EL Development previews Blossoms By The Park from $2,183 psf

It will be the tallest residential project in one-north built so far.

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When it comes to acquiring residential sites, the managing director of EL Development, Mr Lim Yew Soon takes measured risks.

When the government launched 2 residential sites for sale within the one-north precinct in June 2021 — Slim Barracks Rise Parcel A and Parcel B — Lim chose to bet on only one, Parcel A, rather than spread his wagers over both.

The land parcel with a 99-year leasehold tenure has a land size of 85,652 square feet and a gross plot ratio of 3.0.

This allowed EL Development to construct a 27-story, high-rise private residential development. Lim noted that residential developments within the one-north precinct are generally 13 to 15-storey tall.

As a result, when the tender closed in September 2021, EL Development came out as the top out of ten bids. In October 2021, it officially secured the site for $320.1 million (or $1,246 psf ppr).

Blossoms By The Park is the name of the new launch condo project at Slim Barracks Rise. The condominium has 2 levels of basement parking and 4 commercial units (a total of 4,306 square feet) on the 1st floor.

The strata-titled commercial units line up on both sides of the public plaza that links to the public park and also the Buona Vista MRT Station (which is part of the Circle and East-West MRT Lines).

The MRT station is about a 3- to 5-minute (288 metres) walk away via the park shortcut.

Blossoms by the Park Condo LocationEL Development hired ADDP Architects to be the project’s design architect and Ecoplan Asia as the project’s landscape architect.

In addition, Ecoplan will also be designing the nearby One-North Park as well.

Residents’ facilities are located on the 2nd floor of Blossoms By The Park, while residential units are located on the 3rd through 27th storey. There are 11 units per level.

It was noted that the “penthouse” units (on the 27th storey) are identical to units on lower levels.

The sole distinction is the unit’s ceiling height, which is 4.75 metres for penthouses and 2.75 metres for the remaining majority.

EL Development has taken into consideration the stipulated median size of 85 square metres (914.9 square feet) for the one-north region that is zoned under the Rest of Central Region (RCR) while planning the unit configurations.

As a result, 125 of the 275 units (or 45.45 per cent) were 1-bedroom plus study units of 549 square feet, 2-bedroom units of 678 square feet, and 2-bedroom plus study units of 721 square feet.

With the 3-bedroom dual-key units included, the total number of 1- and 2-bedroom types would rise to 175 (about 63.63 per cent).

Lim claimed that future owners of the 3-bedroom dual-key apartments are getting a 2-bedroom apartment as well as a tiny studio in a single transaction.

Tembusu Grand condo in Katong’s excellent neighbourhood exemplifies the concept.

Over the weekend of 8-9 April 2023, 340 of the 638 apartments in the 99-year leasehold condominium were sold for a median price of $2,465 psf.

Analysts mentioned that 1- and 2-bedroom units accounted for almost 70 per cent of the apartments sold. And while there was a significant number buying for their own stay, the vast majority were property investors.

Blossoms By The Park will be open for preview on 14 April 2023 and the official launch will be on 29 April 2023.

Units will be priced from $1.291m (1-bedroom plus study unit) onwards, although the lowest psf in the development will start from $2,183 psf for a 3-bedroom unit.

 

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