Hong Leong Group bags Hill view Rise GLS site for S$460m
Hillview Rise residential site with 154,000 sq ft was clinched by “The Hong Leong Group” with a winning bid of S$460 million – credit goes to its proposed innovative construction methodology and management with a productivity focus.
Garden Estates and Intrepid Investments, the subsidiaries of Hong Realty and Hong Leong Holdings respectively, submitted the maximum bid among a shortlisted six proposals for the 99-year site. Based upon the 430,879 sq ft gross floor area, the price value sets to about S$1,067 psf per plot ratio.
Nine concept proposals were drew by the Government land sales (GLS) from eight tenderers coming under a dual-envelope system, with “Hong Leong Group” listed developer City Developments Ltd (CDL) linking with CapitaL and to submit two individual proposals.
Senior director and head of research at Knight Frank Singapore, Lee Nai Jia informed the top winning bid was within the expectation level, based on the recent land bids on race.
“The land parcel is very alluring, as it is nearby retail amenities and is within walk-able distance to the MRT station. Most importantly, it has the combination of being very exclusive and private neighbourhood. “While an increase in supply is much expected to prevail on-stream, it is still of limited availability when compared to other areas/ locations. Prospective buyers could come from the landed homes owners seeking to down-size or can be young couples whose parents live in the area.”