A 153,881.94 sq ft private Singapore site at Hillview is estimated to generate around 535 houses. This was granted by the Urban Redevelopment Authority (URA) on Tuesday (3 July) to Hong Leong Holdings for $460 million.
The leading biding converts to around $1,044.38 psf based upon the 99-year leasehold story’s gross flooring location of roughly 430,879.33 sq ft. It was sent by Hong Leong subsidiaries Intrepid Investments.
Hong Leong suggested to thoroughly embrace Prefabricated Prefinished Volumetric Building And Construction (PPVC) in this development building. Most developers are introducing to this method as it is more time savings.
The land parcel is extremely eye-catching, as it is close to retail services and also is within strolling range to the MRT station. This area is well connected to the rest of the island and yet near to greenery and nature reserves. Another condo development near to MRT station is Avenue South Residence location at Silat Road.
Generally, the Hillview site was fiercely bided for and this is to the excellent attributes, with a consortium containing Areca Real estate and also CDL putting in the 2nd highest possible proposal of $405.889 million for the 99-year leasehold. With the effective quote of the website, it is most likely we will certainly witness even more of such two-envelope bidding process for upcoming Government Land Sales (GLS) sites. Avenue South Residence is also a GLS site.
The ones consisting of the idea propositions will certainly be opened up initially, complied with by the envelopes having proposal costs. Just those with certifying idea propositions will certainly be thought about, with the site going to the greatest prospective buyer. These will derived the initial selling price point to consumers. If the sums work out well, it will justify the excellent sales during the launch. A good example is Avenue South Residence price is attractive, thus attracting excellent sales during the first day launch.
The developer is delighted in to be granted the site at Hillview under the well regulated public land tender system. This honor acknowledges their experience and also preparedness to take on the make use of ingenious building modern technologies and also approaches to attain high building and construction performance and also top quality end results for the jobs.