ONE-NORTH EDEN CONDOMINIUM
Mixed Development at One-North Gateway Singapore
We present here a Review of the One-north Eden condo. One-North Eden is a new upcoming mixed residential + retail development along One-north Gateway. This is a rather attractive location for several reasons, not least because it is nestled within the One North Business Park.
Note: This is NOT an advertisement for sale.
One-north is a subzone and business park located in the Master Planning area of Queenstown. It was developed as an aggregation of R&D space for the info-comm technology (ICT), media & biomedical sciences industries, spread across more than 200 hectares of lush green grounds.
Conceptualised as far back as 1991, master planned by Zaha Hadid Architects, and officially launched in 2001, One-north was envisaged as a “global talent hub” to foster entrepreneurship and innovation, to spear-head Singapore’s knowledge-based economy.
It is also located near major educational and research institutes such as INSEAD, the National University of Singapore, the Singapore Institute of Technology, ESSEC Business School’s Asian campus, and the Singapore Science Parks.
Besides being a “science hub”, another aim here was to create a community where locals and expatriates could foregather to work, live, and relax in. In line with that, it has become not just a government project, but one where the private sector has played its part in providing recreational and social amenities for those working and living here.
Today One-north is one of, if not Singapore’s leading research and development hub, set within a vibrant and dynamic community. It also offers its own unique lifestyle, partly fuelled by its close proximity to Holland Village, and to the Southern Ridges Green Belt.
The other part of one-north’s appeal comes from how well heritage buildings have been blended in. Old colonial bungalows dot one-north, at Rochester Park and Wessex Estate. Many of these have been restored and adapted for use, adding character and charm to the landscape.
The One-North Eden Condo . The Project
Nestled within One-north is the upcoming One-North Eden condominium + retail development at the corner of One-north Gateway and Slim Barracks Rise. It is quite conveniently located, 6 minutes walk from both Buona Vista interchange station on the East-West MRT Line, and One-North station on the Circle Line.
This is a rather pleasant and green environment, flanked by the greenery of Nepal Park on its front, and that of one-north Park to its rear. Yet the site is also not far from the city centre, being 15 minutes drive off-peak from the CBD and from Orchard Road.
The neighbourhood itself offers lots of appealing options for after-work or weekend hang-outs. Within walking distance, we have Star Vista, and Rochester Mall. Then slightly further afield, are the lifestyle enclaves of Holland Village (to be enhanced by the addition of One Holland Village) and Dempsey Hill, and the cosy cafes of Sunset Way.
One-north Eden is being developed by TID Residential, a joint venture between Hong Leong Holdings and Mitsui Fudosan, who rank among our top local developers. They acquired the land in a government land sale that attracted nine bids by the close of tender on 5 September 2019.
One-North Eden Singapore . Meeting Needs
URA said that this sale was 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.”
According to CBRE’s head of research for South-east Asia, Mr Desmond Sim, the fairly high competition for the site reflected its palatable size and strategic location. He said bidders were “… probably encouraged by the growing tenant pool, as well as limited options available in the private residential market”.
At last count, this neighbourhood is home to 400 global institutions and companies, 16 world-class public research institutes, six corporate universities and institutes of higher learning, and 50 incubators nursing almost 800 startups.
The last residential plot in the area was launched as far back as 2009.
There is hence pent-up demand for housing here, generated by the rise in working population in the vicinity. One-north Eden, with the potential to offer 165 residences or so, should help to meet some of that demand.
Google View of Actual Site with One-north Residences on the Right
Cushman & Wakefield’s head of research for Singapore and Southeast Asia, Ms Christine Li, sees the One-north Eden condo as complementing the live-work-play ethos of one-north. She expects “…strong demand for units in the project”, given the relative shortage of housing stock in the vicinity.
Moreover, Razer and Grab are currently building their headquarters nearby, with Grab’s facility likely to house a workforce of up to 3,000, according to Li. She notes that, “This could be a source of potential demand as affluent tech workers who work long hours might prefer to live nearby to shorten their commute.”
Register interest for updates here.
|Developer||TID Residential Pte Ltd|
|Status||Residential with Commercial at 1st Storey (Foreigners eligible to buy)|
|Address||One-North Gateway, Singapore|
|Site Area||5,778.7 m² (62,202 sq ft)|
|Floor Area||14,447 m² (155,505 sq ft)|
|Tenure||99 Year Leasehold|
|No. of Blocks||2 residential towers + 1 commercial podium|
|No. of Storeys||13 and 15|
|No. of Units||165 residential units + 6 shops (F&B / retail)|
The One-North Eden Floor Plans
The floor plans are not finalised yet. Please drop us a line via the Contact Form if you would like the One-North Eden condo floor plans to be emailed to you when available.
The One-North Eden Site Plan
The One-North Eden condo site is a mid-sized land parcel, spanning slightly over 62,000 square feet. Its shape is regular, almost rhomboid, set along a north-east / south-west axis.
This is a corner plot, bounded by Slim Barracks Rise on both its north-west and north-east. The main entrance is via One-north Gateway at its south-west. One-north Residences completes the loop, with a similar residential-above-shops configuration.
One thing nice about the site is that it faces the greenery of Nepal Park across the road. Over there, the buildings of the ESSEC Business School, and the Unilever Four Acres campus, are on the low side, allowing for more unblocked views and wind flows.
The maximum allowable plot ratio is 2.5 for this parcel. It is zoned residential, with commercial at the first storey. This will likely mean retail shops at the ground level podium. The apartments and communal facilities will sit atop that.
The One-North Eden Showflat · Viewing
The One-North Eden condo showflat is not ready yet. Please drop a note via the Contact Form if you wish to be kept posted on when the One-North Eden showflat is scheduled for opening.
The One-North Eden Condo Prices · Unit Types
UNIT TYPES . SIZES
|Unit Description||Type||No. of Units||Strata Area
|Total Number of Units||165|
Floor areas stated includes any Voids, Patios, Balconies, Terraces, A/C Ledges.
THE ONE-NORTH EDEN CONDO PRICE RANGES
The One-North Eden pricing has not been decided. Please let us know via the Contact Form if you wish to be kept updated when the indicative pricing is finalised.
ONE NORTH EDEN PRICING BACKGROUND
The GLS tender for this 62,202 sq ft site closed on 5 September 2019, after drawing 9 bids. The top bid of SGD$155.7 million, or $155,738,074 to be exact, was from TID Residential, a unit of TID Pte Ltd.
Under the URA Master Plan, the site is zoned residential + commercial, with a plot ratio of 2.5 (the ratio of built-in floor space to land area), which translates to a maximum GFA (Gross Floor Area) of 155,505 square feet.
Hence the bid price from TID works out to a land cost of $1,001 PSF PPR (per square foot per plot ratio).
Colliers International head of research for Singapore, Ms Tricia Song, reckons breakeven for the One-north Eden condo to be in the range of $1,500 to $1,550 PSF.
Assuming average unit sizes of 85 square metres, she estimates that TID could be looking to sell at above $1,6xx PSF.
According to Colliers, one-north Residences next door that completed in 2009, has been changing hands at roughly $1,500 PSF as of 2019. On that basis, units in this newer project could reasonably command a 15% to 25% premium.
Especially as this is not a big project. With less than 200 units on offer, the risk of not being able to sell out within the 5-year timeline is low. So TID can afford to name their price, within reason. (Similarly too, for investors looking to on-sell after completion.)
About the Developer
One-North Eden Singapore is being developed by TID Residential, a fully-owned unit of TID Pte Ltd.
TID is a joint venture, incorporated since 1972, between Hong Leong Group and Mitsui Fudosan Co Ltd, one of Japan’s leading real estate companies.
The strength of the partnership lies in its ability to offer better solutions by combining the talents of the Hong Leong team with Japanese management expertise. It recognises the demand for architectural fineness, and seeks to incorporate that with creativity and quality in its products.
Given its 40+ years track record here, TID can draw upon a depth of experience in developing One-north Eden Singapore. To-date it has built over 35 residential, and a handful of commercial developments locally.
These include projects such as Goodwood Gardens, the exclusive Oceanfront @ Sentosa Cove, Nathan Suites, Forest Woods, and the current launches of Piermont Grand and The Jovell.
And together with CDL, TID has also delivered many other developments like Bartley Ridge, Scala, MeyeRise at Meyer Road, Parc Emily, and The St. Regis Singapore Hotel & Residences. St Regis Hotel won the 2009 “FIABCI Prix d’Excellence” award under the hotel category.
The One-North Eden Condo Location · Features
Location. The One-north Eden location is at the corner of One-north Gateway road and Slim Barracks Rise. This lies within the one-north precinct, a 200-hectare research and business park flanked by Portsdown Road and Ayer Rajah Expressway, with North Buona Vista Road running through part of it.
According to a resident of one-north Residences next door, it is bustling and busy here during the day, but quiet and peaceful at night.
Schools & Educational Institutions. One-north is also known for its proximity to several of Singapore’s centres of learning. Surrounding schools include Fairfield Methodist Primary & Secondary (within 1 km radius), Henry Park Primary School, Anglo-Chinese Junior College, and Tanglin Trust school.
And nearby, we have the education belt running all the way from the Singapore Polytechnic and Singapore Institute of Technology at Dover Road, past the University Town and United World College of South-East Asia (Dover campus), to the sprawling grounds of the National University of Singapore.
Nearest MRT Station. The One-North condo location is fairly accessible in this regard. It is almost equidistant, about 6 minutes walk, to both the One-north MRT station on the Circle Line, and Buona Vista interchange station on the East-West Line.
Both the Circle, and East-West lines, are good to be on. The Circle line joins every other line. The East-West line runs the full width of Singapore, and goes to Changi Airport.
Shops, Supermarkets, F&B, Services. On this aspect, the One-north Eden location has become pretty self-sufficient. Residents say it is like a small village. They don’t really need to leave the neighbourhood for their needs.
With a growing workforce, a whole host of dining and lifestyle offerings have sprouted up all over its grounds. Cafes, supermarkets, wine shops, enrichment schools for kids, gyms and yoga classes, salons, even an upmarket grocer, and a chiropractor.
The opening of The Star Vista mall in 2012, next to Buona Vista MRT station, added to the buzz. Apart from its eateries and various lifestyle shops, it houses the Star Performing Arts Centre. This is a 5,000-seat auditorium – Singapore’s largest in the suburbs – that is used to host performances and concerts.
Together with Rochester Mall and its mix of restaurants, lifestyle services, and enrichment schools, they make up the Vista Xchange cluster. All of which enables one-north to live up to its “live, work, play” tagline.
Accessibility. The One-North Eden condo location has the advantage of quick access to a major expressway. From the site to the nearest Ayer-Rajah Expressway (AYE) exit, is less than 2 KM, or 5 minutes drive. The AYE goes on to join the rest of the expressway network.