Freehold residential site in Bukit Batok on the market for $42 mil
Within a wider 1km distance, current launches feature the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) as well as Prennial Real Estate Holdings which launched in August 2020 as well as has seen over 600 units taken up to date at an ordinary cost of around $1,982 psf. One more advancement, the 258-unit Verdale, additionally released in Sept 2020 by joint developers COLI Singapore and CSC Land Group. The project has actually since sold out, with costs equating at approximately $1,800 psf.
A single-storey vehicle workshop with a three-storey annex structure currently remains on the site. The property is rented to Autobacs Singapore, a Japanese vehicle company.
The site measures around 37,575 sq ft feet and also is zoned for domestic use with an allowable plot proportion of 1.4. The highest allowable gross floor area (GFA) is around 56,287 sq ft, inclusive of bonus veranda room.
On top of that, Lye mentions that the building has a single owner, which will offer assurance to the purchase as well as timeline.
“There is really restricted personal property development along Bukit Batok East Avenue 6, where Park Natura Residence is probably the only project along the road that was completed greater than 10 years ago,” Low adds.
A check on EdgeProp LandLens shows that there are only 308 condo units available within a 500m span of the site along two projects – Park Natura which has 192 units as well as Sherwood Condo which has 116 units.
According to exclusive promotion representative SRI, the overview price for the site works out to a land rate of regarding $1,127 psf per plot proportion, thinking about the extra balcony GFA as well as the advancement charge payable.
The general public tender exercise for the property will certainly close on Sept 21 at 3.30 pm.
An estate property site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and Upper Bukit Timah Road, is up for sale through public tender with an overview price of $42 million.
Hyll on Holland condo floor plan
Low Choon Sin, supervising partner at SRI Capital Market, notes that the site’s location adjacent to the Bukit Batok Nature Park will certainly offer developers with an opportunity to redevelop the site into a shop development that enjoys lush greenery views and also a vast front view of around 120m.
Bruce Lye, managing partner at SRI, expects the site to pull good interest from developers, provided the uncommon supply of personal property land in the Bukit Batok neighbourhood. “Both the rate quantum of the site as well as the possible variety of brand-new units that can be established are within the sweet spot,” he says. Based on appropriate authorities’ authorization, a brand-new residential growth can possibly produce 57 new dwelling units based on the most up to date URA standards.
