The Urban Redevelopment Authority (URA) has launched a commercial-cum-residential site at Hillview Avenue for sale under the confirmed list of the 1H2011 GLS programme.
The site has a total area of 14,294.3 sq m and a maximum gross floor area (GFA) of 40,025 sq m, with a leasehold period of 99 years. It can accommodate up to 370 housing units while 6,000 sq m of GFA will be set aside to provide retail amenities for residents in the Hillview area.
Some analysts expect that the site will attract mid-size developers and could see a top bid of between S$570 psf ppr and S$630 psf ppr.
“There will be a few developers, such as CapitaLand and Far East Organization, who are interested in mixed developments,” said Nicholas Mak, Head of Research at SLP International.
The land parcel is strategically located near the upcoming Cashew and Hillview Stations, which will be connected to key precincts in the city centre including Marina Bay, Chinatown and Bugis.
Png Poh Soon, Associate Director of Consultancy and Research at Knight Frank, expects the selling price of residential units to range between S$1,100 and S$1,200.
“This is because of the inclusion of commercial retail space, which functions as an added amenity to the residents and the future MRT stations,” said Mr. Png.
The tender for the Hillview Ave site will close on 28 April 2011.