Hillview residential site launched for sale

[princess_morbucks]

http://www.straitstimes.com/breaking...-sale-20140407

SINGAPORE - A residential site in Hillview, which can be used to build a 10-storey condominium development, has been put up for sale by tender.

The currently vacant land plot at 1 Jalan Remaja has a land area of about 4,046.6 sq m, or about 43,557 sq ft.

It has a gross plot ratio of 1.92, including an additional plot ratio of 0.3. This means the project that can be developed on it can have a maximum gross floor area of 7,769.47 sq m, or about 83,630 sq ft.

Assuming an average apartment size of 70 sq m, this would mean about 110 units, said marketing agent DTZ Debenham Tie Leung (SEA) on Monday.

[Patrickstar]

Hillview is becoming very congested, like telok kurau.

[princess_morbucks]

The Business Times ‏@BTBreakingnews 1h

No 1 Jalan Remaja, where #HillviewHouse once stood, has been put on the market #SingaporeProperty pic.twitter.com/MCqfbW7HnQ

[Mu]

Is it FH or 999?
I assume so since Century Mansion is also FH.

Wonder if it will be more ex than Lanai

[henryhk]

Lanai exp., but people still buy....same for hillier, sold out project...I tink people are anticipating the mrt line....hillview station. At the same time closer to nature, and is deprived in Singapore due to limited land

[reporter2]

http://www.businesstimes.com.sg/arch...again-20140408

Published April 08, 2014

Hillview House site on the block again

Freehold vacant plot, zoned residential, asking $55m or $875 psf ppr


THE former Hillview House site is back on the market. The asking price for the freehold property, which is zoned for residential use, is $55 million. This

works out to $875 per square foot of potential gross floor area inclusive of an $18.2 million estimated development charge payable to the state.

This unit land price is believed to be similar to the last round, when the property was offered for sale through a tender exercise that closed last July.

This time, the tender will close on May 21 and the property's owner, a low-profile Singaporean family, is offering it as a vacant site, having pulled down the old Hillview House industrial building earlier this year. Thus the owner met Urban Redevelopment Authority's Feb 23, 2014 deadline to cease industrial activities and clear the site in order to qualify for 1.92 plot ratio, including a 0.3 additional plot ratio.

The 43,557 sq ft site can be developed into a 10-storey condo project with about 83,630 sq ft maximum gross floor area. The plot is about 730 metres from the Hillview MRT Station, currently under construction on the Downtown Line.

Closer to the station, the 99-year leasehold Hillview Peak condo site along Hillview Avenue fetched a top bid of $638 psf per plot ratio (psf ppr) at a state tender that closed in March 2012.

The Hillview House site is a stone's throw from Lam Soon Industrial Building, a 10-storey industrial building where Cambridge Industrial Trust last year sold its stake to Enviro-Hub Holdings and BS Capital, both controlled by Raymond Ng Ah Hua. The $140.8 million sale was for space that translates to 69.4 per cent strata share value in the freehold building.

According to DTZ, which is marketing the former Hillview House site located at 1 Jalan Remaja, a new condo on the site can accommodate about 110 units with an average unit size of about 760 sq ft. "Being located on elevated ground, a new project on this site will enjoy an alluring unobstructed view of the surrounding landed housing area and lush greenery of nearby nature parks such as Little Guilin and Bukit Timah Nature Reserve", said DTZ.

"The Hillview area has matured into a popular and established residential enclave. The appeal of the property lies in its proximity to the lush greenery of nearby nature reserves as well as the MRT accessibility when the Downtown Line starts to serve the area in 2015," said Swee Shou Fern, director of DTZ's investment advisory services. Hillview Station will connect the Bukit Timah enclave with Botanic Gardens, Little India and the Marina Bay Financial Centre.

[Patrickstar]

It is unlikely that the vacant plot is owned by a private entity, so it will probably be launched as a 99yr leasehold. For hillview i dont think it is a good idea to buy a leasehold property when majority are freehold or 999yr land plots. Unless of course the leasehold project has a lot to offer (ie. 400m to mrt, a mall downstairs etc) and not selling at future pricing.

Is it FH or 999?
I assume so since Century Mansion is also FH.

Wonder if it will be more ex than Lanai

[reporter2]

http://www.straitstimes.com/archive/...arket-20140408

Ex-Hillview House site back on market

Published on Apr 8, 2014

By Melissa Tan


A FREEHOLD residential site near Hillview Avenue that failed to sell last year has gone back on the market for about $55 million.

The 43,557 sq ft vacant plot was once the site of Hillview House, an industrial building that has been demolished.

It can be developed into a 10-storey condominium with a maximum gross floor area of about 83,630 sq ft, given a gross plot ratio of 1.92.

There is also an estimated $18.2 million development charge applicable for anyone redeveloping the land.

Including the development charge, the total price translates to around $875 per sq ft (psf) per plot ratio (ppr).

The site belongs to a single owner who has met an Urban Redevelopment Authority (URA) deadline of Feb 23 to cease industrial activity, said marketing agent DTZ in a statement yesterday.

However, it declined to disclose further details.

The property first went on the market last year but the tender closed in July with no buyer.

Sources said that the seller, a local family, received a few offers last year but they did not go further over concerns that the potential developer would not demolish Hillview House in time for the URA's February deadline.

The asking price was not disclosed in previous reports but The Straits Times understands that it is close to the current one.

The site is on elevated ground with an unobstructed view of the surrounding landed housing.

It is also near nature parks such as Little Guilin and Bukit Timah Nature Reserve, and amenities such as West Mall, Rail Mall, Bukit Timah Shopping Centre and Beauty World Plaza.

"The Hillview area has matured into a popular and established residential enclave," said Ms Swee Shou Fern, director of DTZ's investment advisory services.

The area will be served by Hillview MRT station on the Downtown Line when it becomes operational next year, she noted.

The site is next to the 64-unit Century Mansions, which was completed in 1998, and the 299-unit Hillbrooks, which was finished in 1999.

The most recent transaction at Century Mansions was a resale at $921 psf in October last year, according to caveats lodged with the URA.

A resale at $1,019 psf was completed at Hillbrooks last September.

The tender closes on May 21.

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