Freehold residential site in Bukit Batok on the market for $42 mil

A check on EdgeProp LandLens shows that there are just 308 apartment units readily available within a 500m radius of the site along two properties – Park Natura which has 192 units and Sherwood Residence which has 116 units.

Furthermore, Lye points out that the real estate has a single proprietor, which will certainly provide certainty to the purchase and timeline.

A freehold residential site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and Upper Bukit Timah Road, is up for sale by means of public tender with a guide rate of $42 million.

Within a broader 1km distance, recent launches feature the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) and also Prennial Real Estate Holdings which released in August 2020 and also has actually seen over 600 units occupied to day 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 as well as CSC Land Group. The property has since sold out, with values averaging at about $1,800 psf.

Low Choon Sin, managing partner at SRI Capital Market, mentions that the site’s location beside the Bukit Batok Nature Park will certainly provide developers with a chance to redevelop the site into a shop development that appreciates lush greenery views as well as a wide frontage of around 120m.

Klimt Cairnhill condominium

The site measures around 37,575 sq ft feet and also is zoned for residential use with a permitted plot ratio of 1.4. The utmost permitted gross floor area (GFA) is around 56,287 sq ft, inclusive of added balcony room.

“There is quite minimal exclusive domestic project along Bukit Batok East Avenue 6, where Park Natura Condominium is possibly the only project along the road that was completed greater than ten years ago,” Low adds.

Bruce Lye, managing partner at SRI, projects the site to pull strong attraction from developers, offered the uncommon supply of personal property land in the Bukit Batok area. “Both the rate quantum of the site and also the potential number of brand-new units that can be constructed are within the sweet area,” he states. Based on applicable authorities’ authorization, a new domestic growth could possibly yield 57 brand-new house units based upon the most up to date URA standards.

According to exclusive marketing agent SRI, the overview price for the site calculates to a land rate of concerning $1,127 psf per plot proportion, thinking about the bonus balcony GFA and the growth cost payable.

A single-storey car workshop with a three-storey annex structure presently remains on the site. The building is leased to Autobacs Singapore, a Japanese automobile company.

The public tender exercise for the property will close on Sept 21 at 3.30 pm.

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