RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Hillview Rise site sold for $460m

The winning bidder proposed the adoption of Prefabricated Prefinished Volumetric Construction (PPVC) for the development.

The Urban Redevelopment Authority (URA) awarded the concept and price revenue tender for the residential site at Hillview Rise to Intrepid Investments and Garden Estates Limited, subsidiaries of Hong Leong Holdings and Hong Realty, at a price of $460m.

URA received nine concept proposals from eight tenderers and shortlisted six of them. The other five tenderers that made it were: Areca Realty & CDL Constellation; CDL Constellation & Areca Realty; CSC Land Group (Singapore); Qingjian Realty (Residential); and Yanlord Singapore Residential & Soilbuild Group Holdings.

URA adopted the concept and price approach for the site, which has a residential gross floor area (GFA) of about 40,030 sqm and a regular configuration, to spearhead construction productivity through adoption of innovative construction technologies or methods.

URA noted that the successful tenderer proposed the extensive adoption of Prefabricated Prefinished Volumetric Construction (PPVC) with substantial layout modularization and high levels of construction integration in carrying out the development of the site.

“The adoption of Mass Engineered Timber (MET) for the clubhouse further increases the level of prefabrication and reduces the works to be done on site, leading to improved construction productivity,” URA said.

The developers will adopt BIM-based scheduling as well as QR code tracking to achieve effective project scheduling and cloud-based logistics tracking during construction. They will also adopt an integrated project delivery approach through the use of Virtual Design and Construction (VDC) on digital platforms for different parties to share and coordinate information throughout the project lifecycle.

“Overall, the concept proposal by Intrepid Investments and Garden Estates Limited is robust in its proposed construction productivity plan and construction management plan which aim to achieve substantial reduction in manpower, leading to significantly improved productivity outcomes,” URA said.

Hong Leong Holdings projects general manager Loke Kee Yeu commented, "This award recognises our experience and readiness to adopt and use innovative construction technologies and methods to achieve high construction productivity and quality outcomes for our projects. Another important aspect that we will continue to emphasise is safe and efficient on-site process."

Knight Frank Singapore director and head of research Lee Nai Jia noted that the winning bid for the land parcel at Hillview Rise is within expectations, considering recent land bids. “The land parcel is very attractive, as it is close to retail amenities and is within walking distance to the MRT station. Better yet, it has the flavour of a very exclusive and private neighbourhood,” he said.

“Whilst an increase in supply is expected to come onstream, it is still of limited availability as compared to other areas. Prospective buyers are likely to come from the owners of landed homes seeking to downsize, or young couples whose parents are living in the area,” Lee added. "With the successful bid of the site, it is likely we will witness more of such two-envelope bidding in place, for upcoming GLS sites."

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