Bukit Timah’s Hillcrest Arcadia Up for En Bloc Sale at $920 Million

Hillcrest Arcadia, a 99-year leasehold condominium in Bukit Timah, has been put on the market for an en bloc sale at $920 million. This collective sale presents an opportunity to redevelop a prime 4.4-hectare site in one of Singapore’s most sought-after districts.

Key Sale Details

• Location: Hillcrest Arcadia, Bukit Timah

• Land Size: 442,165 square feet

• Lease: 99-year tenure (started in 1975, with around 30 years remaining)

• Asking Price: $920 million

• Price per Square Foot per Plot Ratio (psf ppr): $1,519

• Lease Renewal Cost: $262 million to extend to a fresh 99-year tenure

The sale is being managed by Huttons Asia, which estimates that owners could receive between $4.5 million and $5 million per unit if the deal is successful.

Development Potential

The site, located near Watten Estate, is zoned for residential use with a gross plot ratio of 1.6, allowing up to 79 new homes to be built. Notably, no land betterment charge is required due to its existing approved use and intensity.

Terrence Lam, Head of Investment Sales at Huttons Asia, highlighted the site’s prime location, stating:

“Hillcrest Arcadia enjoys a prime spot, surrounded by a low-rise landed housing estate on one side and the Central Catchment Nature Reserve on the other. Future residents will have unobstructed views of lush greenery.”

Bukit Timah’s Strong Luxury Market

Bukit Timah remains a hotbed for luxury real estate. A notable comparison is Watten Estate Condominium, which was half the size of Hillcrest Arcadia and sold in 2021 to UOL Group for $550.36 million. The site is now being redeveloped into Watten House, a 180-unit luxury condo that launched in November 2023, with an average price of $3,230 psf.

Another recent en bloc success was the Thomson View site, which UOL, SingLand, and CapitaLand Development acquired in November 2024 for $830 million—a 12% discount from the owners’ initial reserve price.

Timing the Market Right

Hillcrest Arcadia’s en bloc attempt isn’t new. In 2018, an earlier effort failed to secure 80% approval from owners. However, Hazel Tan, chairwoman of the collective sales committee, believes the market conditions are now favorable:

“With interest rates coming down and property sentiment staying bullish, we believe this is the ideal timing for a collective sale. Additionally, the recent extension of the Additional Buyer’s Stamp Duty (ABSD) remission deadline for large en bloc sites will further encourage developer interest.”

Under the new ABSD remission rules (effective March 6, 2024), large redevelopment projects with at least 700 units—and 1.4 times the number of homes currently on the site—qualify for an extended sales deadline, making en bloc acquisitions more attractive to developers.

What’s Next?

The tender for Hillcrest Arcadia opens on April 3, 2024, and will close on May 22, 2024. If a deal is struck, it will be one of Singapore’s biggest en bloc transactions in recent years.

With Bukit Timah’s luxury property market thriving and developer interest growing, will Hillcrest Arcadia finally find a buyer this time? Stay tuned for updates.