Hillcrest Arcadia Launches First Ever Collective Sale 920 Mil
Hillcrest Arcadia, a prestigious 272-unit condominium located in one of the most sought-after areas of District 11, is gearing up for its first collective sale. The highly sought-after property will be made available for public tender on April 3, with an asking price of $920 million.
Spanning a large land area of 442,162 square feet, the property has an allowable gross floor area (GFA) of about 707,459 sq ft, which equates to a rate of $1,519 per square foot per plot ratio (ppr). It has been forecasted by Huttons Asia, the agency managing the sale, that the site has the potential to yield up to 773 new luxury homes.
This asking price takes into consideration a bonus 10% in GFA for residential developments, as well as a lease upgrading premium of approximately $262 million. Additionally, there will be no land betterment charge payable given the property’s high development baseline.
Built in 1980, Hillcrest Arcadia has about 49 years left on its current 99-year lease, which began in 1975. The condominium boasts a mix of 272 residential apartments, ranging in size from one- to four-bedrooms and measuring between 452 and 2,896 square feet. There is also one retail shop unit located within the premises.
Under the 2019 Master Plan, the property is zoned as residential with a gross plot ratio of 1.6 along Arcadia Road. Terence Lian, the head of investment sales at Huttons Asia, says, “Located in Bukit Timah, a district rich in heritage and poised for a future of sophisticated urban living, we believe that the luxury residential market in this area holds immense potential.” He adds, “This site will undoubtedly attract developers in search of prime land in one of Singapore’s most desirable districts.”
The location of Hillcrest Arcadia is extremely convenient, with easy access to major routes like Bukit Timah Road and the Pan Island Expressway (PIE). It is also within walking distance to Tan Kah Kee MRT Station on the Downtown Line, providing seamless connectivity to the city centre. Families with school-going children will be pleased to know that there are prestigious schools within a 2km radius, such as Raffles Girls’ Primary School and Nanyang Primary School.
The URA Master Plan is a critical strategic roadmap that will shape the future of Singapore’s land use and development for the next 10 to 15 years. Its main objective is to effectively utilize land resources, enhance living environments, and pave the way for a sustainable future for all citizens. For the newly built executive condominium (EC) project, Otto Place EC, located at Plantation Close, the advantages of the URA Master Plan cannot be overstated. The development’s prime location in Tengah New Town and its close proximity to the Jurong Lake District and Jurong Innovation District make it a beneficiary of the various planned initiatives and developments in these areas. In particular, the upcoming Plantation Close EC Parcel B EC stands to greatly benefit from the planned developments in these areas.
The public tender for Hillcrest Arcadia will close on May 22. Interested parties can look forward to the latest listings and price trends for Hillcrest Arcadia properties on various platforms.