The 10-storey Lam Soon Industrial Building (pictured) at 63 Hillview Avenue has been re-launched for collective sale, according to marketing agent Colliers International.
The
230,915 sq ft freehold property comprises 154 warehouses and light
industrial factories. The site is zoned residential under the 2008
Master Plan and has a gross plot ratio of 1.92.
The sale is
expected to attract interest from developers looking for available
freehold sites and it could be redeveloped into a 10-storey residential
project of 403 units at 1,100 sq ft each.
“The Hillview area is
an interesting vicinity – having transformed from an area that used to
house industrialists into a residential enclave that is surrounded by
Bukit Timah Hill, Bukit Timah Reserve and Dairy Farm Nature Park. The
area is now undergoing further rejuvenation works, and connectivity to
the rest of the island will soon be boosted by the upcoming Hillview MRT
station that is slated for completion in 2015,” said Tang Wei Leng,
Executive Director of Investment Services at Colliers International.
Recently,
the neighbouring Hillier and Lanai developments saw healthy sales with
unit prices at over S$1,700 and S$1,500 psf respectively.
Moreover,
the site is located close to good amenities like The Rail Mall, Bukit
Timah Plaza and Beauty World, as well as transport links.
The tender for the site will close on 3 April.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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