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Published September 22, 2007

85% of MCL Land's Hillcrest Villas sold in the past fortnight

Average price for the 163-unit cluster terrace homes project is $871 psf

By KALPANA RASHIWALA

MCL Land has sold 85 per cent of its 163-unit cluster terrace homes development Hillcrest Villas over the past fortnight.

The average price for the 99-year leasehold project in the Dunearn Road area on the former SingTel Academy site is about $871 per square foot (psf) of strata area. Absolute prices range from $2.5 million to $3 million per unit. This means the listed property group, a subsidiary of Hongkong Land, has sold about 400 homes this year for slightly more than $900 million.

MCL is planning to launch two freehold condos next year with a total of about 360 units in the Holland Hill and Pasir Panjang locations, MCL Land CEO Koh Teck Chuan told BT yesterday.

Hillcrest Villas' cluster terrace houses will have two storeys plus attic and basement, with a total strata area of about 3,100 sq ft on average per unit. The typical unit has four bedrooms plus another in the basement that can be turned into an entertainment room. The development has shared facilities including swimming pools, a clubhouse and gym.

'Buyers are all Singaporeans, given the restrictions on foreigners regarding owning landed property. We've a good mix of owner occupiers and investors,' Mr Koh said.

Hillcrest Villas' location next to Raffles Girls' Primary School and near Nanyang Primary School is a draw for parents eyeing a place for their children in these schools, market watchers said.

Mr Koh noted that cluster houses at The Teneriffe at Laurel Wood Avenue nearby are fetching monthly rentals of about $14,000. 'Assuming Hillcrest Villas command the same rental, and based on our average selling price of $2.7 million, the net yield at about 5.6 per cent is pretty attractive,' he said.

Hillcrest Villas is being marketed by DTZ Debenham Tie Leung.

Earlier this year, MCL Land launched two other condominium projects - the 132-unit Waterfall Gardens at Farrer Road and 129-unit Tierra Vue at St Patrick's Road on the former Marine Parade Gardens site.

Both freehold projects are fully sold. MCL Land achieved average prices of about $1,500 psf for Waterfall Gardens and $850 psf for Tierra Vue, Mr Koh said.

The group has another two freehold condos that it plans to release next year - one with about 180 units on the Balmeg Court site off Pasir Panjang Road, and a joint venture with Ho Bee on a project with about 180-190 units on the Holland Hill Mansions site.

Meanwhile, Kallang Development yesterday began previewing 48 freehold terrace houses at Sembawang Road under the latest phase of its Springside development.

Intermediate terrace units are priced at about $1.75 million on average and have land areas ranging from 1,617 sq ft to 2,154 sq ft and floor areas of about 3,500 to 3,700 sq ft. Corner units, with plot sizes of 2,400 to 4,800 sq ft and floor areas of 3,500-5,000 sq ft, cost $2.2 million to $3 million. All units are three storeys high and will have attics but no basements.

Another landed development expected to come on the market soon is King's 8, comprising eight freehold strata bungalows along King's Road. Each strata bungalow will have its own swimming pool.