Freehold residential site in Bukit Batok on the market for $42 mil
The site measures approximately 37,575 sq ft feet and also is zoned for household usage with an allowed plot proportion of 1.4. The max permissible gross floor area (GFA) is around 56,287 sq ft, inclusive of added porch area.
According to special advertising representative SRI, the guide rate for the site turns out to a land rate of concerning $1,127 psf per plot proportion, taking into account the bonus terrace GFA and also the growth cost payable.
On top of that, Lye points out that the real estate has a solitary owner, which will provide assurance to the transaction and timeline.
A single-storey car workshop with a three-storey annex building presently remains on the site. The building is leased to Autobacs Singapore, a Japanese automobile firm.
A check on EdgeProp LandLens reveals that there are just 308 condominium units offered within a 500m distance of the site across two projects – Park Natura which has 192 units as well as Sherwood Condo which has 116 units.
Bruce Lye, managing affiliate at SRI, expects the site to draw strong attention from developers, provided the rare supply of exclusive property land in the Bukit Batok community. “Both the rate quantum of the site and the prospective number of brand-new units that can be developed are within the nice area,” he says. Subject to appropriate authorities’ authorization, a new property advancement can potentially generate 57 new dwelling units based on the latest URA standards.
Within a broader 1km radius, current launches include the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) as well as Prennial Real Estate Holdings which started in August 2020 and also has actually seen over 600 units taken up to day at an ordinary price of around $1,982 psf. Another advancement, the 258-unit Verdale, likewise introduced in Sept 2020 by joint developers COLI Singapore as well as CSC Land Group. The property has actually since sold out, with rates equating at approximately $1,800 psf.
“There is really restricted private property project along Bukit Batok East Avenue 6, where Park Natura Condo is possibly the only project along the road that was finished greater than 10 years back,” Low includes.
Low Choon Sin, supervising partner at SRI Capital Market, indicates that the site’s location beside the Bukit Batok Nature Park will certainly provide developers with an opportunity to redevelop the site into a boutique development that enjoys lavish plant views and also a wide front view of approximately 120m.
The public tender exercise for the development will certainly close on Sept 21 at 3.30 pm.
An estate domestic site at 30 Bukit Batok East Avenue 6, off Old Jurong Road as well as Upper Bukit Timah Road, is up for sale via public tender with a guide cost of $42 million.