http://www.businesstimes.com.sg/spec...-sale-20130627

Published June 27, 2013

Hillview House put up for sale

Freehold site can house boutique condo project: DTZ

By benjamin aw


Hillview House: The site, at 1 Jalan Remaja, on which now stands an industrial building, measures 43,557 sq ft and has a gross plot ratio of 1.92. - PHOTO : HILLVIEW HOUSE

[SINGAPORE] Hillview House, an industrial building on a freehold residential site, was yesterday launched for sale by tender by sole marketing agent DTZ Debenham Tie Leung (SEA) Pte Ltd.

The site, at 1 Jalan Remaja, measures 43,557 sq ft and has a gross plot ratio of 1.92.

DTZ estimates that it can be developed into a 10-storey condominium development with 110 units, assuming an average apartment size of 70 sq m.

It also estimates that the development charge, payable for developing the site for residential use, will come to around $14.9 million at the plot ratio of 1.92.

Shaun Poh, DTZ's head of investment advisory services and auction, noted that recent projects such as Natura@Hillview and The Hillier were sold out at prices of up to $1,750 per sq ft (psf).

"The regular configuration of the site will enable the developer to maximise building efficiency. It provides design flexibility for a boutique residential development," he added.

The site is near West Mall and Beauty World Plaza. Bukit Batok and Bukit Gombak MRT stations are also nearby, with the Downtown line's Hillview station expected to be completed in 2015.

Also in the neighbourhood is Lam Soon Industrial Building, reported to have been put up for sale in May last year, with an indicative pricing of $330 million or $925 psf per plot ratio.

It was relaunched for sale in March this year.

Hillview House is now owned by a single company, the identity of which is confidential.

The tender for the property closes at 3 pm on July 23, 2013.