Hillcrest Arcadia, a 99-year leasehold condominium in Bukit Timah, has been put on the market for an en bloc sale at $920 million. This collective sale presents an opportunity to redevelop a prime 4.4-hectare site in one of Singapore\u2019s most sought-after districts.<\/p>\n
Location: Hillcrest Arcadia, Bukit Timah<\/p>\n<\/li>\n
Land Size: 442,165 square feet<\/p>\n<\/li>\n
Lease: 99-year tenure (started in 1975, with around 30 years remaining)<\/p>\n<\/li>\n
Asking Price: $920 million<\/p>\n<\/li>\n
Price per Square Foot per Plot Ratio (psf ppr): $1,519<\/p>\n<\/li>\n
Lease Renewal Cost: $262 million to extend to a fresh 99-year tenure<\/p>\n<\/li>\n<\/ul>\n
The sale is being managed by Huttons Asia, which estimates that owners could receive between $4.5 million and $5 million per unit if the deal is successful.<\/p>\n
The site, located near Watten Estate, is zoned for residential use with a gross plot ratio of 1.6, allowing up to 79 new homes to be built. Notably, no land betterment charge is required due to its existing approved use and intensity.<\/p>\n
Terrence Lam, Head of Investment Sales at Huttons Asia, highlighted the site\u2019s prime location, stating:<\/p>\n
\n\u201cHillcrest Arcadia enjoys a prime spot, surrounded by a low-rise landed housing estate on one side and the Central Catchment Nature Reserve on the other. Future residents will have unobstructed views of lush greenery.\u201d<\/p>\n<\/blockquote>\n
Bukit Timah\u2019s Strong Luxury Market<\/h3>\n
Bukit Timah remains a hotbed for luxury real estate. A notable comparison is Watten Estate Condominium, which was half the size of Hillcrest Arcadia and sold in 2021 to UOL Group<\/a> for $550.36 million. The site is now being redeveloped into Watten House<\/a>, a 180-unit luxury condo that launched in November 2023, with an average price of $3,230 psf.<\/p>\n