Residential GLS sites at Bukit Timah Link and Hillview Rise launched for sale
/ EdgeProp Singapore |
The Bukit Timah Link site can yield approximately 160 units (Source: URA)
SINGAPORE (EDGEPROP) - Two residential Government Land Sale (GLS) sites at Bukit Timah Link and Hillview Rise have been launched for sale via tender, according to a media release by the URA on Aug 31. The two sites are under the Confirmed List for the 2H2022 GLS Programme and can yield about 495 residential units.
The site at Bukit Timah Link has an area of 49,633 sq ft and a maximum building height of 20 storeys. The 99-year leasehold site can yield approximately 160 units, with a maximum gross floor area (GFA) of 148,908 sq ft.
Location plan for Bukit Timah Link site (Source: URA)
The site is located next to Beauty World MRT Station on the Downtown Line, and various malls such Beauty World Centre, Beauty World Plaza and Bukit Timah Shopping Centre are close by.
Opposite the site is a GLS plot at Jalan Anak Bukit which was awarded to a joint venture between Far East Organization and Sino Group for $1.028 billion or $989 psf per plot ratio (psf ppr) in August 2021. The future development at Jalan Anak Bukit will be a mixed-use project integrated with a transport hub.
Lee Sze Teck, senior director (research) at Huttons Asia, anticipates that the site at Bukit Timah Link will attract interest from small to mid-sized developers, given that its small size will result in “a very palatable quantum below $200 million”. He expects up to 10 bidders for the site and a top bid between $1,200 and $1,300 psf ppr.
Nicholas Mak, head of research & consultancy at ERA Realty Network, believes that the mixed-use development at the Jalan Anak Bukit site, which includes an estimated 700 residential units, could provide competition for the future development at the Bukit Timah Link plot. “This could deter some developers from bidding in the tender for this site,” he says.
Nonetheless, he also highlights that other upcoming comparable condos in the area, which include Mayfair Gardens, Mayfair Modern, Verdale and Forett at Bukit Timah, are either fully sold or close to fully sold. “Hence, the good news for 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 1H2024,” he says.
Mak expects between six and nine bidders for the site with the top bid ranging from $1,365 to $1,408 psf ppr.
The GLS site at Hillview Rise has an area of approximately 111,893 sq ft. The 99-year leasehold site can yield approximately 335 units, with a maximum GFA of 313,305 sq ft.
Location plan for Hillview Rise (Source: URA)
The site is located next to the Hillview Community Club and is within walking distance of Hillview MRT Station on the Downtown Line.
Huttons’ Lee says that the future development at the site will not face much competition, given that the upcoming Hong Leong Group development Midwood, located beside the Hillview Rise site, is already sold out. The 564-unit condo was launched in October 2019, with units sold at an average price of $1,674 psf, based on caveats lodged.
Lee anticipates up to eight bidders for the Hillview Rise site, with the top bid estimated between $1,000 and $1,110 psf ppr.
Steven Tan, CEO of OrangeTee & Tie, notes that the most recent sales of a GLS site in the vicinity was the 99-year leasehold plot at Dairy Farm Walk in the upper Bukit Timah area. The site was awarded in March to Sim Lian Group at a tender price of $347 million or $980 psf ppr. The site can yield between 350 and 400 residential units.
For the Hillview Rise site, he anticipates six to eight bidders with a bid price between $950 and $1,050 psf ppr, which may translate to an eventual selling price of around $1,800 to $1,900 psf.
The tender for the Bukit Timah Link and Hillview Rise sites will close on Nov 3 at 12pm.
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