Freehold residential site in Bukit Batok on the market for $42 mil
Bruce Lye, watching over partner at SRI, projects the site to draw good attraction from developers, provided the rare supply of private housing land in the Bukit Batok neighbourhood. “Both the cost quantum of the site and also the prospective number of brand-new units that can be constructed are within the sweet area,” he claims. Subject to applicable authorities’ authorization, a brand-new domestic growth might possibly produce 57 brand-new home units based on the most up to date URA standards.
Within a larger 1km radius, recent launches include the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) and also Prennial Real Estate Holdings which introduced in August 2020 as well as has actually seen over 600 units occupied to day at an ordinary cost of around $1,982 psf. An additional growth, the 258-unit Verdale, likewise released in Sept 2020 by joint developers COLI Singapore as well as CSC Land Group. The venture has actually since sold out, with prices equating at approximately $1,800 psf.
A check on EdgeProp LandLens shows that there are just 308 apartment units readily available within a 500m distance of the location around two projects – Park Natura which has 192 units and Sherwood Condo which has 116 units.
A property residential 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 a guide cost of $42 million.
The site figures about 37,575 sq ft feet and is zoned for property usage with an allowable plot proportion of 1.4. The highest permissible gross floor area (GFA) is around 56,287 sq ft, inclusive of extra balcony room.
Low Choon Sin, supervising partner at SRI Capital Market, indicates that the site’s location adjacent to the Bukit Batok Nature Park will offer developers with an opportunity to redevelop the site right into a shop project that appreciates lavish greenery sights and also a wide front view of roughly 120m.
According to special advertising representative SRI, the guide cost for the site calculates to a land price of regarding $1,127 psf per plot ratio, taking into account the added terrace GFA and also the development fee payable.
A single-storey vehicle workshop with a three-storey annex structure currently remains on the site. The property is leased to Autobacs Singapore, a Japanese vehicle company.
Additionally, Lye explains that the building has a single proprietor, which will provide assurance to the transaction and also timeline.
“There is really minimal personal domestic project along Bukit Batok East Avenue 6, where Park Natura Condo is probably the only development along the road that was finished more than ten years ago,” Low includes.
The public tender exercise for the property will close on Sept 21 at 3.30 pm.
