Why the clamor for Hillview Avenue residential site?

Highest bid of $243.22 million was driven up by optimism and CBRE has a hunch why.

The success of the location, as seen in the fast take-up of units in the adjacent development The Hiller prompted the high bid, said CBRE.

"The Urban Redevelopment Authority reported that the soho-styled apartments at The Hillier sold 387 units at the median price $1,289 psf in the January 2012. To date, about 450 units of the project have been sold. The success of The Hiller could be the reason for the optimistic top bid for the site," it said.

CBRE foresees the residential site, which garnered a total of seven bids, to be developed into a high-rise condominium with roughly 370 units at a development breakeven cost of $1,000 to $1,050 psf.

The site will also benefit from a planned Hillview MRT and proximity to the soon-to-be-completed hillV2 shopping mall.

"The site is at the northern end of Hillview Avenue, next to Bukit Gombak Camp and The Hillier, a newly-launched residential-cum-commercial project. The neighbourhood comprised largely private condominiums such as Glendale Park, The Lanai (under construction), Hillvista and Hillview Heights and the landed homes of Hillview Garden Estate," said CBRE.

"Amenities and facilities are available at Bukit Panjang and Bukit Batok HDB estates which are a short drive away, as well as at the adjacent hillV2 shopping mall which will be completed around 2014. Accessibility to the site will also be enhanced when the Hillview MRT station is completed around 2015," it added.

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