Two private residential sites in Bukit Timah Link and Hillview Rise for sale
Two private residential sites in Bukit Timah Link and Hillview Rise for sale. Two 99-year leasehold government land sites in Bukit Timah and Hillview have been put up for public tender, where new private housing supply is limited due to high demand from owner occupiers and Housing Board upgraders.
Developers’ interest in these city outskirts and suburbs is expected to be healthy due to their suitable size and solid take-up of launches in these submarkets – Piccadilly Grand, [email protected], and AMO Residence. The Urban Redevelopment Authority announced on Wednesday that the two properties, which potentially yield a total of 495 units, are on the Government Land Sales (GLS) Programme’s confirmed list for the second half of this year.
The Bukit Timah Link site, near the Beauty World MRT station, is 4,611.1 sq m in size and can accommodate 160 flats, while the Hillview Rise site is 10,395.2 sq m in size and can accommodate 335 units. The two land parcels should be in high demand from developers trying to replenish their land banks due to a dearth of unsold new housing stock, according to JLL senior director of research and consultancy Ong Teck Hui. “There are very few residential sites available on the confirmed list of the GLS programme, and acquiring collective sale sites is challenging due to a mismatch in pricing expectations between sellers and purchasers,” he added.
Bukit Timah Link is near commercial malls such as Beauty World Centre, Beauty World Plaza, and Bukit Timah Shopping Centre, as well as prestigious schools such as Pei Hwa Presbyterian Primary School and Methodist Girls’ School. The Hillview Rise development is close to the Rail Mall, Dairy Farm Nature Park, and Bukit Timah Nature Reserve, as well as the Hillview MRT station.
Both sites’ bidding will close on November 3 at noon.
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