Saturday, March 10, 2012

Little-known company offers top bid for Hillview site

A little-known company owned by three Chinese nationals has offered the highest bid of S$243.22 million for the Hillview residential site tender that closed on 6 March 2012.

Submitted by Kingsford Development Pte Ltd, the S$243.22 million bid works out to around S$638 psf ppr, well ahead of the expected bid of between S$500 psf ppr and S$550 psf ppr.

The second highest bid came from Flamegold Pte Ltd at S$205.1 million, while the lowest bid was S$147.98 million, offered jointly by Capital Development and Qinghe Ltd. The URA said the site attracted a total of seven bids; with other bidders including MCL Land, EL Development, Mezzo Development and a consortium comprising Astor Properties, Tannery Holdings and Sekisui House Ltd.

Located at the northern end of Hillview Avenue, the residential site has a total land area of 12,648.5 sq m, with a maximum gross floor area (GFA) of 35,416 sq m and a leasehold period of 99 years.

The site sits “next to Bukit Gombak Camp and The Hillier, a newly-launched residential-cum-commercial project,” said Li Hiaw Ho, Executive Director of CBRE Research.

“The neighbourhood comprises largely private condominiums such as Glendale Park, The Lanai (under construction), Hillvista and Hillview Heights and the landed homes of Hillview Garden Estate.”

“The subject site can be developed into a high-rise condominium of around 370 units,” Li added.

Meanwhile, the tender for an executive condominium (EC) site at Upper Serangoon has been awarded to Ho Lee Group Pte Ltd and Evia Real Estate Management Pte Ltd, after they offered the highest bid of S$141.48 million.

Situated at the junction of Upper Serangoon View and Upper Serangoon Road, the 12,392.20 sq m EC site is expected to yield up to 435 housing units.

View the original article here

Source From Property Guru

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