Freehold residential site in Bukit Batok on the market for $42 mil
The site measures approximately 37,575 sq ft feet as well as is zoned for residential use with an allowable plot ratio of 1.4. The maximum permissible gross floor area (GFA) is around 56,287 sq ft, inclusive of added balcony space.
According to exclusive advertising representative SRI, the guide price for the site turns out to a land rate of regarding $1,127 psf per plot ratio, taking into consideration the extra terrace GFA and also the development cost payable.
A property domestic site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and also Upper Bukit Timah Road, is up for sale by means of public tender with a guide price of $42 million.
Additionally, Lye explains that the property has a solitary proprietor, which will certainly supply assurance to the deal as well as timeline.
A single-storey vehicle workshop with a three-storey annex building currently sits on the site. The building is rented to Autobacs Singapore, a Japanese auto business.
Bruce Lye, handling affiliate at SRI, anticipates the site to attract strong attention from builders, offered the uncommon supply of private non commercial land in the Bukit Batok neighbourhood. “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 states. Subject to appropriate authorities’ authorization, a new residential development could possibly generate 57 new dwelling units based upon the current URA rules.
“There is really limited exclusive household development along Bukit Batok East Avenue 6, where Park Natura Condominium is possibly the only property along the road that was finished greater than ten years ago,” Low includes.
Within a broader 1km span, current release consist of the 633-unit Forett @ Bukit Timah by Qingjian Realty (South Pacific Group) and also Prennial Real Estate Holdings which started in August 2020 and also has actually seen over 600 units occupied to day at an average rate of around $1,982 psf. One more advancement, the 258-unit Verdale, also launched in Sept 2020 by joint developers COLI Singapore as well as CSC Land Group. The property has since sold out, with values averaging at about $1,800 psf.
The public tender exercise for the project will certainly close on Sept 21 at 3.30 pm.
Low Choon Sin, supervising companion at SRI Capital Market, mentions that the site’s location beside the Bukit Batok Nature Park will certainly offer developers with a chance to redevelop the site right into a shop development that appreciates rich greenery views and also a broad frontage of around 120m.
A check on EdgeProp LandLens presents that there are only 308 apartment units readily available within a 500m span of the location around 2 properties – Park Natura which has 192 units and also Sherwood Residence which has 116 units.
