Freehold residential site in Bukit Batok on the market for $42 mil
Low Choon Sin, supervising partner at SRI Capital Market, notes that the site’s area adjacent to the Bukit Batok Nature Park will provide developers with an opportunity to redevelop the site right into a shop project that appreciates rich greenery sights and a large frontage of approximately 120m.
The public tender exercise for the development will close on Sept 21 at 3.30 pm.
Within a broader 1km radius, recent launches consist of the 633-unit Forett @ Bukit Timah by Qingjian Realty (South Pacific Group) as well as Prennial Real Estate Holdings which launched in August 2020 as well as has actually seen over 600 units used up to day at a typical cost of around $1,982 psf. An additional development, the 258-unit Verdale, additionally launched in Sept 2020 by joint developers COLI Singapore and also CSC Land Group. The project has actually since sold out, with prices averaging at around $1,800 psf.
A single-storey vehicle workshop with a three-storey annex structure presently remains on the site. The building is rented to Autobacs Singapore, a Japanese automobile company.
The site measures about 37,575 sq ft feet and is zoned for property use with a permitted plot ratio of 1.4. The utmost permissible gross floor area (GFA) is around 56,287 sq ft, inclusive of bonus balcony area.
“There is quite limited exclusive domestic development along Bukit Batok East Avenue 6, where Park Natura Condo is probably the only development along the road that was finalized more than ten years ago,” Low includes.
A check on EdgeProp LandLens reveals that there are only 308 condo units offered within a 500m radius of the site around two properties – Park Natura which has 192 units as well as Sherwood Residence which has 116 units.
An estate household 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, managing partner at SRI, projects the site to draw good attraction from builders, given the rare supply of exclusive housing land in the Bukit Batok community. “Both the rate quantum of the site and also the potential number of brand-new units that can be developed are within the pleasant place,” he claims. Subject to appropriate authorities’ authorization, a brand-new household development could possibly generate 57 brand-new residence units based on the most up to date URA rules.
In addition, Lye mentions that the building has a solitary proprietor, which will certainly provide certainty to the deal and also timeline.
According to unique advertising agent SRI, the overview rate for the site works out to a land charge of regarding $1,127 psf per plot proportion, taking into account the extra veranda GFA and also the growth cost payable.
