More high-rise homes to be built in one-north to meet growing housing demand

The Urban Redevelopment Authority (URA) has proposed amendments to the zoning and gross plot ratios (GPR) of four land parcels in the one-north precinct to build more high-rise homes, support housing demand in the area, and transform one-north into a vibrant neighbourhood. Analysts believe that rezoning the land for commercial and residential use will not only cater to the accommodation needs of nearby professionals and tertiary students, but also inject greater vibrancy into the precinct.

In a notice published on its website on Friday (3 May), URA proposed amendments under the Master Plan 2019 for four land parcels located near Media Circle and Media Walk. One Business Park site will be rezoned to a residential site with commercial use on the first storey and a GPR of 3.7. Two White / Road sites will be rezoned into a residential site with commercial on the first storey and a GPR of 4.3, and a "residential with commercial on the first storey (subject to detailed planning)" site respectively. Another White site will be rezoned for road use.

one-north is a thriving commercial and innovation hub with a relatively high proportion of expatriates. However, housing supply here has lagged behind demand, driving stronger rental growth.

Situated close to tertiary institutions and business parks, one-north holds strong appeal for both homebuyers and tenants. In addition, demand for private residential properties in the area remains resilient, as evidenced by new launches such as Blossoms by the Park, which saw robust sales on its launch day.

Potential Addition of Over 2,000 New Residential Units

Currently, there are no HDB flats in the one-north area. With the proposed rezoning and plot ratio adjustments for these four parcels, there is potential for new public housing flats to be introduced to the precinct.

Based on the proposed Master Plan amendments, more than 2,000 new residential units could be added here, comprising both HDB flats and private homes. Among these, a purely residential plot could potentially be designated for HDB developments, bringing greater housing diversity to the precinct.

Near the four parcels earmarked for amendment in one-north, two sites currently fall under the Government Land Sales (GLS) programme. One of these sites was awarded in February this year to a consortium led by Qingjian Realty for $395.3 million, translating to $1,191 per square foot per plot ratio (psf ppr).

The land parcel with a GPR of 3.7 is estimated to yield approximately 250 HDB flats or 350 private residential units. Another parcel with a GPR of 4.3 could yield around 300 HDB flats or 430 private residential units.

As for the site without a specified plot ratio, its gross plot ratio is expected to fall between 2.9 and 4.3. The government may potentially build new HDB flats here to foster a more inclusive community.