Singapore
Published February 8, 2007
Hillcourt Apartments up for sale at $370m
By KALPANA RASHIWALA
HILLCOURT Apartments on Cairnhill Road is being put up for sale through an expression of interest, with an indicative price of $370 million.
This works out to about $1,550 psf per plot ratio, inclusive of an adjoining strip of state land. The unit land cost is about 40 per cent higher than the $1,107 psf ppr achieved for the next-door Silver Tower, which was sold to CapitaLand in September last year for $161 million.
Savills Singapore, which is marketing Hillcourt Apartments and which also brokered the sale of Silver Tower, said that the 76,059 sq ft freehold Hillcourt Apartments site can be redeveloped into a new project with a gross floor area (GFA) of about 234,095 sq ft, retaining the existing GFA of the estate, subject to approval from the authorities.
This surpasses the maximum GFA based on the 2.8 plot ratio (ratio of potential maximum gross floor area to land area) allowed for the site under Master Plan 2003.
'This means that the winning bidder need not pay any development charge,' Savills said in a release yesterday.