Freehold residential site in Bukit Batok on the market for $42 mil
Bruce Lye, managing partner at SRI, projects the site to draw solid attraction from developers, given the uncommon supply of exclusive housing land in the Bukit Batok area. “Both the price quantum of the site and also the prospective number of brand-new units that can be built are within the sweet place,” he claims. Based on relevant authorities’ approval, a new domestic advancement can potentially generate 57 brand-new dwelling units based upon the most up to date URA guidelines.
Within a larger 1km distance, current release consist of the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) and Prennial Real Estate Holdings which started in August 2020 and also has seen over 600 units occupied to date at a typical cost of around $1,982 psf. Another growth, the 258-unit Verdale, likewise introduced in Sept 2020 by joint developers COLI Singapore as well as CSC Land Group. The property has since sold out, with values averaging at around $1,800 psf.
The public tender exercise for the development will certainly close on Sept 21 at 3.30 pm.
A single-storey car workshop with a three-storey annex building presently rests on the site. The property is rented to Autobacs Singapore, a Japanese vehicle company.
A check on EdgeProp LandLens reveals that there are just 308 condominium units offered within a 500m distance of the location around two properties – Park Natura which has 192 units as well as Sherwood Condo which has 116 units.
According to special advertising agent SRI, the guide price for the site works out to a land rate of regarding $1,127 psf per plot proportion, thinking about the added terrace GFA and also the development charge payable.
The site measures approximately 37,575 sq ft feet as well as is zoned for domestic use with an allowable plot proportion of 1.4. The max permissible gross floor area (GFA) is around 56,287 sq ft, inclusive of extra veranda room.
Low Choon Sin, managing companion at SRI Capital Market, notes that the site’s location beside the Bukit Batok Nature Park will provide developers with an opportunity to redevelop the site right into a shop project that enjoys lush greenery sights as well as a broad frontage of roughly 120m.
“There is quite limited personal residential project along Bukit Batok East Avenue 6, where Park Natura Condominium is most likely the only project along the road that was completed greater than ten years earlier,” Low includes.
An estate domestic site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and Upper Bukit Timah Road, is up for sale using public tender with an overview price of $42 million.
On top of that, Lye points out that the property has a single proprietor, which will give assurance to the transaction as well as timeline.