SINGAPORE, 18 FEBRUARY 2021 – EDMUND TIE, the sole marketing agent for the sale of 48 Hillside Drive, is pleased to offer the site for sale via a tender exercise which will close on Tuesday, 23 March 2021 at 3.00 pm.
Nestled within the mature Kovan estate, the regular plot has a site area of 1,955.2 sq m (approximately 21,046 sq ft). The 999-year leasehold site is zoned for Residential use at a plot ratio of 1.4 under the Master Plan 2019. The property, which is held by a single owner, is ideal as a grand residence for high-net-worth individuals, a multi-generational family, or may be redeveloped into a variety of landed housing types or as a boutique residential development of up to 27 units based on an average apartment size of 100 sq m.
The Property enjoys convenient access to a plethora of amenities, with a wide array of eateries and supermarkets at the nearby Heartland Mall, NEX, MyVillage and Chomp Chomp Food Centre. The well-located Property also enjoys excellent accessibility with both Kovan MRT and Serangoon MRT Interchange located within a stone’s throw away, while major roads and expressway such as Yio Chu Kang Road, Upper Serangoon Road and Central Expressway (CTE) provide easy connectivity to other parts of Singapore. Educational institutions nearby include Rosyth School, Zhonghua Primary School and international schools such as Australian International School and International French School.
Executive director of investment advisory, Ms Swee Shou Fern, commented: “With an affordable bite-sized quantum, and various redevelopment possibilities for the well-located site, the property will appeal to a wide range of potential buyers. Besides residential developers who will be keen to subdivide the site into multiple landed homes or redevelop into a boutique apartment development, we also expect interest from high-net-worth and multi-generational families looking to buy for their own stay. Large single-owner redevelopment plots are tightly held and are rarely available. This may arguably be the last available plot for sale along Hillside Drive.”
“Held by a single owner, potential purchasers can be assured of certainty in deal completion timeline. It also presents an exceptional opportunity for immediate redevelopment without having to wait for a sale order which is common in a collective sale.”
The guide price for the property is $18 million, reflecting approximately $855 per sq ft on the site area.
The tender exercise for 48 Hillside Drive will close on Tuesday, 23 March 2021 at 3pm.
ENDS
For further information, please contact:
Wong Wei Chen
Senior Manager, Corporate Communications
O: +65 6393 2369
Email: weichen.wong@etcsea.com