How much is 63 Hillview Avenue worth?
The 230,915 sqft freehold site is now up for tender bidding and seller Colliers International pegs its price at S$330 million.
Given this tender bid, the winning developer will purchase the site at S$925 per sqft per plot rate, said Ms Tang Wei Leng, Executive Director of Investment Services of Colliers International. She adds that the site could be re-developed into a 10-storey residential development comprising 370 units of 1,200 sq ft each.
"Nonetheless, given that there is a strong demand for light industrial units, the successful buyer can also consider additions and alteration works to retain the existing industrial building, subject to URA’s approval,” she adds.
Ms Tang continues, “Hillview area is gaining popularity as a prime residential district in north-west Singapore, surrounded by lush greenery in Bukit Timah Hill, Bukit Timah Nature Reserve and Dairy Farm Nature Park. We expect to see keen interest from developers in this freehold site, given that the area is now undergoing further infrastructure development with the upcoming Hillview MRT station which is slated for completion in 2015. The upcoming mixed development, The Hillier, which comprises a retail mall, hillV2 that is slated for completion end 2013, will also add vibrancy to the area.”
Located off Upper Bukit Timah Road, the subject site’s immediate vicinity comprises mainly residential developments – such as Hillington Green, Hillview Green, HillVista and The Lanai, among others. Amenities are readily available at the nearby The Rail Mall, Bukit Timah Plaza and Beauty World. The subject site also enjoys easy access to other parts of the island via Bukit Timah Road, Bukit Timah Expressway and Pan Island Expressway. Apart from the upcoming Hillview MRT station, Bukit Batok and Bukit Gombak MRT stations are also in proximity to the site.
The tender closes on 28 June 2012, at 3.00 pm.