{"id":93113,"date":"2018-07-04T12:55:05","date_gmt":"2018-07-04T05:55:05","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-leong-acquires-hillview-rise-site-for-460m\/"},"modified":"2018-07-04T13:03:44","modified_gmt":"2018-07-04T06:03:44","slug":"hong-leong-acquires-hillview-rise-site-for-460m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-leong-acquires-hillview-rise-site-for-460m\/","title":{"rendered":"Hong Leong acquires Hillview Rise site for $460m"},"content":{"rendered":"


\nAerial view of the residential site at Hillview Rise. (Photo: URA)
\nA 153,881.94 sq ft private residential site in Hillview Rise that can yield about 535 homes was awarded by the Urban Redevelopment Authority (URA) on Tuesday (3 July) to Hong Leong Holdings for $460 million.
\nThe top bid translates to about $1,044.38 psf based on the 99-year leasehold plot\u2019s gross floor area of approximately 430,879.33 sq ft. It was submitted by Hong Leong subsidiaries Intrepid Investments and Garden Estates.
\nMore:\u00a0Govt To Release 14 Sites Yielding A Total Of 8,040 Homes
\n\u201cWe are pleased to be awarded the site at Hillview Rise under the Concept and Price Revenue tender system. This award recognises our experience and readiness to adopt and use innovative construction technologies and methods to achieve high construction productivity and quality outcomes for our projects,\u201d said Hong Leong\u2019s general manager for projects Loke Kee Yeu.
\nUnder this tender system, bidders submit two envelopes. The ones containing the concept proposals will be opened first, followed by the envelopes containing bid prices. But only those with qualifying concept proposals will be considered, with the site going to the highest bidder.
\nThe proposals were evaluated based on the bidder\u2019s construction productivity plan (75 percent), construction management plan (15 percent) and track record (10 percent). The criteria required developers to use the most advanced building methods.
\nIn fact, Hong Leong proposed to extensively adopt Prefabricated Prefinished Volumetric Construction (PPVC), and use Mass Engineered Timber (MET) for the project\u2019s clubhouse. Aside from leveraging on BIM-based scheduling as well as QR code tracking, the developer will also utilise Virtual Design and Construction (VDC).
\nOverall, the Hillview Rise site was hotly contested thanks to its good attributes, with a consortium consisting of Areca Realty and CDL Constellation submitting the second highest bid of $405.889 million for the 99-year leasehold plot.
\n\u201cThe land parcel is very attractive, as it is close to retail amenities and is within walking distance to the MRT station. Better yet, it has the flavour of a very exclusive and private neighbourhood.\u00a0 While an increase in supply is expected to come onstream, it is still of limited availability as compared to other areas,\u201d said Knight Frank Singapore\u2019s research head Dr Lee Nai Jia.
\n\u201cWith the successful bid of the site, it is likely we will witness more of such two-envelope bidding for upcoming Government Land Sales (GLS) sites,\u201d he added.
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Hong Leong acquires Hillview Rise site for 0m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Aerial view of the residential site at Hillview Rise. (Photo: URA) A 153,881.94 sq ft...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-93113","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-odP","jetpack-related-posts":[{"id":108520,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-launches-3-residential-sites-under-1h2019-gls-programme\/","url_meta":{"origin":93113,"position":0},"title":"URA launches 3 residential sites under 1H2019 GLS Programme","date":"June 28, 2019","format":false,"excerpt":"\r The Urban Redevelopment Authority (URA) on Thursday (27 June) released two housing sites and one residential with commercial at first storey site for sale under the first half 2019 Government Land Sales (GLS) Programme. Together, the three sites are expected to yield around 1,545 residential units. Launched for sale\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111636,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-midwood-to-open-for-preview-this-saturday\/","url_meta":{"origin":93113,"position":1},"title":"The Midwood to open for preview this Saturday","date":"October 16, 2019","format":false,"excerpt":"\r Hong Leong Holding\u2019s\u00a099-year leasehold development in the Bukit Timah area comprises of one- to four-bedroom units ranging between 484 sq ft and 1,259 sq ft. Image credit: Hong Leong Holdings The Midwood, Hong Leong Holding\u2019s 564-unit residential project at Hillview Rise, is set to open for public preview this\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":75423,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-launches-tenders-for-sengkang-central-hillview-rise-sites\/","url_meta":{"origin":93113,"position":2},"title":"URA launches tenders for Sengkang Central, Hillview Rise sites","date":"December 29, 2017","format":false,"excerpt":"\r Aerialview of Hillview Rise site. (Photo: URA) The Urban Redevelopment Authority (URA) has launched two sites at Sengkang Central and Hillview Rise for sale by public tender, with the bids to be evaluated under a concept and price revenue tender system. The sites, which come under the confirmed list\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":87072,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hillview-rise-site-attracts-nine-bids\/","url_meta":{"origin":93113,"position":3},"title":"Hillview Rise site attracts nine bids","date":"May 4, 2018","format":false,"excerpt":"\r Aerial view of the residential site at Hillview Rise. (Photo: URA) Despite having technical conditions, a residential site at Hillview Rise off Upper Bukit Timah attracted nine tender submissions from eight bidders at the close of the state tender yesterday (3 May) under a dual-envelope concept and price tender\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111977,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/midwood-condominium-sees-24-units-sold-during-launch-weekend\/","url_meta":{"origin":93113,"position":4},"title":"Midwood condominium sees 24 units sold during launch weekend","date":"October 29, 2019","format":false,"excerpt":"\r Developer Hong Leong Holdings has sold 24 units out of the 50 it released over the launch weekend of its Midwood condominium, reported The Business Times. The 99-year leasehold project\u2019s apartment sizes range from 484 sq ft for single-bedroom units to 1,259 sq ft for four-bedroom units. Selling prices\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/10\/Arrival-court-midwood.jpg?fit=810%2C450&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":51779,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tuan-sing-acquires-freehold-site-in-hillview\/","url_meta":{"origin":93113,"position":5},"title":"Tuan Sing acquires freehold site in Hillview","date":"April 13, 2017","format":false,"excerpt":"\r Located close to the Hillview MRT station, the site is expected to yield 100 residential units.\u00a0 Tuan Sing Holdings plans to develop 100 homes on a 43,557 sq ft freehold site in the Hillview area that it is in the process of acquiring for $47.8 million in cash, the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/93113"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=93113"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/93113\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=93113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=93113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=93113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}