Freehold residential site in Bukit Batok on the market for $42 mil
A check on EdgeProp LandLens shows that there are only 308 condo units offered within a 500m radius of the location throughout two projects – Park Natura which has 192 units and also Sherwood Condominium which has 116 units.
The site figures roughly 37,575 sq ft feet and is zoned for domestic usage with an allowable plot proportion of 1.4. The utmost allowable gross floor area (GFA) is around 56,287 sq ft, inclusive of bonus veranda space.
A single-storey vehicle workshop with a three-storey annex structure presently rests on the site. The property is leased to Autobacs Singapore, a Japanese automotive company.
Bruce Lye, handling partner at SRI, expects the site to draw good attention from developers, provided the unusual supply of private non commercial land in the Bukit Batok area. “Both the rate quantum of the site and the potential number of new units that can be established are within the delightful spot,” he claims. Based on appropriate authorities’ approval, a new property advancement can potentially yield 57 brand-new residence units based upon the latest URA standards.
Low Choon Sin, supervising partner at SRI Capital Market, mentions that the site’s area adjacent to the Bukit Batok Nature Park will provide developers with a chance to redevelop the site right into a shop development that appreciates rich greenery sights and a wide frontage of approximately 120m.
Additionally, Lye points out that the property has a solitary proprietor, which will certainly give assurance to the transaction and also timeline.
According to special promotion agent SRI, the overview rate for the site turns out to a land rate of about $1,127 psf per plot proportion, thinking about the added veranda GFA and also the advancement fee payable.
“There is quite limited private property project along Bukit Batok East Avenue 6, where Park Natura Condominium is probably the only project along the road that was completed greater than ten years ago,” Low includes.
A freehold 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 price of $42 million.
Within a broader 1km radius, current release consist of the 633-unit Forett @ Bukit Timah by Qingjian Realty (South Pacific Group) as well as Prennial Real Estate Holdings which released in August 2020 as well as has actually seen over 600 units occupied to date at an ordinary cost of around $1,982 psf. Another development, the 258-unit Verdale, also introduced in Sept 2020 by joint developers COLI Singapore and also CSC Land Group. The project has since sold out, with costs averaging at about $1,800 psf.
The general public tender exercise for the property will certainly close on Sept 21 at 3.30 pm.