Freehold residential site in Bukit Batok on the market for $42 mil
According to unique marketing agent SRI, the guide cost for the site calculates to a land charge of concerning $1,127 psf per plot proportion, taking into consideration the added balcony GFA as well as the advancement charge payable.
Low Choon Sin, supervising partner at SRI Capital Market, notes that the site’s location beside the Bukit Batok Nature Park will certainly give developers with an opportunity to redevelop the site into a store project that appreciates rich plant sights and a broad frontage of around 120m.
Bruce Lye, managing affiliate at SRI, projects the site to pull strong attention from developers, provided the rare supply of personal non commercial land in the Bukit Batok neighbourhood. “Both the price quantum of the site as well as the potential number of brand-new units that can be developed are within the nice place,” he says. Subject to appropriate authorities’ approval, a new domestic development can possibly produce 57 brand-new residence units based on the most recent URA guidelines.
The site measures around 37,575 sq ft feet as well as is zoned for property use with a permitted plot proportion of 1.4. The max allowable gross floor area (GFA) is around 56,287 sq ft, inclusive of extra veranda area.
Within a broader 1km span, recent release feature the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) as well as Prennial Real Estate Holdings which introduced in August 2020 and has actually seen over 600 units used up to date at an ordinary rate of around $1,982 psf. Another growth, the 258-unit Verdale, likewise launched in Sept 2020 by joint developers COLI Singapore and also CSC Land Group. The project has since sold out, with values averaging at around $1,800 psf.
“There is quite limited exclusive household project along Bukit Batok East Avenue 6, where Park Natura Condominium is most likely the only project along the road that was completed greater than one decade back,” Low adds.
A check on EdgeProp LandLens presents that there are merely 308 condo units available within a 500m span of the site across 2 projects – Park Natura which has 192 units as well as Sherwood Condo which has 116 units.
The general public tender exercise for the property will certainly close on Sept 21 at 3.30 pm.
Furthermore, Lye explains that the property has a solitary owner, which will certainly supply certainty to the purchase as well as timeline.
A single-storey car workshop with a three-storey annex building presently sits on the site. The property is leased to Autobacs Singapore, a Japanese automotive firm.
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 an overview cost of $42 million.