Bukit Timah Link, Hillview Rise sites attracted developers amidst high interest rates

An analyst said these sites have lower risks and costs involved.

The Urban Redevelopment Authority recently closed the bidding for government land sales sites at Bukit Timah Link and Hillview Rise, which attracted five bids and four bids, respectively.

According to Steven Tan, CEO of OrangeTee & Tie, developers were enticed by the lower risks and costs involved. 

“The land parcels are situated near MRT stations with ample amenities. Further, developers may have confidence that the projects will be well received when launched for sale since there is limited supply in the area. Moreover, projects in the vicinity are either fully or substantially sold,” he said. 

Huttons said both sites offer connectivity in various parts of the island as well as plenty of amenities from food centres and retail shops.

“The upcoming mixed-use development at Jalan Anak Bukit, The Reserve Residences will bring in more retail space and community spaces as well,” it said.

For Knight Frank, the bids received by sites were “decent” amidst the economic outlook such as increasing interest rates, continued inflation, and cost pressures.

“Despite this, developers are still keen to acquire land to provide new products to a private residential market that is currently under-supplied,” it said.

Future selling price

Bukit Timah Link received the highest land bid price of $1,343 psf ppr whilst Hillview RIse plot garnered highest land bid price of $1,024 psf ppr.

Orange Tee & Tie’s Tan said the eventual selling price for Bukit could range from $2,300 to $2,400 psf whilst Hillview Rise will be between $1,950 and $2,050 psf.