Published 1 March 2011
The Business Times
By Jermaine Ng
THE Urban Redevelopment Authority (URA) has launched a commercial and residential site at Hillview Avenue for sale by public tender.
The site was launched from the confirmed list of the Government Land Sales (GLS) programme for the first half of 2011. Two residential sites at Bishan Street 14 and Bartley Road, which are also under the GLS programme, were successfully triggered recently.
The land parcel at Hillview Avenue, which can be used for both commercial and residential development, has a site area of about 1.4 hectares and will have a maximum permissible gross floor area (GFA) of 40,025 sq m.
It can accommodate about 370 housing units with another 6,000 sq m set aside for commercial use to provide retail amenities for residents in the area.
Analysts expect the land parcel to be popular with developers as it is within an established private housing estate and is easily accessible via major roads and expressways. This is despite the current lack of access to MRT stations and variety in provision of commercial retail spaces within walking distance.
The 99-year leasehold site will be located near the future Cashew and Hillview MRT stations of the Downtown Line 2, which is scheduled for completion in 2015. This will increase the accessibility of the site.
Analysts also estimate that the site, which will likely attract mid-size developers, will see a top bid ranging from $570-630 per square foot per plot ratio (psf ppr).
Nicholas Mak, head of research at SLP International, expects at least four bids for the land parcel. ‘There will be a few developers, such as CapitaLand and Far East Organization, who are interested in mixed developments,’ he said.
Knight Frank’s associate director of consultancy and research, Png Poh Soon, said: ‘Although the site is a 99-year leasehold site, we expect the selling price of residential units on this site to be in the range of $1,100 to $1,200.
‘This is because of the inclusion of commercial retail space, which functions as an added amenity to the residents and the future MRT stations.’
The tender for the site will close at noon on April 28. Selection of the successful tenderer will be based on the tendered land price only.