The Hillview Rise site is 10,395.2 square meters in size, whereas the Bukit Timah Link site is 4,611.1 square meters.
SINGAPORE (Reuters) – Two 99-year leasehold government land sites in Bukit Timah and Hillview, where the supply of new private homes is limited due to high demand from owner-occupants and Housing Board upgraders, have been placed up for public bid.
Due to their manageable scale and substantial demand for launches in these submarkets – Piccadilly Grand, Live@MB, and AMO Residence – developers’ interest in these city fringe and suburbia sites is anticipated to be robust.
Wednesday, the Urban Redevelopment Authority said that the two properties, which potentially yield a total of 495 dwellings, had been confirmed for the Government Land Sales (GLS) Programme for the second half of the year.
The Bukit Timah Link site, located adjacent to the Beauty World MRT station, measures 4,611.1 sq m and can accommodate 160 units, whereas the Hillview Rise site spans 10,395.2 sq m and can accommodate 335 units.
According to Ong Teck Hui, senior director of research and consultancy at JLL, the two plots of land should be in high demand among developers seeking to replenish their land banks due to a dearth of unsold new house inventory.
“There are also few residential sites available on the GLS programme’s confirmed list, and acquiring collective sale sites is challenging due to a mismatch between sellers’ and purchasers’ price expectations,” he added.
According to Mr. Steven Tan, chief executive officer of OrangeTee & Tie, the reduced development risks and costs of these two tiny plots may increase interest.
He noted that developers may need to form joint ventures to pool resources and share costs for larger forthcoming sites on Tampines Avenue 11 (1,190 units projected) and Marina Garden Lane (790 units expected).
Strong sales at local retailers According to Ms Wong Siew Ying, head of research and content at PropNex Realty, The Linq @ Beauty World, which sold 96% of its units at an average price of approximately $2,200 per square foot during its November 2020 debut, could bolster developers’ trust in the Bukit Timah Link site.
Despite the fact that the Bukit Timah Link site is anticipated to attract developers eager to capitalize on the transformation of the Beauty World area, Nicholas Mak, the head of research and consultancy at ERA Realty, believes that an upcoming mixed-use development on nearby Jalan Anak Bukit, which could include as many as 700 homes, could pose a significant challenge to future developments on the site.
Most analysts anticipate that the highest bids for the Bukit Timah Link property will range between $1,200 and $1,300 psf per plot ratio (ppr), or less than $200 million in total.
Mr. Tan anticipates robust bidding at the Hillview Rise site, as “the paucity of suburban new house supply is not expected to be remedied soon.”
In addition, “neighboring developments such as Dairy Farm Residences, Mont Botanik Residence, and Verdale have sold all or virtually all of their units,” he said.
According to Huttons Asia’s senior research director Lee Sze Teck, the closest project, Midwood, which was released for sale in October 2019, has sold out as of May this year.
Ms. Wong calculated that the highest offers for the Hillview Rise property might range from $313 million to $345 million, which corresponds to a land rate of $1,000 to $1,100 per square foot per year.
Bukit Timah Link is close to a number of shopping complexes, including Beauty World Centre, Beauty World Plaza, and Bukit Timah Shopping Centre, as well as a number of prestigious schools, including Pei Hwa Presbyterian Primary School and Methodist Girls’ School.
Hillview Rise is close to the Rail Mall, Dairy Farm Nature Park, and Bukit Timah Nature Reserve, and the Hillview MRT station is within walking distance.
Next to Bukit Timah Link parcel, will be The Reserve Residences, an integrated development, directly linked to Beauty World MRT. you may be interested to find out more about The Reserve Residences Price.
The bid deadline for both sites is November 3 at noon.
While it may take some time to examine these two new developments, you may also be interested in the forthcoming Lentor Hills Residences by Guocoland and TID Residential next to Lentor Modern an integrated development at Lentor. By the end of 2022, the Lentor Hills Residences Showflat will be ready. Information like Lentor Hills Residences Floorplan and Lentor Hills Residences Price will be made available shortly. Stay tuned for additional details.