Freehold residential site at Hillview Terrace to be up for sale for $122 mil

By Atiqah Mokhar / EdgeProp Singapore | November 17, 2021 4:45 PM SGT
Credit: OrangeTee Advisory and Colliers
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SINGAPORE (EDGEPROP) - The owners of eleven freehold factory units at Hillview Terrace will jointly put their properties, comprising 31 to 35 and 50 to 64 Hillview Terrace, up for sale at an indicative price of $122 million on Nov 18.
OrangeTee Advisory and Colliers are the exclusive marketing agents for the deal.
The properties are situated on both sides of a cul-de-sac and have a combined site area of 62,213 sq ft. Eight terrace factories sit on one side of the street, with a pair of semi-detached factories and a detached factory on the other.
The access road of the cul-de-sac and an electrical substation serving the terrace factories, with a combined land area of 17,577 sq ft, may be alienated and amalgamated to form a larger site of 79,790 sq ft for a more comprehensive redevelopment.
Under the Master Plan 2019, the site is zoned for residential development with a gross plot ratio of 1.62, giving it a gross floor area (GFA) of approximately 129,253 sq ft. This could potentially yield up to 141 new units, subject to approval.
The indicative price of $122 million translates into a land rate of $1,423 psf per plot ratio (ppr), including an estimated development charge of $49.4 million and an estimated alienation cost of about $12.6 million for the road and substation.
Factoring in an additional 7% of bonus GFA for private outdoor spaces, the land rate would be lower at $1,367 psf ppr.
Tay Liam Hiap, director of investment sales at OrangeTee Advisory, points out that the plot has already received full consent from all owners for the sale, meaning that developers have more certainty in executing their plans.
The site is easily accessible via major trunk roads and the Pan-Island Expressway (PIE), and is served by the nearby Hillview MRT Station, Bukit Batok MRT Station and Bukit Gombak MRT Station.
Pearl Lok, director of capital markets & investment services at Colliers, highlights that the site’s location on one of the highest points of Hillview Terrace offers views of the Bukit Gombak Hill, Bukit Batok Town Park and Little Guilin.
The tender for the site will close at 3pm on Jan 20, 2022.

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