Freehold residential site in Bukit Batok on the market for $42 mil
Low Choon Sin, supervising partner at SRI Capital Market, notes that the site’s place adjacent to the Bukit Batok Nature Park will certainly provide developers with a chance to redevelop the site into a shop development that enjoys rich plant sights and also a vast frontage of about 120m.
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 an overview cost of $42 million.
According to exclusive promotion agent SRI, the guide rate for the site calculates to a land charge of about $1,127 psf per plot ratio, taking into account the extra porch GFA and also the development fee payable.
The site figures roughly 37,575 sq ft feet and also is zoned for residential use with an allowed plot ratio of 1.4. The utmost permissible gross floor area (GFA) is around 56,287 sq ft, inclusive of bonus balcony area.
“There is very restricted personal property development along Bukit Batok East Avenue 6, where Park Natura Condominium is most likely the only development along the road that was completed more than ten years ago,” Low adds.
A single-storey vehicle workshop with a three-storey annex structure presently remains on the site. The property is leased to Autobacs Singapore, a Japanese automobile business.
Within a wider 1km radius, current launches feature the 633-unit Forett @ Bukit Timah by Qingjian Realty (South Pacific Group) as well as Prennial Real Estate Holdings which launched in August 2020 and also has actually seen over 600 units used up to date at a typical cost of around $1,982 psf. Another growth, the 258-unit Verdale, likewise released in Sept 2020 by joint developers COLI Singapore as well as CSC Land Group. The project has actually since sold out, with values averaging at approximately $1,800 psf.
A check on EdgeProp LandLens shows that there are only 308 condominium units readily available within a 500m radius of the location along 2 projects – Park Natura which has 192 units and also Sherwood Condominium which has 116 units.
Bruce Lye, watching over affiliate at SRI, anticipates the site to attract strong attention from developers, given the unusual supply of private residential land in the Bukit Batok neighbourhood. “Both the cost quantum of the site as well as the possible variety of new units that can be established are within the delightful spot,” he states. Based on applicable authorities’ authorization, a new household development could possibly produce 57 new residence units based upon the most recent URA guidelines.
In addition, Lye points out that the property has a solitary proprietor, which will certainly provide assurance to the purchase and timeline.
The general public tender exercise for the property will close on Sept 21 at 3.30 pm.