Bukit Timah Road & Duke's Road— Overview

1. Project Factsheet

Factsheet Overview: The following technical specification matrix outlines the baseline planning attributes, land acquisition quantum, regulatory constraints, and financial parameters for the Bukit Timah Road & Duke's Road redevelopment site, compiled from Urban Redevelopment Authority (URA) zoning registries, Singapore Land Authority (SLA) cadastral filings, and real estate transaction disclosures.

Factsheet Parameter	Project Details / Technical Specification
Project Name	Bukit Timah Road & Duke's Road Mixed-Use Redevelopment (Former 551–553 Bukit Timah Rd & 6–8 Duke's Rd)
Purchaser / Developer	Hillcrest Investments Pte Ltd (Affiliate of Pacific Eagle Real Estate / RGE Group)
Property Address	551, 553 Bukit Timah Road & 6, 8 Duke's Road, Singapore 269695
District & Planning Area	District 10 (Bukit Timah / Coronation Enclave) | Core Central Region (CCR)
Tenure	Estate in Fee Simple (100% Freehold)
Site Land Area	Approx. 1,530.9 sq m / ~16,479 sq ft (Combined across 3 adjoining cadastral lots)
Zoning & Land Use	Commercial & Residential (Mixed-Use Commercial Ground Floor Podium + Residential Stack)
Gross Plot Ratio	3.0
Maximum Allowable Building Height	5 Storeys (Low-Rise Mixed-Use Envelope Control)
Maximum Gross Floor Area (GFA)	Approx. 4,592.7 sq m / ~49,437 sq ft
Acquisition Quantum (En Bloc)	S$53.9 Million (Transacted December 2021)
Land Rate Basis	S$1,504 psf ppr (Inclusive of estimated Development Charge / Land Betterment Charge)
Estimated Unit Yield	32 to 40 Boutique Residential Apartments + Ground-Floor Retail Units
Estimated Developer Breakeven	S$2,300 – S$2,450 psf
Projected Launch Price Range	S$2,850 – S$3,150 psf Average
Nearest Primary School	Nanyang Primary School (100% within 1km Home-School Distance)
Nearest Transit Hub	Botanic Gardens MRT Interchange (CC19 / DT9) (~300m / 4-minute sheltered walk)

2. RGE Group's Freehold Acquisition

En Bloc Transaction Background: In December 2021, Hillcrest Investments Pte Ltd—a Singapore real estate investment platform managed under Pacific Eagle Real Estate (the real estate arm of Sukanto Tanoto’s Royal Golden Eagle Group)—executed a private collective sale agreement to purchase two adjoining prime property assets along Bukit Timah Road and Duke's Road for S$53.9 million. The acquisition encompassed the two-storey commercial/residential building at 551 and 553 Bukit Timah Road alongside the adjacent residential flats at 6 and 8 Duke's Road.

Land Rate Analysis & Quantum Advantage: Spanning a consolidated land area of 16,479 square feet with a Master Plan plot ratio of 3.0, the total allowable gross floor area expands to 49,437 square feet. The purchase price of S$53.9 million translates to a baseline land cost of S$1,090 psf ppr. Factoring in the required Land Betterment Charge (LBC) payable to the state to convert and intensify the full 3.0 plot ratio for a modern 5-storey mixed-use development, the net land basis settles at S$1,504 psf ppr. This represents a highly disciplined land acquisition basis for prime District 10 freehold real estate, particularly when compared against historical GLS land bids in the Central Region.

Sponsor Financial Strength & Portfolio Alignment: Pacific Eagle Real Estate has consistently demonstrated an investment preference for irreplaceable core assets across prime Asia-Pacific gateways. The acquisition of 551–553 Bukit Timah Road and 6–8 Duke's Road directly mirrors their strategy seen in projects like Tanglin Shopping Centre (acquired en bloc for S$868 million) and Duke's Road's immediate neighbor, Chinatown Plaza (redeveloped into Mondrian Singapore Duxton). By securing a corner-frontage plot at the intersection of Bukit Timah Road and Duke's Road, the developer established complete control over a high-visibility, dual-frontage retail and residential site directly opposite Coronation Plaza.

Benchmarking District 10 Freehold En Bloc Acquisitions: To evaluate the land valuation basis, the following table compares recent prime District 10 and District 11 collective land acquisitions against the subject site:

• Bukit Timah Rd & Duke's Rd En Bloc (Subject Site): S$1,504 psf ppr | Commercial & Residential (3.0 PR) | Freehold | Dec 2021
• Watten Estate Condominium En Bloc (Watten House): S$1,723 psf ppr | Residential (1.4 PR) | Freehold | Oct 2021
• Chuan Park En Bloc: S$1,256 psf ppr | Residential (2.1 PR) | 99-Year Leasehold | May 2022
• Holland Tower En Bloc: S$1,746 psf ppr | Residential (2.0 PR) | Freehold | Mar 2023

Analytical Deduction: At S$1,504 psf ppr, Hillcrest Investments acquired the Bukit Timah/Duke's Road site at a ~12.7% discount per square foot per plot ratio relative to the adjacent Watten Estate Condominium en bloc site (S$1,723 psf ppr). Furthermore, the Commercial & Residential zoning grants the developer the unique right to incorporate high-margin ground-floor retail units, providing strong recurring rental income potential that pure residential sites cannot offer.

3. Land & Valuation

Itemized Financial Decomposition: Establishing the financial viability of a low-rise, high-specification mixed-use redevelopment in District 10 requires an itemized cost analysis. The cost structure accounts for low-rise structural engineering, basement parking excavation, land betterment charges, financing interest, and retail podium fit-out expenses.

Cost Component	Estimated Cost Basis (S$ per sq ft GFA/PPR)	Share of Total Development Cost
Net Freehold Land Basis (incl. LBC)	S$1,504	63.2%
5-Storey Construction & Custom Interior Finishing	S$560 – S$620	24.4%
Financing Interest, Legal, & Advisory Overheads	S$140 – S$170	6.5%
Marketing, Sales Commissions, & Administrative Fees	S$120 – S$140	5.9%
Total Developer Breakeven Cost Floor	S$2,324 – S$2,434	100.0%

Breakeven Modeling Insights: The itemized model indicates that developer breakeven anchors securely between S$2,320 and S$2,430 psf. The relatively lower breakeven floor is a direct result of the favorable land entry rate (S$1,504 psf ppr), providing the developer with considerable pricing flexibility during project launch.

Projected Launch Pricing & Margin Scenarios: Assuming developer profit margin targets between 15% and 22% for boutique freehold projects in prime District 10, target residential launch prices are modeled across three distinct market scenarios:

• Conservative Launch Scenario (12% Margin): S$2,650 to S$2,750 psf average launch price.
• Base Case Scenario (18% Margin): S$2,850 to S$3,050 psf average launch price.
• Bullish Launch Scenario (22%+ Margin): S$3,100 to S$3,300 psf average launch price.

Valuation Arbitrage Analysis: When benchmarked against recent primary market launches in the immediate Bukit Timah and Tanglin sub-zones, the strategic valuation proposition becomes clear:

• Watten House (Freehold - Shelford Enclave): Transacted Average S$3,200 – S$3,500 psf
• Perfect Ten (Freehold - Bukit Timah D10): Transacted Average S$3,000 – S$3,300 psf
• The Reserve Residences (99-Yr Leasehold - Beauty World): Transacted Average S$2,450 – S$2,700 psf
• Bukit Timah & Duke's Rd Redevelopment (Projected Freehold): Projected Average S$2,850 – S$3,150 psf

Analytical Deduction: Launching a brand-new, freehold mixed-use residential asset between S$2,850 and S$3,150 psf creates a compelling pricing arbitrage. It allows buyers to acquire completed freehold real estate within 1km of Nanyang Primary School at a S$300 to S$500 psf discount relative to nearby large-scale freehold developments like Watten House, while positioning itself just slightly above 99-year leasehold prices in the adjacent District 21 corridor.

4. Low-Rise 5-Storey Commercial & Residential Integration

Boutique Urban Integration: Operating under a Gross Plot Ratio of 3.0 and a strict 5-storey height limit, the redevelopment avoids high-density vertical massing in favor of a refined, low-rise urban profile. The design integrates a commercial retail podium on the ground level with private residential apartments on levels two through five.

Dual-Frontage Streetscape Optimization: The plot benefits from expansive dual frontage facing both Bukit Timah Road and Duke's Road. The architectural massing utilizes this corner position to create distinct operational entries:

• Commercial Pedestrian Promenade: Positioned along Bukit Timah Road, featuring wide pedestrian drop-offs, sheltered walkways, and floor-to-ceiling glass store-fronts designed for lifestyle cafes, boutique bakeries, and high-end wellness services.
• Private Residential Access: Located along the quieter side street off Duke's Road, featuring a private vehicular drop-off, underground basement parking access, and secure digital lift lobbies completely separated from commercial retail traffic.

Biophilic Design & Acoustic Mitigation: To ensure serene indoor living environments along bustling Bukit Timah Road, the building facade integrates advanced acoustic engineering features:

• Acoustic Double-Glazed Curtain Walls: High-performance, double-glazed laminated glass panels engineered to eliminate ambient street noise and minimize solar heat transmission.
• Cantilevered Vertical Greenery: Planter boxes, integrated facade trellises, and rooftop garden terraces that soften the building envelope and improve micro-climate cooling.

5. Unit Typologies, Spatial Efficiency & Boutique Layout Dynamics

Unit Yield & Target Spatial Distribution: Based on the maximum gross floor area allocation of ~49,437 sq ft (with ~80% dedicated to residential space and ~20% retained for commercial retail units), the development is structured to yield between 32 and 40 exclusive residential apartments. The projected layout breakdown is detailed below:

• 1-Bedroom + Study (approx. 520 – 580 sq ft): ~15% of inventory, optimized for corporate tenants, young professionals, and yield-focused investors.
• 2-Bedroom Premium / 2-Bedroom + Study (approx. 720 – 850 sq ft): ~40% of inventory, functioning as the core product tier for small families and parent-investors seeking Nanyang Primary eligibility.
• 3-Bedroom Family Suites (approx. 1,050 – 1,250 sq ft): ~35% of inventory, featuring expansive living-dining spaces, wet/dry kitchens, and squarish bedroom footprints tailored for owner-occupiers.
• 4-Bedroom / Penthouse Suites (approx. 1,450 – 1,750 sq ft): ~10% of inventory, situated on the top floor with private roof terrace access, catering to multi-generational buyers and right-sizing landed families.

Zero Dead-Space Spatial Efficiency: Unlike older legacy developments encumbered by oversized air-con ledges and massive bay windows, modern architectural floor plans maximize usable interior liveable area (NSI). Units feature dumbbell layout configurations that eliminate long corridors, open-plan kitchen integration, and fully usable balcony outdoor rooms.

Private Lift Lobby Configurations: Select 3-bedroom and 4-bedroom apartments feature direct private lift access, opening into dedicated entrance foyers. This layout detail reinforces personal privacy, provides enhanced security, and delivers a luxury living experience typical of prime District 10 boutique residences.

6. District 10 Market Supply

Acute Freehold Supply Inelasticity: District 10's Bukit Timah and Coronation sub-zones are among Singapore's most land-constrained sectors. Because government land sales (GLS) in District 10 are almost exclusively 99-year leasehold sites (such as Holland Plain and Holland Link), the supply of new-build freehold land depends entirely on private collective sales. These en bloc acquisitions carry complex multi-party negotiations and high acquisition costs, severely limiting new freehold project launches.

Comparative Valuation Grid Across Bukit Timah Enclaves: To evaluate relative market value, the table below benchmarks the projected Bukit Timah & Duke's Road redevelopment against active primary and secondary developments within a 1.2km radius:

Development Name	Location / District	Tenure	Transacted / Projected PSF Range	Completion / Building Profile
Bukit Timah & Duke's Rd Redevelopment	Duke's Road (D10)	Freehold	S$2,850 – S$3,150 psf (Proj.)	New Launch (5-Storey Mixed-Use)
Watten House	Shelford Road (D11)	Freehold	S$3,200 – S$3,550 psf	Under Construction (5-Storey Low-Rise)
Cluny Park Residence	Cluny Park Road (D10)	Freehold	S$3,100 – S$3,600 psf	Completed (TOP 2016)
Coronation Shopping Plaza (Resi)	Bukit Timah Rd (D10)	Freehold	S$1,900 – S$2,100 psf	Mature Resale (TOP 1979)
Duke's Residence	Duke's Road (D10)	Freehold	S$2,300 – S$2,550 psf	Boutique Resale (TOP 2012)

Analytical Deduction: The comparative grid illustrates a clear value proposition. While neighboring large-format luxury projects like Watten House transact at S$3,200 to S$3,550 psf, and boutique assets opposite Botanic Gardens (Cluny Park Residence) command upwards of S$3,300 psf, the projected entry pricing of S$2,850 to S$3,150 psf for Duke's Road offers buyers a brand-new freehold asset at a 10% to 15% discount relative to surrounding benchmark launches.

7. Nanyang Primary School & Elite School Belt Synergy

The Nanyang Primary School Guarantee: In Singapore's primary residential property market, location within the official Ministry of Education (MOE) 1km Home-School Distance radius of premier primary schools serves as a major driver of capital liquidity, price resilience, and resale demand. Properties inside this 1km perimeter consistently command a valuation premium over similar properties situated outside the boundary.

100% Guaranteed 1km Radius: Using official SLA OneMap cadastral distance measurement tools, the site at 551–553 Bukit Timah Road and 6–8 Duke's Road sits approximately 350 to 450 meters from the main gates of Nanyang Primary School (located along King's Road). This positions 100% of the residential units safely within the critical 1km radius, granting parents top priority during Phase 2C MOE registration exercises.

Broader Elite Educational Corridor: Beyond Nanyang Primary, the project sits within a dense cluster of top-tier educational institutions along the Bukit Timah educational belt:

• Primary Schools within 1km to 2km: Raffles Girls' Primary School, Singapore Chinese Girls' Primary School (SCGS), and Anglo-Chinese School (Primary).
• Secondary & Tertiary Institutions: Hwa Chong Institution, Nanyang Girls' High School, National Junior College (NJC), St. Margaret's Secondary School, and Singapore Chinese Girls' School.

Resale Market Liquidity Effect: The continuous influx of young families seeking housing near Nanyang Primary School creates an active, self-sustaining resale market. Buyers purchasing 2-bedroom and 3-bedroom units enjoy strong exit liquidity, as future waves of parents consistently seek primary-school-adjacent homes in the Coronation enclave.

8. Pedestrian Networks & UNESCO Heritage Integration

Botanic Gardens MRT Interchange (CC19 / DT9): The redevelopment sits approximately 300 meters from the entrance of Botanic Gardens MRT Interchange Station. This dual-line transit node provides direct access to two major MRT lines:

• Downtown Line (DT9): Provides direct single-train connectivity to Newton Interchange (NS21/DT11 - 3 stops), Bugis Interchange (EW12/DT14 - 6 stops), and Marina Bay Financial Centre / Downtown (DT16 - 8 stops).
• Circle Line (CC19): Offers seamless transit to Buona Vista / One-North (CC22 - 3 stops), Holland Village (CC21 - 2 stops), and Bishan Interchange (NS17/CC15 - 4 stops).

Pedestrian Amenities & Retail Enclave Integration: Residents enjoy direct walkability to established retail, lifestyle, and dining amenities in the Coronation enclave:

• Immediate Cross-Street Amenities: Located directly opposite Coronation Shopping Plaza (housing NTUC FairPrice, medical clinics, and enrichment centers) and adjacent to Crown Centre and King's Arcade.
• Cluny Court & Serene Centre: A 3-minute walk (250m) provides access to gourmet grocers (Cold Storage Specialty), artisanal cafes, bakeries, and boutique fitness studios.

Singapore Botanic Gardens (UNESCO World Heritage Site): Situated just 400 meters south along Cluny Park Road, residents have pedestrian access to the Singapore Botanic Gardens—a 82-hectare UNESCO World Heritage site offering world-class green spaces, walking trails, and recreational lawns.

9. Bukit Timah Green Corridor & Urban Framework

The Bukit Timah Turf City & Green Transformation: Under the URA Master Plan, the broader Bukit Timah planning area is undergoing major urban enhancements designed to improve greenery, pedestrian connectivity, and public spaces.

Bukit Timah Green Railway Corridor: The continuous enhancement of the Rail Corridor green trunk line—running parallel to Bukit Timah Road—provides residents with motor-free, eco-friendly walking and cycling connections stretching from Woodlands in the north to Tanjong Pagar and the Greater Southern Waterfront in the south.

Streetscape Enhancement & Pedestrianization: URA urban design guidelines for the Coronation commercial node prioritize the creation of wider, tree-shaded pedestrian walkways, active street frontages, and improved bicycle parking. The ground-floor retail podium at 551–553 Bukit Timah Road will contribute directly to this urban renewal, replacing older shop structures with a modern, beautifully designed retail promenade.

10. Target Buyers, Yield Metrics & Capital Preservation

Core Buyer Segments: Due to its prime District 10 location, Nanyang Primary proximity, and mixed-use convenience, buyer demand is expected to originate from three primary groups:

• Nanyang Primary Parent-Buyers: High-net-worth parents purchasing 2-bedroom and 3-bedroom units to establish priority registration within 1km of Nanyang Primary School.
• District 10 Landed Right-Sizers: Older homeowners downsizing from nearby landed estates (Victoria Park, Rebecca Park, Coronation Road West) seeking a single-level luxury home with lift access and ground-floor retail convenience in their familiar neighborhood.
• Long-Term Capital Preservation Investors: Domestic investors acquiring boutique freehold assets near top schools and MRT interchanges to protect wealth against inflation while earning steady rental income.

Rental Yield Modeling & Performance: Given the strong rental demand from faculty at nearby international schools, medical professionals at Gleneagles, and C-suite executives working in One-North and the CBD, projected rental yields are summarized below:

Unit Typology	Square Footage Range	Projected Monthly Rent (S$)	Estimated Gross Rental Yield (at S$2,950 PSF)
1-Bedroom + Study	~520 – 580 sq ft	S$4,200 – S$4,800	3.2% – 3.6%
2-Bedroom Premium	~720 – 850 sq ft	S$5,800 – S$6,800	3.1% – 3.5%
3-Bedroom Family Suite	~1,050 – 1,250 sq ft	S$8,200 – S$9,800	3.0% – 3.4%
4-Bedroom / Penthouse	~1,450 – 1,750 sq ft	S$11,500 – S$14,000	2.9% – 3.3%

Multi-Generational Capital Preservation Strategy: Because this project is 100% freehold, it is immune to the lease decay pressures that affect older 99-year leasehold properties. Owners can hold the asset across multi-generational timeframes (10 to 20+ years) as a family legacy asset, capturing long-term capital growth driven by District 10 land scarcity.

11. Risk & Sensitivity

Risk Identification & Mitigation Matrix: Prior to committing capital, prospective buyers should evaluate key market risks and downside factors.

Risk Vector	Impact Level	Analytical Mitigation & Market Reality
60% Foreign Buyer ABSD Cooling Measures	Low-Moderate	Mitigated by strong local demand. District 10 school-adjacent homes are heavily purchased by domestic Singaporeans and PRs, minimizing reliance on foreign buyer capital.
Main Road Noise Exposure (Bukit Timah Rd)	Moderate	Mitigated by double-glazed acoustic facade panels, set-back building buffers, and positioning residential stacks facing toward quieter Duke's Road side views.
Commercial Podium Leasing & Tenant Mix Risk	Low	The developer's parent entity (Pacific Eagle Real Estate) has extensive retail management expertise, ensuring curated, high-quality tenants for the ground-floor shops.
Interest Rate & TDSR Sensitivity	Moderate	All buyers are stress-tested under MAS TDSR guidelines at a 4.0% interest rate, ensuring resilient balance sheets across the owner-occupier base.