for prices.
Blossoms By The Park Singapore . Meeting Needs
URA sales of residential sites in one-North is part of JTC’s “…continued efforts to inject more residential spaces in the one-north estate to meet the housing needs and enhance the area as a vibrant mixed use business park.”
The fairly high number of 10 bids for this land parcel reflects strong competition for it, due to its strategic location and palatable size.
At last count, this district is home to over six universities and institutes of higher learning, 16 world-class public research institutes, 400 companies and global institutions, and 50 incubators nursing 800 startups. In all, they employ more than 50,000 white collar and knowledge workers, with the numbers continuing to rise.
Many of these companies are in growth sectors, underpinned by stalwarts like Canon, Fujitsu, P&G, Abbot, Dupont, A*STAR, Industrial Light & Magic, Infinite Studios, and Walt Disney. Moreover, Grab and Razer are building their headquarters nearby currently, with Grab’s facility expected to house a workforce of up to 3,000.
The last new residential launch hereabouts was for one-North Eden, just diagonally opposite the Blossoms condo site. One-North Eden launched for sale in April 2021, and sold out all its 165 units within one year. The previous launch before that was in 2009, with no new homes built in between. So there is a relative shortage of new housing stock in the vicinity.
Hence there should be a good deal of pent-up demand. This is especially so given the rise in potential buyers and tenants who work in the nearby business hubs, or study at the surrounding educational institutions.
The Blossoms By The Park condo launch will help to alleviate some of that demand.
View to the Blossoms @ one-North Site . On Elevated Ground . Source: Google Maps
Context of Neighbourhood . One-north Business Park
One-north is a subzone and business park spanning 200 hectares of lush green grounds, in the Master Planning area of Queenstown. It was developed as a cluster of R&D hubs for the media, biomedical sciences, and info-comm technology (ICT) sectors.
It was conceptualised as far back as 1991, master planned by Zaha Hadid Architects, and officially launched in 2001. One-north is envisioned as a “global talent hub” to foster innovation and entrepreneurship, so as to spear-head Singapore’s knowledge-based economy.
One North is also located near other major educational and research institutes in this part of Singapore. Such as the ESSEC Business School’s Asian campus, the National University of Singapore, INSEAD, the Singapore Institute of Technology, and the Singapore Science Parks.
Besides being a “science hub”, another goal here was to create a community wherein locals and expatriates alike could gather to live, work, and relax together. To that end, it has become not just another government project, but one where the private sector has played a role, in catering social and recreational facilities for those living and working here.
Today One-north stands out as a leading Singapore development and research hub, one that is set within a dynamic and vibrant community. It offers its own unique and distinctive lifestyle, that inherits part of its vibe from close proximity to Holland Village, and the Southern Ridges Green Belt.
The other part of one-north’s appeal comes from how its heritage buildings are re-purposed and blended in. There is a sprinkling of old colonial bungalows around one-north, mainly at Wessex Estate and Rochester Park. A number of these have been renovated for re-use, adding a great deal of charm and character to the neighbourhood.
Register interest for updates or to view the showflat, or for prices.
|Name||Blossoms By The Park|
|Developer||EL Development Pte Ltd|
|Status||Residential with Commercial at 1st Storey|
|Address||Slim Barracks Rise Singapore|
|Site Area||7,957.3 m² (85,652 sq ft)|
|Floor Area||23,872 m² (256,957 sq ft)|
|Tenure||Leasehold (99 years)|
Blossoms By The Park Floor Plans
The Blossoms condo floor plan brochure is not available yet.
Please drop us a note via the Contact Form if you wish us to send you the Blossoms floor plans are ready.
Blossoms Condo Site Plan
The Blossoms By The Park site is a mid-sized, almost perfectly kite-shaped land parcel. It spans 85,652 square feet of ground, and is tilted along a north-east / south-west axis.
The land sits at the corner of North Buona Vista Road on its north-west, and Slim Barracks Rise on its south-west. The main entrance to the site will be from this latter road.
Its immediate neighbour on its right, to its south-east, is the NTU Alumni Clubhouse. This is not a very tall building, so it won’t obstruct the Blossoms condo too much.
The other nice thing about the site is that its north-east boundary borders the greenery of One North Park. This is a park reserve, so residents on this site are assured of unblocked views and good wind flows.
Overall this site is fairly open, with an outlook to its north-east and north-west. Especially as it sits on elevated ground. So even if the empty site to its south-west across Slim Barracks Rise is developed, it does not feel too hemmed in.
The maximum plot ratio for this land parcel is 3. Zoning is residential with commercial at ground level. This commercial space will likely be used for retail shops and F&B outlets. The apartments and communal condominium facilities will sit on top of it.
Blossoms By The Park Showflat · Viewing
The Blossoms condo showflat is not open yet. Viewings for the VIP Preview will be registered by advance appointment.
Please drop us a line via the Contact Form if you wish to register to view the Blossoms showflat. Thank you.
The Blossoms Condo Prices · Unit Types
UNIT TYPES . SIZES
|Unit Description||Type||No. of
|Total Number of Units||TBA|
Floor areas stated includes any Voids, Patios, Balconies, Terraces, A/C Ledges.
THE BLOSSOMS CONDO PRICE RANGES
The Blossoms pricing is not finalised yet. Please let us know via the Contact Form if you wish to be kept updated on the pricing when available.
BLOSSOMS BY THE PARK . PRICING BACKGROUND
The government land sale (GLS) tender for this 85,652 sq ft site closed on 28 September 2021. Which is almost exactly two years after tender closing of the previous GLS site across the road (that became one-North Eden, and sold out within a year of launch).
This Blossoms condo site drew 10 bids. According to analysts, the number of bids showed that developers are keen to acquire development land of a palatable mid-size.
The highest bid for this particular site, S$320.1 million, was submitted by EL Development Pte Ltd.
The URA Master Plan zones the site for residential + commercial at ground level, with a plot ratio of 3 (the ratio of built-in floor space to land area). Which works out to a maximum GFA (Gross Floor Area) of 256,957 square feet, and hence land cost of $1,245.74 PSF PPR (per square foot per plot ratio).
Its breakeven after adding all development costs and charges could then be around $1,900 PSF. Analysts were therefore predicting selling prices of around $2,200 PSF previously.
Especially since one-North Eden with a land cost of $1,001 PSF, or $244 PSF less, sold at a median of close to $2,000 PSF. But the recent rise in labour and material prices is expected to bump development costs up even further.
Hence the selling price could possibly range even above $2,300 PSF. This is not an unlikely scenario given that Piccadilly Grand at Farrer Park MRT station sold out 77% of its units on launch day recently, at an average of $2,150 PSF.
Particularly as the Blossoms condo is not very large. At less than 300 units, there is little risk of being unable to finish selling within its 5-year deadline. So EL can afford to name its price, within reason. (Similarly too, can investors looking to flip upon completion, given the low competition hereabouts.)
About the Developer
Blossoms By The Park Singapore is being developed by EL Development, a home-grown real estate development and investment company in Singapore.
Founded in Singapore in 2005, EL Development is one of the newest property developers here. It started out first as a business unit within its parent group, the Evan Lim Group, an established construction firm that has been in operation since May 1980.
As the unit grew in strength and size, it spun off into a separate entity, EL Development, to focus exclusively on property development. Since then it has accomplished a number of development and redevelopment projects. These have ranged from en bloc to government land sale sites and total more than 3,000 residential and industrial units.
EL’s quick rise to success was partly fuelled by its parent Evan Lim Group’s depth of experience in the industry. Hence despite its relatively young status, EL Development is making its mark on the local real estate scene.
In late 2006, the company sold out Rhapsody on Mount Elizabeth, its first high end residential development, within 6 weeks. Since then, it has completed other projects in Singapore as well. Most of these have been high-rise apartments and condominiums.
A number of their recent projects have won property awards too. Examples include La Fiesta (FIABCI Singapore Property Awards 2018), Symphony Suites (Asia Pacific Property Awards 2018-2019, Award Winner for Architecture Multiple Residence), and Parc Riviera (Asia Pacific Property Awards 2018-2019 for Best Residential High-Rise Architecture).
Other completed projects are Illuminaire on Devonshire, Parc Centennial, SkySuites 17, Trivelis, Steven Suites, and Rosewood Suites. They are currently developing Pullman Residences along Dunearn Road near Newton.