URA launches Bukit Timah Hyperlink and Hillview Upward thrust websites on the market beneath GLS programme

Tenders shut on 3 November.

The City Redevelopment Authority (URA) has launched two residential websites at Bukit Timah Hyperlink and Hillview Upward thrust on the market. 

The Bukit Timah Hyperlink plot has a space of four,611 sq. meters and will generate 160 gadgets; while the Hillview Upward thrust plot is 10,395 sqm and will yield 335 gadgets, estate analysts estimates. 

In general, the 2 websites are estimated to yield about 495 residential gadgets, URA mentioned in a press announcement. 
 
Tenders for the websites will shut at 12NN on 3 November. 

Assets analysts are positive that the 2 websites will obtain wholesome pastime with a land price of between S$1,000 to S$1,100 in line with sq. ft.

“We estimate that the Hillview Upward thrust web site mushy may just draw in 6 to eight bidders, with the highest bid probably coming in at round S$313m to S$345m, reflecting a land price $1,000 to $1,100 psf,” mentioned Siew Ying Wong, head of analysis and content material, PropNex Realty.

Festival is anticipated to be extra intense for the Bukit Timah Hyperlink GLS web site mushy, which Wong estimates may just draw 8 to ten bidders and draw in a best bid of about S$186m to S$201m. This interprets to a land price of S$1,250 to S$1,350 psf ppr.

Passion is also pushed because of their smaller plot dimension in comparison to the impending tenders of Tampines Road 11 and Marina Lawn, in step with Steven Tan, CEO of OrangeTee & Tie.

“As those two plots are smaller than the impending launches at Tampines Road 11 and Marina Lawn Lane, builders is also keener to obtain those two plots given the decrease dangers and prices concerned. For the larger plots at Tampines Road 11 and Marina Lawn Lane, builders might wish to shape a three way partnership to pool assets and proportion prices,” Tan mentioned.

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As for sellability, traits across the Bukit Timah Hyperlink web site have gained wholesome gross sales. In accordance to Tricia Music, head of analysis, Southeast Asia, CBRE, two new 99-year leaseholds–the 171-unit Mayfair Fashionable and 215-unit Mayfair Gardens–are 96% and 99% bought respectively. Each previous traits have completed year-to-date 2022 median costs of S$2,148 and S$2,059 psf respectively.

As for Hillview Upward thrust, close by building noticed slower gross sales. The most recent release close by is 564-unit Midwood, which in step with CBRE bought its closing 18 gadgets in Might this 12 months. It had a gradual release in October 2019 however received momentum in 2021, in any case logging an average promoting worth of S$1,719 in line with sq. foot in 2022.

https://sbr.com.sg/commercial-property/information/ura-launches-bukit-timah-link-and-hillview-rise-sites-sale-under-gls-programme

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