URA lately closed the GLS tender for Bukit Timah Hyperlink and Hillview Rise websites on 3 November 2022. Each websites had been the primary to be launched for tender beneath the H2 GLS Confirmed Listing on 31 August 2022.
The Bukit Timah Hyperlink web site attracted 5 bids, with the highest bid submitted by Bukit One, a subsidiary of Bukit Sembawang Estates at S$200 million or S$1,343 psf ppr.
In the meantime, 4 bids had been submitted for the Hillview Rise web site, with Far East Organisation and Sekisui Home putting the very best bid at S$320.78 million or S$1,024 psf ppr.
Referring to the variety of bids acquired for each websites, Steven Tan, CEO of OrangeTee and Tie, commented that demand for the land parcels was wholesome.
“Because the sizes of the parcels should not giant, builders could have been attracted by the decrease dangers and prices concerned. The land parcels are located close to MRT stations with ample facilities. Additional, builders could trust that the tasks might be properly acquired when launched on the market since there may be restricted provide within the space. Furthermore, tasks within the neighborhood are both absolutely or considerably bought.”
The tender closing comes after the September cooling measures and modifications within the definitions of the gross ground space.
Bukit Timah Hyperlink web site
Spanning 4,611.1 sqm and a most gross ground space of 13,834 sqm, the Bukit Timah Hyperlink web site is estimated to yield 160 items. It’s situated inside strolling distance of Magnificence World MRT.
Notably, it’s situated behind The Linq @ Magnificence World and reverse the mixed-use growth The Reserve Residences at Jalan Anak Bukit. The Linq @ Magnificence World has since bought out, whereas The Reserve Residences is predicted to launch in Q1 2023.
Lee Sze Teck, Senior Director of Analysis at Huttons Asia, commented that the small dimension and palatable quantum of the location attracted many bidders. He additionally highlighted the varied facilities within the space, such because the close by MRT and expressways, in addition to the Bukit Timah Nature Reserve and the Rail Hall. The favored Pei Hwa Presbyterian Main Faculty is inside a brief strolling distance as properly.
“The upcoming mixed-use growth at Jalan Anak Bukit, The Reserve Residences will carry in additional retail house and group areas as properly.”
Tan added, “A shopping center and transport hub might be constructed subsequent to this venture, which might be a robust promoting level for the event.”
He predicts the eventual promoting worth will vary from S$2,300 to S$2,400 psf.
Hillview Rise web site
The Hillview Rise web site spans 10,395.2 sqm and has a most gross ground space of 29,107 sqm. It’s estimated to yield 335 items.
Equally, the location is inside strolling distance of Hillview MRT and situated subsequent to Hillview Group Membership. Different notable facilities close by embody HillV2 and The Rail Mall.
Lee identified that the close by Midwood has bought out, so there isn’t any different competitors within the Hillview space.
“This may increasingly give the developer some pricing benefit.”
In the identical vein, Tan added that the Dairy Farm Stroll web site won’t be a direct competitor since it’s situated additional away.
The Dairy Farm Stroll web site drew seven bids and was awarded to Sim Lian for S$347.0 million or S$980 psf ppr in March this 12 months.
As for the Hillview Rise web site, Tan believes the eventual promoting worth could vary between S$1,950 and S$2,050 psf.
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