Freehold residential site in Bukit Batok on the market for $42 mil
Bruce Lye, managing affiliate at SRI, assumes the site to pull solid attraction from builders, offered the uncommon supply of exclusive housing land in the Bukit Batok neighbourhood. “Both the cost quantum of the site and also the potential variety of new units that can be developed are within the delightful spot,” he claims. Subject to relevant authorities’ authorization, a brand-new domestic advancement might possibly generate 57 new residence units based upon the current URA guidelines.
Furthermore, Lye mentions that the residence has a single owner, which will give assurance to the transaction and also timeline.
According to unique advertising representative SRI, the overview price for the site works out to a land price of concerning $1,127 psf per plot proportion, taking into account the bonus veranda GFA and also the advancement charge payable.
A check on EdgeProp LandLens reveals that there are merely 308 condominium units available within a 500m radius of the location across two projects – Park Natura which has 192 units and Sherwood Condominium which has 116 units.
Low Choon Sin, supervising partner at SRI Capital Market, indicates that the site’s place adjacent to the Bukit Batok Nature Park will give developers with a chance to redevelop the site right into a shop project that appreciates rich plant views as well as a wide frontage of about 120m.
A property residential site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and Upper Bukit Timah Road, is up for sale via public tender with a guide rate of $42 million.
The site measures approximately 37,575 sq ft feet as well as is zoned for domestic usage with a permitted plot proportion of 1.4. The utmost permitted gross floor area (GFA) is around 56,287 sq ft, inclusive of added veranda room.
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 presently rests on the site. The building is rented to Autobacs Singapore, a Japanese auto business.
Within a larger 1km distance, recent launches include the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) and Prennial Real Estate Holdings which started in August 2020 as well as has seen over 600 units occupied to day at a typical price of around $1,982 psf. One more growth, the 258-unit Verdale, additionally released in Sept 2020 by joint developers COLI Singapore and CSC Land Group. The project has since sold out, with rates equating at around $1,800 psf.
“There is really limited private domestic development along Bukit Batok East Avenue 6, where Park Natura Residence is possibly the only property along the road that was finished more than 10 years earlier,” Low includes.
