Case Study: Redevelopment Cost for 48 Hillside Drive
Large land plots like this that is found in Hillside Drive is highly coveted amongst property developers, homeowners and private investors. There is huge potential in regards to potential future buildup and this makes for a good investment opportunity for building apartments (More on that later).
For homeowners, 48 Hillside Drive is away from more popular landed estates such as Serangoon Gardens Estate and Braddell Heights Estate. This helps to keep 48 Hillside Drive away from prying eyes and might be a better choice when privacy is a big concern.
Rebuilding an older property takes up a significant cost and it is ill-advised for potential home buyers to purchase a property without understanding the approximate redevelopment costs required to build the home of their dreams.
This case study does not in any way form a binding contract, and it's only for buyers who are interested in this property or if you are interested in how much would a typical rebuild of this size cost. If you are interested in a quotation for your landed project, feel free to speak to one of our friendly consultants.
We work together with renowned architects who are featured on Singapore Tatler and Channel News Asia. As a cohesive Design & Build Company, we aim to provide innovative designs that will stand the test of time, at a cost-effective price.
21,045 sqft or 1,955 sqm. A land plot size of greater than 400 sqm will be classified as a detached (bungalow) type. That being said, we have to work within some of the guidelines for this specific type, which we will talk about in detail further on.
Development Control Guidelines
An interesting point to note is that 48 Hillside Drive is not located in a landed housing area. This might be important to some homeowners who generally want the overall landscape of an area to be protected.
A non-landed housing area allows for investors to amalgamate land to create apartment blocks.
Road Buffer and Side/Rear Setbacks
Hillside Drive is a Category 5 Road, this categorization requires that the building setback from the boundary will have to be located 7.5 metres away from it.
For both side and rear building setback, it will need to be 2 metres away from the boundary.
For detached (bungalow) land plots, you will have to observe a maximum of 50% site coverage. Taking into account all the above guidelines and site coverage, the approximate area for site coverage will be around 10,646 sqft. This is the area that is demarcated in green.
Calculating the Build-Up Area is tricky as it depends on the existing site coverage of the unit. To calculate the maximum build-up area for the property, various development control and envelope control guidelines mentioned above will have to be observed.
Based on the above findings, the approximate built-up area allowed for 48 Hillside Drive is around 31,938 sqft! This built-up area is based on a 3 storey with attic rebuild.
The ballpark range for the complete redevelopment of 48 Hillside Drive will cost in total $9.7-12.8 million! The cost of your project ultimately depends on many factors such as the complexity of the build, and quality of finishes and fittings to house interior.
There are some other details that we have not covered in more detail but necessary such as professional fees, authorities’ plan processing charges, construction financing charges, site inspectorate and other administrative expenses.
In regards to the building itself, costs for construction of a basement level, soil conditions, demolition of an existing structure and interior fittings are excluded as these are sometimes not required and/or handled by other contractors.
Finally, the project cost can vary based on the duration of the project.
Since this land plot is located in a non-landed housing area, building apartment complexes for this plot is permissible. Based on the plot ratio of 1.4, up to 30,000 sqft of buildup area is allowed. Coincidentally, this is the same for rebuilding a detached house.
Taking an average size of 900 sqft for a 3-Bedroom condo, we can expect around 30 apartment units to be built.
In my opinion, I believe that this land will most likely be bought by a real estate developer rather than a private owner. The profits on a project like this are extremely lucrative, should the developer have solid capital and stable cash flow.
Redevelopment of a plot of this size is very costly and it will take a team of skilled architects, builders and interior designers to build the home of your dreams.
The total built-up area of this landed property will be approximately 30,000 sqft.
The expected cost of the project will be between $9.15-$12 million.
If you require more information in regards to the total rebuild check out this Guide to Rebuilding Landed Properties for Private Home Owners.
For some of our previous builds that we have done, click here.
If you require real estate information in regards to landed properties, check out these exceptional posts!
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