journo
01-09-22, 09:41
Residential properties in Bukit Timah Link and Hillview Rise have been put up for sale
Aug 31, 2022
https://i.imgur.com/3t5rZ1C.png
Under the Urban Redevelopment Authority's (URA) confirmed list for the second part of the 2022 Government Land Sales (GLS) programme, two 99-year leasehold sites at Bukit Timah Link and Hillview Rise have been put up for sale. These properties are located in Hillview Rise and Bukit Timah Link.
URA stated in a press statement that both sites combined have the potential to produce around 495 residential units. The announcement was released on Wednesday, August 31.
The land parcel in Bukit Timah Link has a site area of 4,611.1 square meters (sq m), and it has a maximum gross floor area (GFA) of 13,834 sq m. It is anticipated that the finished structure, which will have a height of up to 153 meters according to the Singapore height datum (SHD), would have a total of twenty stories and around 160 apartments.
The property can be found in the RCR, which is known as the Rest of the Central Region. It is situated in close proximity to the Hillview MRT Station as well as a number of schools, including CHIJ School (Bukit Timah) and Assumption English School.
Nicholas Mak, head of research and consultation at ERA Realty, identified the site's neighboring impending construction at Jalan Anak Bukit as a possible "double-edged sword" to the future residential project at the smaller site that was more recently launched for sale.
The residential development at Bukit Timah Link could run the risk of facing major competition from its larger neighbor, he said; however, it is still anticipated to attract more developers due to its lower land quantum and minimal risks, such as a 5-year sales deadline under ABSD (Additional Buyer's Stamp Duty) rules.
According to Mak, "the good news for possible bidders for this site is that the launched condominium developments in the area will not provide any rivalry by the time the new project is released, possibly somewhere in H1 2024." Mak claimed that this would occur sometime in the year 2024.
According to his estimations, the GLS site at Bukit Timah Link might receive between six and nine offers, with the highest price falling somewhere in the range of one thousand three hundred sixty-five to one thousand four hundred and eight dollars per square foot per plot ratio (psf ppr).
According to Lee Sze Teck, senior head of research at Huttons Asia, the land is likely to draw attention from "small to mid-sized developers eager to ride on the change of the Beauty World region."
Because of the property's modest size, he considers the anticipated amount of less than S$200 million to be "quite acceptable." He anticipates up to ten bids, with the highest price falling somewhere between S$1,200 and S$1,300 per square foot per year (psf ppr).
The Hillview Rise site has a total area of 10,395.2 square meters and has a maximum gross floor area (GFA) of 29,107 square meters. It is located in the outside of center region (OCR) next to the Beauty World Downtown Line MRT station. It is anticipated that it would result in the creation of about 335 residential units and have a maximum construction height of 120 meters SHD.
Pei Hwa Primary School and Ngee Ann Polytechnic are both within walking distance of the property, as are other conveniences like the Bukit Timah Nature Reserve and the Bukit Batok Nature Park.
Lee of Huttons says that the future residential building at Hillview Rise presently has no other competition in its vicinity because the neighboring condominium project at Midwood is sold out. The director made the observation that the neighborhood in which it is situated is likewise "taking on the air of a private residential enclave."
According to Lee's projections, there will be anywhere from six to eight interested parties in this property, and the highest bid might be between one thousand and one thousand and one hundred ten dollars per square foot each year. On the other side, Mak of ERA Realty believes that the property might receive seven to eleven bids, with the highest bidder offering a land fee in the range of Singapore dollars 1,022 to Singapore dollars 1,056 per square foot per year.
On November 3, 2022, at noon, the deadline for submissions of bids for the Hillview Rise and Bukit Timah Link sites will arrive.
The chief executive officer of OrangeTee & Tie, Steven Tan, anticipates that there will be six to eight bidders competing for each of these sites at a price range of one thousand two hundred and three hundred Singapore dollars per square foot per plot ratio (psf ppr) for the Bukit Timah Link plot and 950 to 1,050 Singapore dollars per square foot per plot ratio (psf ppr) for the Hillview Rise plot.
"As these two plots are smaller than the upcoming launches at Tampines Avenue 11 (5.07 hectares and estimated 1,190 units) and Marina Garden Lane (1.23 hectares and estimated 795 units), developers may be keener to acquire these two plots given the lower risks and costs involved," said Tan of the most recent GLS launches.
Aug 31, 2022
https://i.imgur.com/3t5rZ1C.png
Under the Urban Redevelopment Authority's (URA) confirmed list for the second part of the 2022 Government Land Sales (GLS) programme, two 99-year leasehold sites at Bukit Timah Link and Hillview Rise have been put up for sale. These properties are located in Hillview Rise and Bukit Timah Link.
URA stated in a press statement that both sites combined have the potential to produce around 495 residential units. The announcement was released on Wednesday, August 31.
The land parcel in Bukit Timah Link has a site area of 4,611.1 square meters (sq m), and it has a maximum gross floor area (GFA) of 13,834 sq m. It is anticipated that the finished structure, which will have a height of up to 153 meters according to the Singapore height datum (SHD), would have a total of twenty stories and around 160 apartments.
The property can be found in the RCR, which is known as the Rest of the Central Region. It is situated in close proximity to the Hillview MRT Station as well as a number of schools, including CHIJ School (Bukit Timah) and Assumption English School.
Nicholas Mak, head of research and consultation at ERA Realty, identified the site's neighboring impending construction at Jalan Anak Bukit as a possible "double-edged sword" to the future residential project at the smaller site that was more recently launched for sale.
The residential development at Bukit Timah Link could run the risk of facing major competition from its larger neighbor, he said; however, it is still anticipated to attract more developers due to its lower land quantum and minimal risks, such as a 5-year sales deadline under ABSD (Additional Buyer's Stamp Duty) rules.
According to Mak, "the good news for possible bidders for this site is that the launched condominium developments in the area will not provide any rivalry by the time the new project is released, possibly somewhere in H1 2024." Mak claimed that this would occur sometime in the year 2024.
According to his estimations, the GLS site at Bukit Timah Link might receive between six and nine offers, with the highest price falling somewhere in the range of one thousand three hundred sixty-five to one thousand four hundred and eight dollars per square foot per plot ratio (psf ppr).
According to Lee Sze Teck, senior head of research at Huttons Asia, the land is likely to draw attention from "small to mid-sized developers eager to ride on the change of the Beauty World region."
Because of the property's modest size, he considers the anticipated amount of less than S$200 million to be "quite acceptable." He anticipates up to ten bids, with the highest price falling somewhere between S$1,200 and S$1,300 per square foot per year (psf ppr).
The Hillview Rise site has a total area of 10,395.2 square meters and has a maximum gross floor area (GFA) of 29,107 square meters. It is located in the outside of center region (OCR) next to the Beauty World Downtown Line MRT station. It is anticipated that it would result in the creation of about 335 residential units and have a maximum construction height of 120 meters SHD.
Pei Hwa Primary School and Ngee Ann Polytechnic are both within walking distance of the property, as are other conveniences like the Bukit Timah Nature Reserve and the Bukit Batok Nature Park.
Lee of Huttons says that the future residential building at Hillview Rise presently has no other competition in its vicinity because the neighboring condominium project at Midwood is sold out. The director made the observation that the neighborhood in which it is situated is likewise "taking on the air of a private residential enclave."
According to Lee's projections, there will be anywhere from six to eight interested parties in this property, and the highest bid might be between one thousand and one thousand and one hundred ten dollars per square foot each year. On the other side, Mak of ERA Realty believes that the property might receive seven to eleven bids, with the highest bidder offering a land fee in the range of Singapore dollars 1,022 to Singapore dollars 1,056 per square foot per year.
On November 3, 2022, at noon, the deadline for submissions of bids for the Hillview Rise and Bukit Timah Link sites will arrive.
The chief executive officer of OrangeTee & Tie, Steven Tan, anticipates that there will be six to eight bidders competing for each of these sites at a price range of one thousand two hundred and three hundred Singapore dollars per square foot per plot ratio (psf ppr) for the Bukit Timah Link plot and 950 to 1,050 Singapore dollars per square foot per plot ratio (psf ppr) for the Hillview Rise plot.
"As these two plots are smaller than the upcoming launches at Tampines Avenue 11 (5.07 hectares and estimated 1,190 units) and Marina Garden Lane (1.23 hectares and estimated 795 units), developers may be keener to acquire these two plots given the lower risks and costs involved," said Tan of the most recent GLS launches.