The S$920 million en bloc tender for Hillcrest Arcadia ends without any bids
The S$920 million en bloc tender for Hillcrest Arcadia ends without any bids
However, parties have entered a 10-week private treaty period and there have been expressions of interest in the site.
26 May 2025
CONDOsingapore.com
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Following a closed tender on Thursday, May 22, with no bids, the collective sale of the Bukit Timah condominium Hillcrest Arcadia has entered private treaty negotiations.
However, Terence Lian, head of investment sales at Huttons Asia, stated that multiple parties expressed interest in it at prices lower than the S$920 million asking price.
"We are currently in the 10-week private treaty period, which is when we can negotiate with interested developers in order to possibly get a deal," he continued.
A land rate of roughly S$1,519 per square foot per plot ratio (psf ppr) is reflected in Hillcrest Arcadia's guide price. This accounts for the rebuild's 10% gross floor area as well as the approximately S$262 million premium to upgrade the title to a new 99-year lease.
The development, which is located in District 11, has a lease that was signed in 1975 and has roughly 50 years left on it.
The property, which has 272 residential units and one retail unit, is situated on 442,162 square feet of land. With a gross plot ratio of 1.6, the Arcadia Road plot is designated for residential use.
Because of the site's approved use and intensity, up to 773 new homes can be constructed there without incurring a land betterment charge.
In 2021, UOL Group and Singapore Land Group (SingLand) purchased the nearby Watten Estate Condominium, which was situated on a plot of land about half the size of Hillcrest Arcadia's, for S$550.8 million.
On the freehold property, the joint venture partners are building their 180-unit Watten House. When the luxury project was first marketed in November 2023, it sold 102 units at an average price of S$3,230 per square foot, which was better than anticipated at launch. According to Realis data, Watten House has sold 167 units as of May 26.
Elias Green's tender, which had no bidders at the S$928 million guide price, was followed by Hillcrest Arcadia's. The 10-week private treaty period also applies to the en bloc sale of the Pasir Ris condo.
The sale of Thomson View condo to UOL, SingLand, and CapitaLand Development for S$810 million in November 2024 was the most recent significant residential en bloc transaction to close. At roughly 12% less than the owners' initial reserve price, a deal was signed. Since then, the Strata Titles Board has halted the sale process, and the matter is now before the court.
A Singaporean family office purchased the freehold River Valley Apartments in February for S$56 million. With a small land improvement fee included, the price tag corresponds to a land rate of about S$1,622 per square foot per person.
