Residential sites at Hillview Terrace to be launched for sale on Nov 18
Nov 17, 2021
RESIDENTIAL sites located at Hillview Terrace will be launched for sale via tender on Thursday (Nov 18), said marketing agents Colliers and OrangeTee Advisory on Wednesday (Nov 17).
31 to 35 and 50 to 64 Hillview Terrace - 11 freehold factory units - will be put up for sale with an indicative price of S$122 million. The properties have a combined site area of 62,213 square feet (sq ft) and consist of 8 terrace factories, 1 pair of semi-detached factories, and a detached factory.
The indicative price of S$122 million translates to a land rate of S$1,423 per square foot per plot ratio (psf ppr), Colliers and OrangeTee said in a press statement.
This includes an estimated development charge of S$49.4 million and an estimated alienation cost of about S$12.6 million for the road and sub-station. After factoring in an additional 7 per cent of bonus gross floor area for private outdoor spaces, the land rate would be lower at S$1,367 psf ppr.
The freehold sites can potentially yield up to 141 new units, subject to approval from the authorities, Colliers and OrangeTee said.
Colliers director of capital markets and investment services Pearl Lok said the sale provides an excellent opportunity for a developer to build a boutique project that capitalises on great views of lush greenery and nature.
Owners have also given their 100 per cent consent for the sale, so developers will have more certainty in executing their plans and start their project marketing much sooner, said OrangeTee director of investment sales Tay Liam Hiap in the statement.
Meanwhile, another 999-year residential plot located at 32 to 38D Hillview Terrace will be put up for sale with an indicative price of S$106 million, said marketing agent Colliers. The site comprises 14 contiguous terrace factories with a combined land area of 70,302 sq ft.
All the Hillview Terrace sites being put on the market are zoned for residential use with an allowable gross plot ratio of 1.62 under the Urban Redevelopment Authority (URA) Master Plan 2019.
They are also within the vicinity of shopping and dining establishments at HillV2, The Rail Mall, West Mall, Le Quest Shopping Mall and Hillion Mall. Schools within 1 kilometre include Bukit View Primary School, Keming Primary School and Lianhua Primary School.
Three MRT stations - Hillview, Bukit Batok and Bukit Gombak - are located nearby. Also in close proximity are mature green spaces in Bukit Batok Town Park, as well as Bukit Batok Nature Park, Little Guilin, and Bukit Timah Nature Reserve, which can be accessed via the Park Connector Network.
"Since its re-designation by the URA into a residential zone in 1994, the Hillview area has been transformed into an attractive residential location, with more than 30 condominium and apartment projects already developed there," Tay said.
Both tenders will close at 3 pm on Jan 20, 2022.
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