Freehold residential site in Bukit Batok on the market for $42 mil
The site figures approximately 37,575 sq ft feet as well as is zoned for residential use with an allowed plot proportion of 1.4. The utmost acceptable gross floor area (GFA) is around 56,287 sq ft, inclusive of extra porch room.
The general public tender exercise for the development will close on Sept 21 at 3.30 pm.
A freehold household site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and Upper Bukit Timah Road, is up for sale by means of public tender with a guide cost of $42 million.
Low Choon Sin, supervising companion at SRI Capital Market, mentions that the site’s area beside the Bukit Batok Nature Park will certainly give developers with an opportunity to redevelop the site into a boutique project that enjoys rich greenery views and also a vast front view of around 120m.
A check on EdgeProp LandLens shows that there are merely 308 apartment units readily available within a 500m radius of the location around two 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 currently rests on the site. The property is leased to Autobacs Singapore, a Japanese automobile firm.
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Bruce Lye, managing affiliate at SRI, anticipates the site to attract strong interest from developers, given the rare supply of personal non commercial land in the Bukit Batok community. “Both the cost quantum of the site and also the possible variety of brand-new units that can be established are within the nice area,” he claims. Based on relevant authorities’ approval, a brand-new property growth can possibly yield 57 brand-new residence units based on the latest URA guidelines.
According to special advertising agent SRI, the guide rate for the site works out to a land price of about $1,127 psf per plot ratio, taking into consideration the added veranda GFA and the development fee payable.
“There is very limited personal domestic project along Bukit Batok East Avenue 6, where Park Natura Residence is most likely the only property along the road that was finished greater than ten years back,” Low adds.
Within a broader 1km span, recent launches include the 633-unit Forett @ Bukit Timah by Qingjian Realty (South Pacific Group) and Prennial Real Estate Holdings which launched in August 2020 and has actually seen over 600 units occupied to day at an average cost of around $1,982 psf. Another advancement, the 258-unit Verdale, likewise launched in Sept 2020 by joint developers COLI Singapore and also CSC Land Group. The venture has actually since sold out, with values averaging at around $1,800 psf.
Additionally, Lye mentions that the property has a solitary proprietor, which will certainly give assurance to the purchase as well as timeline.
