Freehold residential site in Bukit Batok on the market for $42 mil
Low Choon Sin, managing companion at SRI Capital Market, notes that the site’s place adjacent to the Bukit Batok Nature Park will certainly provide developers with an opportunity to redevelop the site right into a store development that enjoys lush plant views and a broad front view of about 120m.
Within a wider 1km radius, current release include the 633-unit Forett @ Bukit Timah by Qingjian Realty (South Pacific Group) and also Prennial Real Estate Holdings which started in August 2020 as well as has seen over 600 units used up to day at an average price of around $1,982 psf. An additional advancement, the 258-unit Verdale, additionally introduced in Sept 2020 by joint developers COLI Singapore as well as CSC Land Group. The project has actually since sold out, with rates averaging at around $1,800 psf.
In addition, Lye mentions that the real estate has a single proprietor, which will offer assurance to the deal as well as timeline.
The site measures roughly 37,575 sq ft feet as well as is zoned for household use with an allowable plot proportion of 1.4. The maximum permissible gross floor area (GFA) is around 56,287 sq ft, inclusive of added veranda room.
According to unique promotion agent SRI, the guide price for the site turns out to a land charge of about $1,127 psf per plot ratio, taking into consideration the added terrace GFA as well as the advancement cost payable.
A single-storey vehicle workshop with a three-storey annex structure presently rests on the site. The building is rented to Autobacs Singapore, a Japanese vehicle business.
“There is very restricted exclusive domestic project along Bukit Batok East Avenue 6, where Park Natura Condominium is most likely the only property along the road that was finalized greater than one decade earlier,” Low adds.
A check on EdgeProp LandLens presents that there are only 308 apartment units readily available within a 500m span of the site throughout two properties – Park Natura which has 192 units and Sherwood Residence which has 116 units.
The public tender exercise for the project will close on Sept 21 at 3.30 pm.
A property 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.
Bruce Lye, handling affiliate at SRI, assumes the site to pull solid attraction from developers, provided the unusual supply of personal residential land in the Bukit Batok area. “Both the price quantum of the site and the prospective number of brand-new units that can be established are within the delightful spot,” he says. Subject to relevant authorities’ authorization, a new property advancement could potentially yield 57 brand-new house units based on the most up to date URA rules.