Freehold residential site in Bukit Batok on the market for $42 mil

Within a bigger 1km distance, recent release consist of the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) and also Prennial Real Estate Holdings which released in August 2020 and has seen over 600 units taken up to day at a typical cost of around $1,982 psf. Another advancement, the 258-unit Verdale, likewise released in Sept 2020 by joint developers COLI Singapore and also CSC Land Group. The venture has since sold out, with rates equating at around $1,800 psf.

A property domestic site at 30 Bukit Batok East Avenue 6, off Old Jurong Road as well as Upper Bukit Timah Road, is up for sale by means of public tender with an overview price of $42 million.

The site measures around 37,575 sq ft feet as well as is zoned for property usage with an allowed plot ratio of 1.4. The maximum permitted gross floor area (GFA) is around 56,287 sq ft, inclusive of bonus veranda area.

A single-storey vehicle workshop with a three-storey annex building currently rests on the site. The building is leased to Autobacs Singapore, a Japanese automobile company.

Midtown Modern Guocoland

A check on EdgeProp LandLens presents that there are only 308 condominium units available within a 500m distance of the location across 2 projects – Park Natura which has 192 units as well as Sherwood Residence which has 116 units.

According to unique marketing representative SRI, the guide cost for the site calculates to a land price of concerning $1,127 psf per plot ratio, taking into consideration the extra balcony GFA as well as the growth charge payable.

Bruce Lye, managing affiliate at SRI, assumes the site to pull strong attraction from developers, offered the rare supply of exclusive non commercial land in the Bukit Batok neighbourhood. “Both the rate quantum of the site and also the prospective number of brand-new units that can be constructed are within the delightful place,” he says. Subject to relevant authorities’ authorization, a brand-new domestic growth could potentially generate 57 new house units based on the current URA guidelines.

Furthermore, Lye explains that the property has a solitary proprietor, which will offer certainty to the purchase and timeline.

“There is really minimal private residential development along Bukit Batok East Avenue 6, where Park Natura Condominium is probably the only project along the road that was finalized more than ten years back,” Low includes.

Low Choon Sin, supervising companion at SRI Capital Market, mentions that the site’s place beside the Bukit Batok Nature Park will offer developers with a chance to redevelop the site into a boutique development that appreciates lavish greenery sights as well as a vast front view of around 120m.

The general public tender exercise for the project will certainly close on Sept 21 at 3.30 pm.

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