Freehold residential site in Bukit Batok on the market for $42 mil
Within a larger 1km distance, recent release consist of the 633-unit Forett @ Bukit Timah by Qingjian Realty (South Pacific Group) and also Prennial Real Estate Holdings which released in August 2020 and has actually seen over 600 units used up to day at an ordinary rate of around $1,982 psf. One more growth, the 258-unit Verdale, also launched in Sept 2020 by joint developers COLI Singapore and also CSC Land Group. The property has actually since sold out, with values equating at about $1,800 psf.
The public tender exercise for the project will certainly close on Sept 21 at 3.30 pm.
An estate property site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and also Upper Bukit Timah Road, is up for sale by means of public tender with a guide cost of $42 million.
Bruce Lye, watching over affiliate at SRI, projects the site to draw solid interest from builders, given the uncommon supply of personal property land in the Bukit Batok area. “Both the rate quantum of the site as well as the prospective variety of brand-new units that can be constructed are within the sweet place,” he states. Based on applicable authorities’ authorization, a new property development could possibly produce 57 new dwelling units based upon the most up to date URA guidelines.
“There is really limited exclusive property project along Bukit Batok East Avenue 6, where Park Natura Condo is most likely the only property along the road that was finalized greater than 10 years back,” Low includes.
A check on EdgeProp LandLens shows that there are just 308 condominium units offered within a 500m radius of the site across 2 projects – Park Natura which has 192 units and also Sherwood Condominium which has 116 units.
The site figures about 37,575 sq ft feet as well as is zoned for residential usage with a permitted plot ratio of 1.4. The highest permitted gross floor area (GFA) is around 56,287 sq ft, inclusive of extra balcony space.
A single-storey vehicle workshop with a three-storey annex structure presently remains on the site. The property is rented to Autobacs Singapore, a Japanese automobile business.
Low Choon Sin, managing companion at SRI Capital Market, mentions that the site’s area beside the Bukit Batok Nature Park will certainly supply developers with a chance to redevelop the site right into a shop project that appreciates lush plant views and a large frontage of roughly 120m.
According to unique marketing representative SRI, the guide cost for the site calculates to a land rate of concerning $1,127 psf per plot proportion, taking into consideration the bonus veranda GFA as well as the development fee payable.
In addition, Lye mentions that the property has a single owner, which will supply certainty to the deal and timeline.