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SINGAPORE, 11 November 2015 – JLL and Cushman & Wakefield (C&W) are the joint marketing agents for the sale of 11 Hillside Drive, a rare asset approved for education use and held under a 103-year leasehold tenure from 2012.
The property sits on a land area of approximately 81,457 sq ft, and has a gross floor area of approximately 46,753 sq ft. The property has a regular site layout, with prominent frontage on three sides, providing strong signage and branding opportunities.
Currently tenanted to a reputable educational institution, the property has been recently enhanced to provide updated teaching facilities, while retaining its distinctive historical charm and character to create a unique learning environment. In addition, there is an ability to introduce innovative design to identify value creation opportunities, and to maximise the asset’s efficiency and potential.
Mr Rohit Hemnani, Head of Corporate Capital Markets at JLL, said “Well-located, long leasehold sites of this nature are very rarely available for sale. Whilst the asset could generate stable income, the potential buyer will also have a variety of options to fully prepare for future growth plans. We expect very strong interest from educational operators and investors who are looking to enter the Singapore market, or established groups looking to expand their presence and offering in Singapore.”
Strategically located within the growing Serangoon sub-regional district, the location is undergoing a planned transformation that will see a comprehensive range of amenities to create a liveable, self-sufficient town. Retail offerings such as nex Mall, Heartland Mall, and facilities such as Serangoon stadium and swimming complex are within close proximity. Kovan MRT Station, Serangoon MRT Station and Serangoon Bus Interchange are one kilometre or 10 to 15 minutes’ walk away, making the development easily accessible to commuters via public transportation. Its city fringe location also makes it a mere 15-minute drive to the Central Business District and Orchard Road shopping belt. The property is also easily accessible to other parts of Singapore via Pan Island Expressway (PIE) and Central Expressway (CTE).
Mr Shaun Poh, Executive Director of Capital Markets at C&W, commented “It is widely recognised that there is a shortage of real estate spaces for community, childcare/education and education facilities in Singapore. This is partly due to the fact that the Government had not been releasing enough land for such purposes in the recent years. On the other hand, we notice that there has been firm interest for most of the state land tender for such uses in the past.”
The strategic location of Serangoon and Hillside Drive are further underscored by the robust response to a recent government land sale tender, a 99-year leasehold residential site located at Lorong Lew Lian that attracted a total of 11 bids. Under the 2014 Master Plan, the property is zoned for “Residential” use.
JLL & C&W are inviting offers for the purchase of 11 Hillside Drive through an Expressions of Interest (EOI) exercise, which closes on
Wednesday, 16 December 2015 at 3pm.
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Note to editors:
1. A high resolution image of 11 Hillside Drive is available here.
Bob Tan (JLL)
+65 9760 8905
Shaun Poh (C&W)
+65 9662 6430