Press Release
3 November 2022
Closing tender for Bukit Timah Link and Hillview Rise
FOR IMMEDIATE RELEASE
The government has just closed the land parcels at Bukit Timah Link and Hillview Rise.
https://www.ura.gov.sg/Corporate/Media-Room/Media-Releases/pr22-40
The Urban Redevelopment Authority has closed the tenders for two Government Land Sales (GLS) sites at Bukit Timah Link and Hillview Rise that were launched on 31 August 2022
Demand was healthy for both sites, attracting five bids for the Bukit Timah Link site, with the highest bid at S$1,343 psf ppr from Bukit One Pte. Ltd, and four bids for the Hillview rise plot, with the highest bid at S$1,024 psf ppr from Far East Civil Engineering (Pte.) Limited and Sekisui House, Ltd.
As the sizes of the parcels are not large, developers may have been attracted by the lower risks and costs involved. The land parcels are situated near MRT stations with ample amenities. Further, developers may have confidence that the projects will be well received when launched for sale since there is limited supply in the area. Moreover, projects in the vicinity are either fully or substantially sold.
There will only be around two to three upcoming projects launched in the area, including a land parcel at Dairy Farm Walk awarded on 11 March 2022, a site slated for an integrated development at Jalan Anak Bukit that was awarded on 30 August 2021 and a private land by City Development Limited at Upper Bukit Timah Road (https://www.propertyguru.com.sg/property-management-news/2021/11/202480/cdl-unit-to-acquire-upper-bukit-timah-site-for-126-3mil).
For the site at Bukit Timah Link, the land size is smaller, which translates to a lower price quantum and less risk for the developer. A shopping mall and transport hub will be built next to this project, which will be a strong selling point for the development.
For the site at Hillview rise, the larger land area offers the potential to build more units on the site. Moreover, the Hillview Rise plot may not have direct competitors since the adjacent project Midwood is already fully sold, and the Dairy Farm Walk GLS site is further away.
Expected future selling price
For the Bukit Timah Link plot, at the highest land bid price of S$1,343 psf ppr, the eventual selling price could range from S$2,300 to S$2,400 psf.
For the Hillview Rise plot, at the highest land bid price of S$1,024 psf ppr, the eventual selling price may be between S$1,950 and S$2,050 psf.