Freehold residential site in Bukit Batok on the market for $42 mil
A check on EdgeProp LandLens presents that there are only 308 condo units offered within a 500m radius of the site around two projects – Park Natura which has 192 units and Sherwood Condominium which has 116 units.
A freehold residential site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and Upper Bukit Timah Road, is up for sale using public tender with a guide rate of $42 million.
Bruce Lye, watching over partner at SRI, assumes the site to attract strong attention from builders, provided the uncommon supply of exclusive property land in the Bukit Batok community. “Both the rate quantum of the site as well as the prospective variety of brand-new units that can be developed are within the nice place,” he claims. Based on applicable authorities’ authorization, a brand-new property development can potentially yield 57 brand-new house units based upon the current URA rules.
Low Choon Sin, managing partner at SRI Capital Market, notes that the site’s area beside the Bukit Batok Nature Park will certainly supply developers with a chance to redevelop the site right into a boutique development that appreciates rich greenery sights and a large frontage of approximately 120m.
Within a bigger 1km span, current release consist of the 633-unit Forett @ Bukit Timah by Qingjian Realty (South Pacific Group) and Prennial Real Estate Holdings which introduced in August 2020 as well as has seen over 600 units occupied to day at an average rate of around $1,982 psf. An additional advancement, the 258-unit Verdale, also introduced in Sept 2020 by joint developers COLI Singapore as well as CSC Land Group. The venture has since sold out, with rates equating at about $1,800 psf.
The site measures roughly 37,575 sq ft feet and is zoned for household usage with an allowable plot ratio of 1.4. The utmost permitted gross floor area (GFA) is around 56,287 sq ft, inclusive of bonus balcony room.
On top of that, Lye mentions that the residence has a solitary owner, which will provide assurance to the purchase as well as timeline.
According to special marketing representative SRI, the overview price for the site turns out to a land rate of about $1,127 psf per plot proportion, taking into account the extra terrace GFA and the development charge payable.
“There is very minimal personal household development along Bukit Batok East Avenue 6, where Park Natura Condo is possibly the only property along the road that was completed more than one decade ago,” Low adds.
The general public tender exercise for the property will certainly close on Sept 21 at 3.30 pm.
A single-storey vehicle workshop with a three-storey annex structure presently rests on the site. The property is rented to Autobacs Singapore, a Japanese automobile firm.