Freehold residential site in Bukit Batok on the market for $42 mil
A check on EdgeProp LandLens presents that there are just 308 apartment units offered within a 500m radius of the site across two projects – Park Natura which has 192 units as well as Sherwood Condominium which has 116 units.
A freehold household site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and Upper Bukit Timah Road, is up for sale via public tender with an overview price of $42 million.
“There is quite minimal exclusive household project along Bukit Batok East Avenue 6, where Park Natura Residence is most likely the only development along the road that was finished greater than ten years ago,” Low adds.
According to unique marketing agent SRI, the overview rate for the site works out to a land price of about $1,127 psf per plot proportion, thinking about the bonus porch GFA and the development fee payable.
In addition, Lye explains that the property has a single proprietor, which will supply assurance to the deal and timeline.
A single-storey car workshop with a three-storey annex structure presently rests on the site. The property is leased to Autobacs Singapore, a Japanese vehicle firm.
Bruce Lye, managing partner at SRI, anticipates the site to attract solid interest from developers, given the unusual supply of private property land in the Bukit Batok area. “Both the rate quantum of the site and also the prospective variety of brand-new units that can be developed are within the nice spot,” he claims. Based on pertinent authorities’ approval, a brand-new property advancement might possibly yield 57 brand-new home units based upon the current URA guidelines.
The general public tender exercise for the development will close on Sept 21 at 3.30 pm.
Within a bigger 1km distance, current release include the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) as well as Prennial Real Estate Holdings which launched in August 2020 as well as has seen over 600 units occupied to date at an ordinary cost of around $1,982 psf. Another growth, the 258-unit Verdale, likewise introduced in Sept 2020 by joint developers COLI Singapore and CSC Land Group. The project has actually since sold out, with costs equating at approximately $1,800 psf.
The site measures about 37,575 sq ft feet and also is zoned for domestic usage with a permitted plot ratio of 1.4. The highest acceptable gross floor area (GFA) is around 56,287 sq ft, inclusive of bonus veranda area.
Low Choon Sin, supervising partner at SRI Capital Market, indicates that the site’s location beside the Bukit Batok Nature Park will offer developers with an opportunity to redevelop the site into a store project that enjoys lush plant views and also a large front view of about 120m.
