Freehold residential site in Bukit Batok on the market for $42 mil
Low Choon Sin, managing partner at SRI Capital Market, mentions that the site’s location beside the Bukit Batok Nature Park will certainly provide developers with a chance to redevelop the site into a shop project that enjoys lush greenery views and also a vast frontage of about 120m.
According to unique advertising representative SRI, the overview rate for the site works out to a land price of regarding $1,127 psf per plot proportion, thinking about the extra veranda GFA and also the advancement cost payable.
Furthermore, Lye points out that the property has a single owner, which will certainly provide certainty to the deal and also timeline.
Within a bigger 1km radius, current release include the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) and Prennial Real Estate Holdings which introduced in August 2020 and also has seen over 600 units used up to date at an average cost of around $1,982 psf. An additional growth, 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 equating at about $1,800 psf.
Bruce Lye, watching over affiliate at SRI, assumes the site to pull good attraction from builders, provided the rare supply of private non commercial land in the Bukit Batok neighbourhood. “Both the cost quantum of the site and the possible variety of new units that can be built are within the sweet spot,” he states. Based on relevant authorities’ approval, a new residential development can potentially produce 57 brand-new home units based upon the current URA standards.
The public tender exercise for the development will close on Sept 21 at 3.30 pm.
“There is very minimal private property project along Bukit Batok East Avenue 6, where Park Natura Condo is probably the only property along the road that was completed more than 10 years back,” Low includes.
A property site at 30 Bukit Batok East Avenue 6, off Old Jurong Road as well as Upper Bukit Timah Road, is up for sale using public tender with a guide cost of $42 million.
A single-storey car workshop with a three-storey annex building presently sits on the site. The building is leased to Autobacs Singapore, a Japanese automotive company.
A check on EdgeProp LandLens reveals that there are just 308 apartment units readily available within a 500m span of the location along 2 projects – Park Natura which has 192 units and Sherwood Condo which has 116 units.
The site measures roughly 37,575 sq ft feet and is zoned for property use with an allowable plot ratio of 1.4. The max permitted gross floor area (GFA) is around 56,287 sq ft, inclusive of extra porch room.