The Bukit Timah Link GLS site fetched at S$1,343 psf ppr
The GLS tender for Hill View Rise, the Bukit Timah Link and these sites was just ended by URA on November 3, 2022. On August 31, 2022, both locations were made available for bid as part of the H2 GLS Confirmed List.
A total of five proposals were filed for the Bukit Timah Link site, with the winning price of S$200 million (or S$1,343 psf ppr) coming from Bukit One, a part of Bukit Sembawang Estates.
For their part, four companies put out offers for the Hillview Rise property, with Sekisui House and Far East Organisation offering the most at S$320.78 million (or S$1,024 psf ppr).
CEO of OrangeTee and Tie Steven Tan said that there was strong interest in the properties based on the amount of bids submitted for each location.
Given the modest lot sizes, prospective builders may have been drawn to the area by the reduced financial and logistical concerns. The plots of land are located in convenient proximity to MRT stations and other services. Since there is a high demand but little supply, developers may feel certain that their products will sell well when they are finally released. Additionally, neighboring developments are either 100% sold or close to 100% sold.
Just after the September cooling measure policies and the revisions to the parameters of gross floor space, the tender will close.
The Bukit Timah Link
The Bukit Timah Link site, which is 4,611.1 square meters in size, has a potential gross floor area of 13,834 square meters, enough to house 160 people. Conveniently, the Beauty World MRT station is a short distance away.
It is notable for being situated on Jalan Anak Bukit, just across from the Reserve Residences mixed-use building and directly behind The Linq at Beauty World. The Linq at Beauty World is no longer available; however, The Reserve Residences will be available in the first quarter of 2023.
Huttons Asia’s Senior Director of Research, Lee Sze Teck, said that the site’s small size and reasonable quantity drew numerous bids. In addition to the MRT and expressways, he mentioned the Bukit Timah Nature Reserve and the Rail Corridor as convenient local attractions. Additionally, the well-regarded Pei Hwa Presbyterian Primary School is conveniently located not far away.
The Reserve Residences, a new mixed-use project on Jalan Anak Bukit, promises to increase both commercial and social amenities in the area.
In addition, Tan said, “A retail mall and transit hub will be erected close to this project, which will be a significant selling feature for the development.”
He estimates a final selling price of between S$2,300 and S$2,400 psf.
Hillview Rise
The Hillview Rise property is 10,395.2 square meters in size, with a potential GFA of 29,107 square meters. A total of 335 units might be produced from it.
Hillview MRT is also easily accessible on foot, and the property is very close to the Hillview Community Club. You’ll also find The Rail Mall and HillV2 not far away.
When asked about the lack of competitors in the Hillview neighborhood, Lee said that the neighboring Midwood had sold out.
As a result, “the developer could get a price break because of this.”
Tan continued in this vein, stating that the Dairy Farm Walk location is too far away to be a serious rival.
With seven bidders, the Dairy Farm Walk land eventually went to Sim Lian for S$347.0 million, or $980 per square foot per year.
The Hillview Rise property, according to Tan’s estimations, could fetch a selling price of between S$1,950 and S$2,050 per square foot.
