Top bid of $1,024 psf ppr received for Hillview Rise GLS site.
The site has a height restriction of 120 metres, based on the Singapore Height Datum.
The Hillview Rise GLS site has drawn a total of 4 bids, with a top bid of $320.78 million (or $1,024 per square foot per plot ratio)
The top bid came from a joint venture between Far East Civil Engineering and Sekisui House.
They are also co-developers for another mega new launch project, One Holland Village Residences.
It was noted that the top bid from the 99-year leasehold Hillview Rise GLS site is 1.3 percent higher than the runner-up bid.
That bid of $316.8 million (or $1,012 psf ppr) was submitted by a subsidiary firm of City Developments Ltd.
The winning developer, represented by the Chief Operating Officer of Far East International mentioned that the group is delighted with topping the tender for the Hillview Rise GLS site.
The plot has a total land area of around 111,894 square feet and an estimated gross floor area of 313,308 square feet.
This future new launch at Hillview Rise will comprise 2 residential blocks.
Each is 27-storey tall and will yield approximately 330 private homes in total.
However, due to the Singapore Height Datum (SHD), the development will be capped at 120 metres tall.
It’s noted that the future project will add to the group’s strong portfolio within the vicinity.
Some of their past developments in the area include The Lanai, Hillvista, The Hiller, and also Hill V2.
Market watchers believe that the future new launch at Hillview Rise is unlikely to face much competition as its neighboring Midwood condo (an existing private residential project by Hong Leong Holdings) is already fully sold.
Units at The Midwood condominium were sold at an average psf price of $1,737 and it was launched back in late 2019.
Since then, the nearest government land sale concluded is located along Dairy Farm Walk.
The Dairy Farm Walk GLS site was awarded to Sim Lian Group, which acquired it for $347 million (or $980 psf ppr) in March 2022.
According to the analysis from EdgeProp, Far East and Sekisui will likely sell their units at the new development on Hillview Rise at a median price of around $2,042 psf.