URA launches Bukit Timah Link and Hillview Rise sites for sale under GLS programme

Tenders close on 3 November.

The Urban Redevelopment Authority (URA) has released two residential sites at Bukit Timah Link and Hillview Rise for sale.

The Bukit Timah Link plot has an area of 4,611 square meters and can generate 160 units; whilst the Hillview Rise plot is 10,395 sqm and can yield 335 units, property analysts estimates.

In total, the two sites are estimated to yield about 495 residential units, URA said in a press announcement.

Tenders for the sites will close at 12NN on 3 November.

Property analysts are optimistic that the two sites will receive healthy interest with a land rate of between S$1,000 to S$1,100 per square feet.

“We estimate that the Hillview Rise site tender could attract 6 to 8 bidders, with the top bid potentially coming in at around S$313m to S$345m, reflecting a land rate $1,000 to $1,100 psf,” said Siew Ying Wong, head of research and content, PropNex Realty.

Competition is expected to be more intense for the Bukit Timah Link GLS site tender, which Wong estimates could draw 8 to 10 bidders and attract a top bid of about S$186m to S$201m. This translates to a land rate of S$1,250 to S$1,350 psf ppr.

Interest could also be driven due to their smaller plot size compared to the upcoming tenders of Tampines Avenue 11 and Marina Garden, according to Steven Tan, CEO of OrangeTee & Tie.

“As these two plots are smaller than the upcoming launches at Tampines Avenue 11 and Marina Garden Lane, developers may be keener to acquire these two plots given the lower risks and costs involved. For the bigger plots at Tampines Avenue 11 and Marina Garden Lane, developers may need to form a joint venture to pool resources and share costs,” Tan said.

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As for sellability, developments around the Bukit Timah Link site have received healthy sales. According to Tricia Song, head of research, Southeast Asia, CBRE, two new 99-year leaseholds–the 171-unit Mayfair Modern and 215-unit Mayfair Gardens–are 96% and 99% sold respectively. Both earlier developments have achieved year-to-date 2022 median prices of S$2,148 and S$2,059 psf respectively.

As for Hillview Rise, nearby development saw slower sales. The newest launch nearby is 564-unit Midwood, which according to CBRE sold its last 18 units in May this year. It had a slow launch in October 2019 but gained momentum in 2021, finally logging a median selling price of S$1,719 per square foot in 2022.

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Urban Redevelopment Authority

GLS tender

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