A 154,000 sqft residential GLS site at Hillview Rise has been won by Hong Leong Group with a top bid of $460m.
Based on a 430,879 sqft gross floor area (GFA), the price works out to about S$1,067 psf per plot ratio (psfppr).
The tender drew nine concept proposals from eight tenderers under a dual-envelope system, with Hong Leong Group’s listed developer City Developments Ltd (CDL) linking up with CapitaLand to submit two separate proposals.
The Concept and Price Revenue tender system was adopted for this tender, which requires bidders to fulfill construction productivity requirements before moving on to the next stage.
Hong Leong Group’s proposal included extensive adoption of Prefabricated Prefinished Volumetric Construction (PPVC) to achieve high construction productivity and reduce the works required to be done on site.
Industry experts noted that the land parcel is close to retail amenities and within walking distance to Hillview MRT station. Hillview also has the good image of a very exclusive and private neighbourhood.
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