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

A property residential site at 30 Bukit Batok East Avenue 6, off Old Jurong Road as well as Upper Bukit Timah Road, is up for sale via public tender with a guide price of $42 million.

“There is very limited exclusive household development along Bukit Batok East Avenue 6, where Park Natura Condo is possibly the only development along the road that was completed more than ten years ago,” Low includes.

A check on EdgeProp LandLens reveals that there are just 308 apartment units readily available within a 500m span of the location along 2 properties – Park Natura which has 192 units and Sherwood Condominium which has 116 units.

Furthermore, Lye points out that the building has a solitary owner, which will give assurance to the transaction and timeline.

Within a bigger 1km radius, current release consist of the 633-unit Forett @ Bukit Timah by Qingjian Realty (South Pacific Group) and Prennial Real Estate Holdings which started in August 2020 as well as has seen over 600 units taken up to day at a typical rate of around $1,982 psf. One more advancement, 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 costs averaging at around $1,800 psf.

New Port Residences Anson Road

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

Low Choon Sin, supervising companion at SRI Capital Market, mentions that the site’s location beside the Bukit Batok Nature Park will certainly provide developers with an opportunity to redevelop the site into a shop project that enjoys lavish plant views and a wide frontage of roughly 120m.

Bruce Lye, watching over partner at SRI, anticipates the site to draw solid attention from builders, provided the uncommon supply of exclusive housing land in the Bukit Batok neighbourhood. “Both the cost quantum of the site and also the potential number of new units that can be established are within the nice area,” he claims. Based on appropriate authorities’ authorization, a brand-new domestic growth can potentially yield 57 new residence units based on the most recent URA guidelines.

A single-storey car workshop with a three-storey annex building presently remains on the site. The property is rented to Autobacs Singapore, a Japanese vehicle firm.

According to unique marketing agent SRI, the guide rate for the site calculates to a land price of regarding $1,127 psf per plot ratio, taking into account the bonus balcony GFA as well as the advancement fee payable.

The site measures about 37,575 sq ft feet and also is zoned for household use with a permitted plot ratio of 1.4. The max allowable gross floor area (GFA) is around 56,287 sq ft, inclusive of added veranda area.

error: Content is protected !!