Freehold residential site in Bukit Batok on the market for $42 mil
A single-storey car workshop with a three-storey annex structure currently remains on the site. The building is leased to Autobacs Singapore, a Japanese auto company.
The site figures around 37,575 sq ft feet and also is zoned for domestic use with a permitted plot ratio of 1.4. The maximum allowable gross floor area (GFA) is around 56,287 sq ft, inclusive of extra balcony room.
Low Choon Sin, managing companion at SRI Capital Market, mentions that the site’s location adjacent to the Bukit Batok Nature Park will certainly give developers with a chance to redevelop the site right into a store project that enjoys rich greenery sights and a wide front view of around 120m.
“There is very minimal personal household project along Bukit Batok East Avenue 6, where Park Natura Condominium is most likely the only development along the road that was finalized greater than ten years back,” Low adds.
Bruce Lye, managing partner at SRI, expects the site to pull solid attraction from builders, offered the uncommon supply of exclusive residential land in the Bukit Batok area. “Both the cost quantum of the site as well as the potential number of brand-new units that can be constructed are within the nice place,” he claims. Subject to pertinent authorities’ authorization, a new residential advancement can potentially yield 57 brand-new residence units based on the latest URA rules.
In addition, Lye mentions that the real estate has a single proprietor, which will offer assurance to the transaction as well as timeline.
Within a wider 1km distance, current launches feature the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) as well as Prennial Real Estate Holdings which launched in August 2020 and also has actually seen over 600 units taken up to day at a typical cost of around $1,982 psf. An additional advancement, the 258-unit Verdale, likewise launched in Sept 2020 by joint developers COLI Singapore and also CSC Land Group. The venture has since sold out, with values equating at around $1,800 psf.
An estate residential site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and Upper Bukit Timah Road, is up for sale through public tender with a guide cost of $42 million.
The general public tender exercise for the project will certainly close on Sept 21 at 3.30 pm.
According to unique advertising representative SRI, the overview rate for the site calculates to a land price of about $1,127 psf per plot ratio, taking into account the added veranda GFA as well as the advancement charge payable.
A check on EdgeProp LandLens reveals that there are just 308 apartment units offered within a 500m distance of the location around two projects – Park Natura which has 192 units and Sherwood Condominium which has 116 units.
