The Urban Redevelopment Authority (URA) has awarded the tender for a residential site at Hillview Avenue (pictured) to Kingsford Development Ltd, a little-known company owned by three Chinese nationals.
Kingsford offered the top bid of S$243.22 million, which works out to around S$638 psf ppr, surpassing earlier predictions that expected bids would range between S$500 psf ppr and S$550 psf ppr.
Launched for sale on 19 January 2012, the site is located at the northern tip of Hillview Avenue. It has a total land area of 12,648.5 sq m and a maximum gross floor area (GFA) of 35,416 sq m.
Li Hiaw Ho, Executive Director of CBRE Research, had earlier said that the subject site “can be developed into a high-rise condominium of around 370 units.”
Furthermore, the 99-year leasehold site is situated near the upcoming Cashew and Hillview MRT stations, part of the Downtown Line 2 Mass Rapid Transit system. It is also sited next to Bukit Gombak Camp and the newly-launched mixed development The Hillier.
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