HONG KONG-BASED property developer Hillcrest Capital will make its maiden move into Singapore with 21 Anderson, a luxury residential development on Anderson Road.
The project, which is expected to be launched early next month, will have 34 units spread over 10 floors.
"We are very bullish on the property market in Singapore," Hillcrest's managing director Lyon Lau told BT.
The company bought the Anderson Road site in February this year from Habitat Properties for about $112 million. This is thought to have worked out to $1,519 per square foot (psf) based on a total strata area of about 73,710 square feet.
In an unusual move, Hillcrest decided not to tear down the old apartment block on the site.
Instead, it is keeping the main structure but changing the building's facade, layout and interior design and increasing the floor area. This means it can have 21 Anderson ready for occupation as soon as mid-2008.
Usually, developers take two or three years to demolish and rebuild a project.
"We will have a time-to-market advantage," Mr Lau said.
He expects the project to attract interest from people who have sold their homes in collective sales and need replacement properties quickly.
Prices at 21 Anderson will be 'competitive', Mr Lau said. Units could go for about $3,000 psf, BT understands.
Hillcrest is looking for other projects in Singapore - residential developments in the prime districts and commercial buildings.
At 21 Anderson - designed by local firm Eco.id Architects and Design Consultancy - each unit will have its own balcony and lift and will be equipped with designer furnishing and appliances.
