Hillview Rise GLS site draws 9 bids under dual-envelope system


As the buoyant mood continues in Singapore’s private property market, a residential plot at Hillview Rise have received a total of 9 tender submissions from various property developers under the dual-envelope system.

Hillview Rise GLS

The dual-envelope system was previously adopted in the most recent government land sale (GLS) tender for the Holland Road GLS site, which drew a total of 15 bids in March 2018.

The tender was announced under the 2H 2017 GLS programme and under this dual-envelope system, developers will be required to submit 2 proposals – concept of development and their bid for the plot. Their bid prices will only be considered if their concepts have been deemed as feasible by the evaluation committee.

According to property consultants, the Hillview Rise GLS drew a “fair” amount of interest from real estate developers and the most noticeable tender submission came from a joint effort from City Developments Ltd (CDL) and CapitaLand, with each developer submitting proposals with different concepts.

It was noted to be CDL and CapitaLand’s first collaboration since they joint-developed an en bloc site at West Coast Park more than a decade ago.

The Hillview Rise GLS also saw a couple of familiar faces entering the fray for this site, including Hoi Hup Sunway, Hong Leong Investment Holdings and China Construction (South Pacific) Development (who is set to launch their latest project Twin Vew at West Coast Vale).

Analysts believe that the top bid for the Hillview Rise GLS site will range between $388 million to $431 million, or a psf ppr range of $900 to $1000.

The 153,925.2 square feet site at Hillview Rise has approximately 430,882.92 square feet of gross floor area (GFA) and the future new launch at Hillview Rise can yield around 535 private homes.

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