Hillview land site near MRT station sold for $460 million

A land site at Hillview Rise has just been sold to top bidder, Hong Leong Group for $460 million.

Hillion Residence. Picture: iProperty

Hong Leong Group won tender over 8 other bids

7 other bidders ( total of 9 bids) for the site were submitted under the dual-envelope system.

Under this system, bidders are required to submit their concept proposal and bid-price in separate envelopes. Only upon selection of the concept proposal is the envelope with the bid-price opened and the project awarded to the highest bidder. Hong Leong Group’s listed developer City Developments Ltd (CDL) linked up with CapitaLand to submit two separate proposals.

This Hillview Rise site was released under the Government Land Sales (GLS) tender. This land parcel comes with attractive attributes. It is within walking distance of the MRT station and yet has the exclusivity of a private neighbourhood.

Chestervale. Picture: iProperty

Steady supply of land but limited by area

Through both private and public land sales, supply of land plots has been kept steady. But most of these sites released for sale are limited by regions and there has not been much land-sales activity in the Hillview area for quite awhile.

The demand may however be high here as the area is popular with expatriates and close enough to the Bukit Timah stretch where many schools are situated. Buyers who are likely to be looking at properties here include owners of landed homes who are looking to downgrade to non-landed residential units, or young families looking to live within a specific radius of schools.

Hong Leong Group’s bid for this site included features which are supposed to improve productivity. Cloud-based logistics tracking during construction, designing on digital platforms for easier information-sharing across numerous parties and pre-fabricated building techniques are but some value-added features from the winning bid.

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