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[SINGAPORE] The collective sale of Bukit Timah condominium Hillcrest Arcadia has moved into private treaty talks, after a tender closed on Thursday (May 22) with no bids.

However, it received expressions of interest from several parties at prices below the S$920 million asking price, Terence Lian, Huttons Asia’s head of investment sales, told The Business Times.

“We are now in the 10-week private treaty period, during which negotiations can take place with interested developers to potentially secure a deal,” he added.

Hillcrest Arcadia’s guide price reflects a land rate of about S$1,519 per square foot per plot ratio (psf ppr). This factors in a 10 per cent gross floor area in the rebuild, and a premium of about S$262 million to upgrade the title to a fresh 99-year lease.

Located in District 11, the development has about 50 years left on its lease, which dates back to 1975.

The property sits on a land area of 442,162 square feet, and houses 272 residential units and one retail unit. The Arcadia Road plot is zoned for residential use, with a gross plot ratio of 1.6.

Up to 773 new homes can be built on the site without incurring a land betterment charge, due to the site’s approved use and intensity. 

Nearby Watten Estate Condominium, located on a site roughly half the size of Hillcrest Arcadia’s, was sold to UOL Group and Singapore Land Group (SingLand) in 2021 for S$550.8 million.

The joint venture partners are developing their 180-unit Watten House on the freehold site. The luxury project, first marketed in November 2023, saw better-than-expected sales at launch, moving 102 units at an average price of S$3,230 per square foot. As at May 26, Watten House has sold 167 units.

Hillcrest Arcadia’s tender closing follows that of Elias Green’s, which saw no takers at the guide price of S$928 million. The Pasir Ris condo’s en bloc sale is also in a 10-week private treaty period.

The last major residential en bloc deal closed was the sale of Thomson View condo for S$810 million to UOL Group, SingLand and CapitaLand Development in November 2024. A deal was signed at about 12 per cent below the owners’ original reserve price. The sale process has since been stopped by the Strata Titles Board, with the case going to court.

In February, freehold River Valley Apartments was sold to a Singapore family office for S$56 million. The price tag translates to a land rate of around S$1,622 psf ppr, including a nominal land betterment charge.