Freehold residential site in Bukit Batok on the market for $42 mil
According to exclusive promotion agent SRI, the overview cost for the site turns out to a land price of concerning $1,127 psf per plot ratio, thinking about the added veranda GFA as well as the development cost payable.
Within a wider 1km radius, recent 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 has seen over 600 units occupied to day at a typical rate of around $1,982 psf. An additional development, the 258-unit Verdale, likewise introduced in Sept 2020 by joint developers COLI Singapore and also CSC Land Group. The venture has since sold out, with values equating at around $1,800 psf.
The site figures about 37,575 sq ft feet and is zoned for household use with an allowed plot proportion of 1.4. The utmost permitted gross floor area (GFA) is around 56,287 sq ft, inclusive of bonus veranda room.
“There is quite minimal exclusive domestic project along Bukit Batok East Avenue 6, where Park Natura Residence is most likely the only project along the road that was finished more than 10 years ago,” Low includes.
An estate domestic site at 30 Bukit Batok East Avenue 6, off Old Jurong Road as well as Upper Bukit Timah Road, is up for sale by means of public tender with a guide rate of $42 million.
Additionally, Lye mentions that the residence has a solitary owner, which will certainly offer certainty to the purchase and also timeline.
A check on EdgeProp LandLens shows that there are just 308 condo units offered within a 500m span of the site along two properties – Park Natura which has 192 units as well as Sherwood Residence which has 116 units.
Low Choon Sin, managing companion at SRI Capital Market, notes that the site’s place beside the Bukit Batok Nature Park will supply developers with a chance to redevelop the site right into a boutique development that appreciates lush greenery sights and also a large front view of around 120m.
Bruce Lye, handling affiliate at SRI, expects the site to attract solid interest from developers, given the rare supply of personal residential land in the Bukit Batok neighbourhood. “Both the cost quantum of the site as well as the possible variety of brand-new units that can be established are within the sweet place,” he states. Based on applicable authorities’ authorization, a brand-new residential growth might possibly yield 57 brand-new residence units based on the most recent URA standards.
The general public tender exercise for the project will certainly close on Sept 21 at 3.30 pm.
A single-storey car workshop with a three-storey annex building currently remains on the site. The building is rented to Autobacs Singapore, a Japanese auto firm.