Freehold residential site in Bukit Batok on the market for $42 mil
A single-storey vehicle workshop with a three-storey annex building currently sits on the site. The property is rented to Autobacs Singapore, a Japanese automobile company.
A check on EdgeProp LandLens reveals that there are merely 308 apartment units offered within a 500m span of the location across two properties – Park Natura which has 192 units as well as Sherwood Condo which has 116 units.
On top of that, Lye mentions that the building has a single owner, which will certainly supply certainty to the deal and timeline.
Low Choon Sin, supervising companion at SRI Capital Market, notes that the site’s location beside the Bukit Batok Nature Park will provide developers with an opportunity to redevelop the site right into a boutique development that appreciates rich greenery sights as well as a vast frontage of roughly 120m.
“There is quite limited exclusive domestic development along Bukit Batok East Avenue 6, where Park Natura Residence is probably the only development along the road that was completed greater than ten years ago,” Low adds.
Bruce Lye, managing partner at SRI, anticipates the site to attract solid attention from developers, given the uncommon supply of private residential land in the Bukit Batok neighbourhood. “Both the price quantum of the site and also the possible number of new units that can be established are within the pleasant area,” he says. Subject to applicable authorities’ approval, a new property growth could potentially yield 57 brand-new dwelling units based upon the latest URA rules.
According to special advertising representative SRI, the overview price for the site calculates to a land price of regarding $1,127 psf per plot ratio, thinking about the extra veranda GFA as well as the development charge payable.
The site figures approximately 37,575 sq ft feet and is zoned for domestic usage with an allowed plot ratio of 1.4. The utmost allowable gross floor area (GFA) is around 56,287 sq ft, inclusive of added balcony room.
A property 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 an overview cost of $42 million.
Within a wider 1km distance, current release feature the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) and also Prennial Real Estate Holdings which introduced in August 2020 and has actually seen over 600 units occupied to day at an ordinary price of around $1,982 psf. One more advancement, the 258-unit Verdale, also launched in Sept 2020 by joint developers COLI Singapore and also CSC Land Group. The venture has actually since sold out, with prices averaging at approximately $1,800 psf.
The general public tender exercise for the project will close on Sept 21 at 3.30 pm.