Leading diversified professional services and investment management firm Colliers (NASDAQ and TSX: CIGI) today announced that the owners of 23 factory units at Hillview Terrace have banded together to put their properties up for joint sale, in a deal exclusively marketed by Colliers.

Spanning across Nos. 26 – 38D Hillview Terrace, the existing terrace factories offer a combined site area of 11,131sq m (119,813 sq ft), which can be amalgamated with its adjoining access road and electrical sub-station to form a larger site area of 14,636 sq m (157,540 sq ft) for comprehensive redevelopment.

To facilitate comprehensive redevelopment of Hillview Terrace for residential use, the Urban Redevelopment Authority (URA) has granted a one-off, time-limited bonus residential GPR of 0.3 above the Master Plan 2019, raising the allowable GPR from 1.62 to 1.92, thereby allowing existing landowners to relocate and sell their factories by joint sale. The maximum allowable gross floor area (GFA) of the site is approximately 302,478 sq ft, allowing the site to yield up to approximately 330 units, subject to approval from the authorities.

To enjoy the bonus GPR, the land must be redeveloped in accordance with the parcellation plan prescribed by the URA. The successful buyer of Nos. 26 – 38D Hillview Terrace can also consider purchasing the adjoining parcel to the south, comprising Nos. 31 to 35 and Nos. 50 to 64 Hillview Terrace, Hillview Building and Hillview Warehouse, to develop into a single enlarged residential development. The redevelopment of the entire Hillview Terrace area will see a transformation into a charming residential enclave on high ground with commanding views, surrounded by parks and greenery to the north and landed residential properties to the south.

The 999-year leasehold land parcel is available for sale at a reserve price of S$255.4 million, translating into a land rate of S$1,336 per square foot per plot ratio (psf ppr), including an estimated development charge of S$116.8 million and an estimated alienation cost of S$31.9 million for the road and the sub-station. Factoring in an additional 7% of bonus gross floor area for the balcony incentive scheme, the land rate will be lowered to S$1,289 psf ppr.

John Bin, Director, Capital Markets & Investment Services | Singapore, commented: "From a demand perspective, the site characteristics are ideal for residential development given its north-south orientation and commanding views of the Bukit Gombak Hill, Bukit Batok Town Park and Little Guilin to the north. This presents an excellent opportunity for the developer to build a quality project that capitalises on great views of lush greenery and nature.

“From a supply side viewpoint, the limited supply of development sites island wide presents a rare opportunity for developers to own a 999-year leasehold land in an attractive residential location. With the favorable news of the bonus plot ratio incentive and possibilities of a regular parcellation, developers will enjoy more flexibility in designing their vision and concept for the site.”

Toh Khai Yeow, Chairman of the Joint Sale Committee | 26 – 38D Hillview Terrace, remarked: “The bonus plot ratio given by the URA has been helpful in unifying the owners of 26 – 38D Hillview Terrace as a community. This initiative was led by Mr. Fang Koh Look, who was instrumental in engaging the URA on merits of the redevelopment potential to encourage the individual factory owners in coming together to achieve URA’s objective of phasing out industries in the Hillview area. He spent two years aligning both owners and the authorities’ interest. We look forward to seeing the rejuvenation plans for Hillview Terrace coming to fruition in the next few years.”

Fang Koh Look, Hillview Factories Community Outreach Lead, commented: “I am proud to have achieved this win-win outcome for the factory owner community at Hillview Terrace.  I have written numerous letters in the last two years to the authorities.  It has been a tireless engagement, but it was all worth it.”

The site is conveniently located minutes away from major roads including the Upper Bukit Timah Road, Pan Island Expressway, Bukit Timah Expressway and Kranji Expressway. In addition to Hillview MRT Station, Bukit Batok MRT Station, and Bukit Gombak MRT Station, the site will also be served by Hume Station on the Downtown Line by 2025. 

Residents may easily access the lush green spaces at Bukit Batok Nature Park or the Rail Corridor via the park connector network. An array of dining, retail and entertainment facilities is readily available at the nearby HDB retail shops and shopping malls including HillV2, The Rail Mall, and West Mall. Numerous primary schools are also located within 2 kilometres of the site, including Bukit View Primary School, Keming Primary School, Princess Elizabeth Primary School and St Anthony’s Primary School.

Colliers is the sole marketing agent for the sale of 26 – 38D Hillview Terrace. The public tender of the site will close at 3pm on 12 April 2022