The site has the potential to re-develop into a 370-unit residential development.
International property consultant, Colliers International is launching for sale by tender a freehold residential site located at 63 Hillview Avenue.
The tender closes on 28 June 2012, at 3.00 pm.
Regular in shape, the 230,915 sq ft site has a wide road frontage of about 200 metres, facing Hillview Avenue. It is currently occupied by Lam Soon Industrial Building, a 10-storey light industrial development comprising a total of 154 warehouses and light industrial factories.
Under the 2008 Master Plan, the subject site is zoned for “Residential” use with a gross plot ratio of 1.92. The Hillview/Upper Bukit Timah area has been re-designated for “Residential” use since 1993. The locale has since transformed into a prime residential enclave, with industrialists relocating to other parts of the island and replaced by various types of residential developments.
Ms Tang Wei Leng (邓慧玲), Executive Director of Investment Services of Colliers International, says, “Indicative pricing for the subject site is S$330 million, which works out to S$925 per sq ft per plot ratio. The site could be re-developed into a 10-storey residential development comprising 370 units of 1,200 sq ft each.
Nonetheless, given that there is a strong demand for light industrial units, the successful buyer can also consider additions and alteration works to retain the existing industrial building, subject to URA’s approval.”
Ms Tang continues, “Hillview area is gaining popularity as a prime residential district in north-west Singapore, surrounded by lush greenery in Bukit Timah Hill, Bukit Timah Nature Reserve and Dairy Farm Nature Park. We expect to see keen interest from developers in this freehold site, given that the area is now undergoing further infrastructure development with the upcoming Hillview MRT station which is slated for completion in 2015. The upcoming mixed development, The Hillier, which comprises a retail mall, hillV2 that is slated for completion end 2013, will also add vibrancy to the area.”
Located off Upper Bukit Timah Road, the subject site’s immediate vicinity comprises mainly residential developments – such as Hillington Green, Hillview Green, HillVista and The Lanai, among others. Amenities are readily available at the nearby The Rail Mall, Bukit Timah Plaza and Beauty World. The subject site also enjoys easy access to other parts of the island via Bukit Timah Road, Bukit Timah Expressway and Pan Island Expressway. Apart from the upcoming Hillview MRT station, Bukit Batok and Bukit Gombak MRT stations are also in proximity to the site.