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THE Hilltops Apartments at Cairnhill Circle are back on the collective sale market - two years after the owners backed away from selling en bloc because the price was not good enough.

The choice site is again being marketed with an adjacent row of 16 terrace houses.

And the two freehold plots, adding up to 117,164 square feet, are expected to fetch a total of about $414 million or $950 per square foot of potential gross floor area inclusive of any development charge (DC).

This is the same unit land price at which several major deals in the area were done during previous property booms.

These include the 1996 sale of the Cairnhill Hotel - now redeveloped into the Light at Cairnhill - across the road from Hilltops.

DTZ Debenham Tie Leung director Tang Wei Leng, whose firm brokered the Cairnhill Hotel deal and is marketing Hilltops and the 16 terrace houses, said yesterday: ‘We believe this combined site is poised to command similar prices and perhaps higher, given the positive outlook going forward.’

Expressions of interest were sought for Hilltops and the terrace houses in March 2004, Ms Tang said. Five submissions were received but they did not meet the owners’ expectations.

Hilltops comprises 99 apartments and three penthouses. The apartment owners hope to receive about $2.8 million per unit - more than double the price they would get if they sold individually without the collective sale factor.

The Hilltops site is 67,308 sq ft and written permission has been granted for a 20-storey residential project with a 4.59 plot ratio - the ratio of potential gross floor area to land area. Based on the $950 psf per plot ratio price expectation, Hilltops should fetch about $294 million.

No DC is payable for the Hilltops site. But an estimated $12.8 million DC is payable for developing the 49,856 sq ft site occupied by the 16 terrace houses.

This site is zoned for 20-storey residential use with a 2.8 plot ratio. Assuming the houses fetch a total of $120 million - based on the $950 psf per plot ratio inclusive of DC - their owners should walk away with $5 million to $11 million per house.

Again, this is more than double the price the homes would command if sold individually.

The combined site can be redeveloped into a new condo with over 200 units averaging 2,000 sq ft, analysts say.

DTZ’s Ms Tang says the attraction of combined sites is their vantage location at the high point of Cairnhill Circle, close to the Orchard Road area. The tender cloes on April 19.

Source : Business Times - 8 Mar 2006