Hillcrest Arcadia, a 272-unit condominium in prime District 11, will launch its first-ever collective sale by public tender on April 3, with an asking price of $920 million.
The property spans a land area of 442,162 sq ft with an allowable gross floor area (GFA) of about 707,459 sq ft. This works out to about $1,519 psf per plot ratio (ppr). According to Huttons Asia, the agency handling the sale, the site can yield up to 773 new luxury homes.
The price considers a bonus 10% in GFA for residential developments and a lease upgrading premium of about $262 million. No land betterment charge is payable due to the property’s high development baseline.
Completed in 1980, Hillcrest Arcadia has about 49 years remaining on its 99-year lease, which started in 1975. It houses 272 residential apartments of one- to four-bedroom layouts sized between 452 to 2,896 sq ft, and one retail shop unit.
Under the 2019 Master Plan, the site is zoned residential with a gross plot ratio of 1.6 along Arcadia Road.
“Bukit Timah is a district rich in heritage and poised for a future of sophisticated urban living. We believe the luxury residential market here holds immense potential,” says Terence Lian, head of investment sales at Huttons Asia.
He adds: “This site will appeal to developers looking for prime land in one of Singapore’s most desirable districts.”
Hillcrest Arcadia is easily accessible via key routes such as Bukit Timah Road and the Pan Island Expressway (PIE). It is also within walking distance of Tan Kah Kee MRT Station on the Downtown Line, offering seamless connectivity to the city centre. Notable schools within 2km include Raffles Girls’ Primary School and Nanyang Primary School.
The public tender for Hillcrest Arcadia will close on May 22.
