Freehold residential site in Bukit Batok on the market for $42 mil
The site measures roughly 37,575 sq ft feet and is zoned for residential use with an allowable plot ratio of 1.4. The utmost permissible gross floor area (GFA) is around 56,287 sq ft, inclusive of bonus veranda area.
Bruce Lye, watching over affiliate at SRI, projects the site to attract solid attention from builders, given the uncommon supply of personal non commercial land in the Bukit Batok community. “Both the cost quantum of the site and the potential variety of brand-new units that can be constructed are within the nice spot,” he claims. Subject to pertinent authorities’ authorization, a brand-new residential growth could potentially produce 57 brand-new house units based on the most recent URA rules.
A check on EdgeProp LandLens presents that there are only 308 condo units available within a 500m distance of the location around two projects - Park Natura which has 192 units as well as Sherwood Condo which has 116 units.
The general public tender exercise for the project will certainly close on Sept 21 at 3.30 pm.
Additionally, Lye points out that the property has a solitary proprietor, which will provide certainty to the deal and also timeline.
Within a wider 1km distance, current launches include the 633-unit Forett @ Bukit Timah by Qingjian Realty (South Pacific Group) as well as Prennial Real Estate Holdings which started in August 2020 and has actually seen over 600 units used up to date at a typical price of around $1,982 psf. An additional development, the 258-unit Verdale, additionally introduced in Sept 2020 by joint developers COLI Singapore and CSC Land Group. The project has since sold out, with rates equating at around $1,800 psf.
A single-storey car workshop with a three-storey annex building currently rests on the site. The building is leased to Autobacs Singapore, a Japanese vehicle business.
An estate property site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and also Upper Bukit Timah Road, is up for sale using public tender with a guide rate of $42 million.
According to unique marketing agent SRI, the guide price for the site works out to a land charge of about $1,127 psf per plot proportion, taking into consideration the extra veranda GFA and also the development charge payable.
Low Choon Sin, managing companion at SRI Capital Market, notes that the site’s place beside the Bukit Batok Nature Park will provide developers with a chance to redevelop the site right into a shop development that enjoys rich plant sights and also a vast front view of around 120m.
“There is really limited personal household development along Bukit Batok East Avenue 6, where Park Natura Residence is most likely the only development along the road that was finished more than 10 years earlier,” Low includes.
