Freehold residential site in Bukit Batok on the market for $42 mil
Bruce Lye, watching over affiliate at SRI, assumes the site to pull strong attraction from developers, given the rare supply of private housing land in the Bukit Batok neighbourhood. “Both the cost quantum of the site and the possible number of brand-new units that can be established are within the delightful area,” he says. Subject to pertinent authorities’ authorization, a brand-new property development could possibly generate 57 brand-new house units based on the most recent URA guidelines.
In addition, Lye points out that the real estate has a single owner, which will certainly provide assurance to the transaction as well as timeline.
“There is really minimal personal property development along Bukit Batok East Avenue 6, where Park Natura Condo is probably the only project along the road that was finalized greater than one decade ago,” Low adds.
A check on EdgeProp LandLens presents that there are only 308 condo units offered within a 500m distance of the location along 2 properties – Park Natura which has 192 units as well as Sherwood Condo which has 116 units.
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 using public tender with an overview rate of $42 million.
Forett at Bukit Timah Toh Tuck Road price
Low Choon Sin, supervising companion at SRI Capital Market, notes that the site’s place adjacent to the Bukit Batok Nature Park will certainly supply developers with an opportunity to redevelop the site into a shop project that enjoys rich greenery sights and a vast frontage of about 120m.
A single-storey car workshop with a three-storey annex structure presently rests on the site. The property is leased to Autobacs Singapore, a Japanese auto firm.
The site measures roughly 37,575 sq ft feet and is zoned for property usage with an allowed plot ratio of 1.4. The utmost permissible gross floor area (GFA) is around 56,287 sq ft, inclusive of extra veranda area.
Within a larger 1km radius, current launches feature the 633-unit Forett @ Bukit Timah by Qingjian Realty (South Pacific Group) as well as Prennial Real Estate Holdings which introduced in August 2020 and has seen over 600 units occupied to day at an ordinary rate of around $1,982 psf. One more advancement, the 258-unit Verdale, also launched in Sept 2020 by joint developers COLI Singapore and also CSC Land Group. The project has actually since sold out, with values equating at around $1,800 psf.
According to exclusive promotion agent SRI, the guide rate for the site turns out to a land price of regarding $1,127 psf per plot ratio, thinking about the extra veranda GFA and the advancement fee payable.
The general public tender exercise for the development will close on Sept 21 at 3.30 pm.
