Freehold residential site in Bukit Batok on the market for $42 mil
Bruce Lye, handling affiliate at SRI, expects the site to pull good attention from builders, given the uncommon supply of exclusive non commercial land in the Bukit Batok area. “Both the rate quantum of the site and the possible variety of brand-new units that can be constructed are within the nice place,” he claims. Subject to appropriate authorities’ authorization, a brand-new residential advancement can possibly yield 57 new home units based on the most up to date URA rules.
A single-storey vehicle workshop with a three-storey annex building currently rests on the site. The property is rented to Autobacs Singapore, a Japanese vehicle firm.
“There is really limited personal domestic development along Bukit Batok East Avenue 6, where Park Natura Condo is probably the only development along the road that was completed greater than ten years back,” Low adds.
The general public tender exercise for the development will close on Sept 21 at 3.30 pm.
On top of that, Lye explains that the real estate has a single proprietor, which will certainly offer certainty to the deal as well as timeline.
According to exclusive advertising agent SRI, the overview rate for the site works out to a land charge of about $1,127 psf per plot proportion, taking into consideration the bonus balcony GFA as well as the development fee payable.
The site measures around 37,575 sq ft feet as well as is zoned for property use with an allowable plot proportion of 1.4. The utmost allowable gross floor area (GFA) is around 56,287 sq ft, inclusive of bonus porch space.
Within a wider 1km distance, current release feature the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) and Prennial Real Estate Holdings which released in August 2020 as well as has seen over 600 units occupied to date at an ordinary price of around $1,982 psf. One more development, the 258-unit Verdale, likewise released in Sept 2020 by joint developers COLI Singapore as well as CSC Land Group. The venture has actually since sold out, with costs averaging at about $1,800 psf.
Low Choon Sin, supervising companion at SRI Capital Market, indicates that the site’s location adjacent to the Bukit Batok Nature Park will certainly supply developers with an opportunity to redevelop the site right into a shop development that enjoys lavish plant views as well as a vast front view of around 120m.
A check on EdgeProp LandLens shows that there are merely 308 apartment units offered within a 500m distance of the site across 2 properties – Park Natura which has 192 units as well as Sherwood Condo which has 116 units.
An estate household 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 price of $42 million.