BT : Hillview Terrace site up for collective sale

Business Times - 18 May 2010

Hillview Terrace site up for collective sale

(SINGAPORE) A smallish site in Hillview Terrace is up for collective sale with unanimous consent from the owners.

The site - which covers numbers 12 to 24, even numbers only - is expected to fetch almost $49 million, or $617 per sq ft per plot ratio.

A Development Charge payable, based on March 2010 rates, is estimated at $15.2 million.

Marketing agent DTZ says the property, off Hillview Avenue, is being sold through a tender that closes on June 22 at 3 pm.

The freehold site covers 4,567.5 sq metres (49,164 sq ft). According to the Master Plan 2008, it can be developed into a 10-storey condominium with a gross plot ratio of 1.92. This translates into total gross floor area of 103,835 sq ft including additional 10 per cent balcony area, or about 100 apartments averaging 900 sq ft.

Shaun Poh, DTZ's senior director for investment advisory services and auction, said: 'We expect that the property will attract developers keen to develop a boutique condominium project. In today's market, it is rare for freehold residential land of this size to be available in popular areas.

'The property's appeal also lies in its excellent location, surrounded by lush greenery of the Bukit Batok Town Park and Little Guilin.'

The sale site can be accessed through Hillview Avenue, Upper Bukit Timah Road, Dairy Farm Road, the Pan Island Expressway and the Bukit Timah Expressway.

The Bukit Batok and Bukit Gombak MRT stations are close by. The area will also be served by Hillview and Beauty World MRT stations on the Downtown Line when it starts operating in 2015.

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