Freehold residential site in Bukit Batok on the market for $42 mil
A single-storey vehicle workshop with a three-storey annex structure presently sits on the site. The property is rented to Autobacs Singapore, a Japanese automotive company.
The general public tender exercise for the project will close on Sept 21 at 3.30 pm.
The site measures roughly 37,575 sq ft feet and is zoned for residential usage with an allowed plot ratio of 1.4. The max permitted gross floor area (GFA) is around 56,287 sq ft, inclusive of bonus veranda room.
According to unique advertising representative SRI, the guide price for the site calculates to a land price of concerning $1,127 psf per plot ratio, considering the added balcony GFA and the development cost payable.
In addition, Lye points out that the residence has a single owner, which will offer certainty to the purchase as well as timeline.
A check on EdgeProp LandLens presents that there are only 308 condominium units available within a 500m span of the location across two properties – Park Natura which has 192 units as well as Sherwood Condominium which has 116 units.
Bruce Lye, managing partner at SRI, assumes the site to attract solid interest from builders, provided the rare supply of personal property land in the Bukit Batok area. “Both the cost quantum of the site as well as the possible variety of brand-new units that can be established are within the nice place,” he states. Subject to applicable authorities’ approval, a new property development could possibly generate 57 new residence units based upon the current URA rules.
Low Choon Sin, supervising companion at SRI Capital Market, mentions that the site’s area beside the Bukit Batok Nature Park will provide developers with a chance to redevelop the site into a shop project that enjoys lavish plant views as well as a wide frontage of about 120m.
Within a broader 1km distance, recent launches include the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) as well as Prennial Real Estate Holdings which released in August 2020 and also has seen over 600 units occupied to date at an ordinary rate of around $1,982 psf. One more growth, the 258-unit Verdale, likewise launched in Sept 2020 by joint developers COLI Singapore as well as CSC Land Group. The project has actually since sold out, with values equating at about $1,800 psf.
A freehold household site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and also Upper Bukit Timah Road, is up for sale via public tender with an overview rate of $42 million.
“There is very restricted exclusive residential project 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 earlier,” Low adds.