The condo is put up for sale at $920 million or $1,519 per square foot
Hillcrest Arcadia was completed in 1980 and has around 49 years left on its 99-year lease that started from 1 December 1975.
The Bukit Timah condominium sits on a sizeable 442,162 square feet of land that currently houses 272 residential units and 1 retail unit.
At $920 million, Hillcrest Arcadia is being marketed at about $1,519 per square foot per plot ratio (psf ppr), taking into account 10 per cent bonus gross floor area in the rebuild and a premium of about $262 million to upgrade the title to a fresh 99-year lease, according to marketing agent Huttons.
The Arcadia road plot is close to the Watten Estate neighbourhood in the prime Bukit Timah area and is zoned for residential use with a gross plot ratio of 1.6.
Up to 773 new homes can be built on the site, which is surrounded by predominantly low-rise landed housing estate on one side and the Central Catchment Nature Reserve on the other, Huttons said.
Nearby Watten Estate Condominium, on a site of about half the size of Hillcrest Aracdia, was sold in 2021 to the UOL group for $550.8 million land rate of $1,723 psf ppr including 8% bonus gross floor area and the corresponding development charge. UOL and Singapore Land are currently developing the 180-unit Watten House on the freehold site. The luxury project, first marketed in November 2023 – some seven months after fresh market cooling measures kicked in – sold 102 units at launch priced on average of $3,230 psf. Watten House to date is 90% sold with onlt the 3 Bedroom + Study and 5 bedroom unit types available for sale.
En bloc sales have seen fluctuating activity due to economic conditions and cooling measures. Hazel Tan, Hillcrest Arcadia’s collective sales committee chairwoman, said: “The owners have embarked on a collective sale now as we believe this is the ideal timing with interest rates coming down and with property market sentiment continuing to be bullish. In addition, we are confident that the recent extension of the Additional Buyer’s Stamp Duty remission deadline for developers rebuilding large en bloc sites such as ours, will further encourage developers’ keen interest in our development.”
The leasehold development could still draw strong interest, especially if developers see potential for luxury condominiums in the Bukit Timah neighbourhood.