Freehold residential site in Bukit Batok on the market for $42 mil
According to exclusive advertising representative SRI, the guide rate for the site turns out to a land price of regarding $1,127 psf per plot ratio, considering the bonus veranda GFA and also the development charge payable.
A check on EdgeProp LandLens shows that there are merely 308 condominium units offered within a 500m radius of the location around 2 properties – Park Natura which has 192 units and also Sherwood Condominium which has 116 units.
A single-storey car workshop with a three-storey annex building presently rests on the site. The building is rented to Autobacs Singapore, a Japanese auto company.
Royal Green Allgreen Properties Limited
The site measures roughly 37,575 sq ft feet as well as is zoned for household usage with a permitted plot proportion of 1.4. The highest acceptable gross floor area (GFA) is around 56,287 sq ft, inclusive of extra balcony space.
A freehold property site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and also Upper Bukit Timah Road, is up for sale by means of public tender with a guide cost of $42 million.
Bruce Lye, handling partner at SRI, anticipates the site to pull good attention from developers, given the unusual supply of personal property land in the Bukit Batok area. “Both the cost quantum of the site as well as the potential number of brand-new units that can be constructed are within the pleasant place,” he says. Subject to relevant authorities’ approval, a brand-new residential growth could possibly yield 57 new home units based on the current URA guidelines.
Within a larger 1km distance, recent launches consist of 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 has seen over 600 units taken up to date at an average price of around $1,982 psf. An additional development, the 258-unit Verdale, also released in Sept 2020 by joint developers COLI Singapore as well as CSC Land Group. The venture has actually since sold out, with values equating at approximately $1,800 psf.
The general public tender exercise for the development will certainly close on Sept 21 at 3.30 pm.
Low Choon Sin, managing companion at SRI Capital Market, indicates that the site’s location adjacent to the Bukit Batok Nature Park will certainly offer developers with an opportunity to redevelop the site into a store project that enjoys lush greenery views and also a wide front view of about 120m.
On top of that, Lye explains that the real estate has a single proprietor, which will offer certainty to the deal and also timeline.
“There is quite minimal personal household development along Bukit Batok East Avenue 6, where Park Natura Residence is most likely the only property along the road that was completed greater than one decade ago,” Low includes.
