Bukit Timah Link, Hillview Rise residential sites launched for sale
Michelle Zhu
TWO 99-year leasehold sites at Bukit Timah Link and Hillview Rise have been launched for sale under the confirmed list of the Urban Redevelopment Authority’s (URA) second half 2022 Government Land Sales (GLS) programme.
In a press statement on Wednesday (Aug 31), URA said both sites combined can yield about 495 residential units.
The Bukit Timah Link land parcel on a site area of 4,611.1 square metres (sq m) and comes with a maximum gross floor area (GFA) of 13,834 sq m. At the maximum technical height of 153 metres Singapore height datum (SHD), the resultant building is estimated to yield some 160 units across 20 storeys.
The site is located in the rest of the central region (RCR), near the Hillview MRT Station and schools such as CHIJ School (Bukit Timah) and Assumption English School.
Nicholas Mak, head of research and consultancy at ERA Realty, flagged the site’s nearby upcoming development at Jalan Anak Bukit as a potential “double-edged sword” to the future residential project at the smaller site more recently launched for sale.
The Bukit Timah Link residential development could risk facing major competition from its larger neighbour, he said, although it is still anticipated to attract more developers due to its lower land quantum and minimal risks, such as a 5-year sales deadline under ABSD (Additional Buyer’s Stamp Duty) rules.
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“The good news to potential bidders for this site is that the launched condominium projects in the vicinity would not pose any competition by the time the new project is launched, probably sometime in H1 2024,” stated Mak.
He believes the GLS site at Bukit Timah Link could attract 6 to 9 bids, with the top bid ranging from S$1,365 to S$1,408 per square foot per plot ratio (psf ppr).
Lee Sze Teck, senior director of research at Huttons Asia, sees the site attracting interest from “small to mid-sized developers keen to ride on the transformation of the Beauty World area”.
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Given its small size, he views the estimated quantum of below S$200 million as “very palatable” and is expecting up to 10 bidders with the top bid ranging between S$1,200 and S$1,300 psf ppr.
Situated in the outside of central region (OCR) near the Beauty World Downtown Line MRT station, the Hillview Rise site spans an area of 10,395.2 sq m and has a maximum GFA of 29,107 sq m. It is estimated to yield about 335 housing units with a maximum building height of 120 metres SHD.
Pei Hwa Primary School and Ngee Ann Polytechnic are within walking distance of the site, as are amenities such as the Bukit Timah Nature Reserve and Bukit Batok Nature Park.
Lee of Huttons notes that the upcoming residential development at Hillview Rise currently faces no other competition in its area as its neighbouring condominium project, Midwood, is sold out. The area it is located in is also “shaping up as a private residential enclave”, observed the director.
Lee foresees up to 8 bidders for this site, with a top bid of S$1,000 to S$1,110 psf ppr. On the other hand, ERA Realty’s Mak thinks it could draw 7 to 11 bids, with the top bidder submitting a land rate of S$1,022 to S$1,056 psf ppr.
The tender for the Bukit Timah Link and Hillview Rise sites will close at 12 noon on Nov 3, 2022.
Steven Tan, chief executive of OrangeTee & Tie, expects 6 to 8 bidders for each of these sites at a psf ppr price range of S$1,200 to S$1,300 for the Bukit Timah Link plot, and S$950 to S$1,050 for Hillview Rise.
“As these 2 plots are smaller than the upcoming launches at Tampines Avenue 11 (5.07 hectares and estimated 1,190 units) and Marina Garden Lane (1.23 hectares and estimated 795 units), developers may be keener to acquire these 2 plots given the lower risks and costs involved,” said Tan of the latest GLS launches.
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