First retirement housing project

Property agents have started marketing units at Singapore's first retirement housing development. But preliminary prices suggest that units at the privately developed project are on the high side, experts say. Developer World Class Land, a unit of jewellery group Aspial Corp, submitted the top bid of $73.8 million - or $482 per sq ft per plot ratio (psf ppr) - for the Jalan Jurong Kechil plot in November last year.

The 1.02ha 60-year leasehold site is earmarked for residential use and the Urban Redevelopment Authority said private flats, a condo or retirement housing may be built.

Marketing material describes the project, The Hillford, as a "retirement resort". It is expected to launch on Jan 10. The 281-unit project will boast 24-hour concierge service and 18 commercial units, such as food outlets, a convenience store, clinics and medical-related facilities.

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