Hillview Terrace residential site put up for sale by tender

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Hillview Terrace residential site put up for sale by tender (http://www.channelnewsasia.com/stories/singaporelocalnews/view/1057292/1/.html)
By Travis Teo | Posted: 18 May 2010 0014hrs



SINGAPORE : A freehold residential site at Hillview Terrace has been placed for sale by tender.

Its marketing agent, DTZ, said owners of the properties there have agreed to put up their units for collective sale.

The Hillview Terrace plot comprises even numbered units of between 12 and 24.

The site occupies a land area of some 49,164 square feet (4,567.5 square metres) and it can be developed into a 10-storey condominium with a gross plot ratio of 1.92.

This translates into total gross floor area of approximately 103,835 square feet, including an additional 10 per cent balcony area. DTZ said that is equivalent to about 100 apartments with an average size of 900 square feet.

The tender exercise for the site will close at 3pm on June 22.

DTZ expects the property to attract developers keen to develop a boutique condominium project.

Meanwhile, DTZ said freehold residential land of this size is hard to come by in popular residential areas.

Nearby amenities like West Mall and Bukit Timah Shopping Centre will also add to the site's appeal.

The area will be served by Bukit Batok and Bukit Gombak MRT stations as well as the Hillview and Beauty World MRT stations, which are slated to open in 2015.

- CNA/al

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http://www.businesstimes.com.sg/sub/suite/story/0,4574,386408-1274212740,00.html?

Published May 18, 2010

Hillview Terrace site up for collective sale


(SINGAPORE) A smallish site in Hillview Terrace is up for collective sale with unanimous consent from the owners.

The site - which covers numbers 12 to 24, even numbers only - is expected to fetch almost $49 million, or $617 per sq ft per plot ratio.

A Development Charge payable, based on March 2010 rates, is estimated at $15.2 million.

Marketing agent DTZ says the property, off Hillview Avenue, is being sold through a tender that closes on June 22 at 3 pm.

The freehold site covers 4,567.5 sq metres (49,164 sq ft). According to the Master Plan 2008, it can be developed into a 10-storey condominium with a gross plot ratio of 1.92. This translates into total gross floor area of 103,835 sq ft including additional 10 per cent balcony area, or about 100 apartments averaging 900 sq ft.

Shaun Poh, DTZ's senior director for investment advisory services and auction, said: 'We expect that the property will attract developers keen to develop a boutique condominium project. In today's market, it is rare for freehold residential land of this size to be available in popular areas.

'The property's appeal also lies in its excellent location, surrounded by lush greenery of the Bukit Batok Town Park and Little Guilin.'

The sale site can be accessed through Hillview Avenue, Upper Bukit Timah Road, Dairy Farm Road, the Pan Island Expressway and the Bukit Timah Expressway.

The Bukit Batok and Bukit Gombak MRT stations are close by. The area will also be served by Hillview and Beauty World MRT stations on the Downtown Line when it starts operating in 2015.