Freehold residential site in Bukit Batok on the market for $42 mil
The site figures roughly 37,575 sq ft feet and is zoned for domestic use with an allowable plot ratio of 1.4. The utmost permitted gross floor area (GFA) is around 56,287 sq ft, inclusive of bonus porch space.
“There is really limited exclusive property development along Bukit Batok East Avenue 6, where Park Natura Condo is most likely the only project along the road that was finalized greater than ten years ago,” Low adds.
Low Choon Sin, managing partner at SRI Capital Market, mentions that the site’s place beside the Bukit Batok Nature Park will certainly provide developers with an opportunity to redevelop the site right into a shop project that enjoys lavish plant views as well as a wide front view of approximately 120m.
A check on EdgeProp LandLens presents that there are only 308 condo units available within a 500m span of the site across two projects – Park Natura which has 192 units and Sherwood Residence which has 116 units.
The public tender exercise for the property will close on Sept 21 at 3.30 pm.
Additionally, Lye points out that the building has a solitary proprietor, which will provide assurance to the purchase and timeline.
Within a broader 1km radius, recent release consist of the 633-unit Forett @ Bukit Timah by Qingjian Realty (South Pacific Group) as well as Prennial Real Estate Holdings which launched in August 2020 and has seen over 600 units taken up to date at an average cost of around $1,982 psf. Another advancement, the 258-unit Verdale, likewise introduced in Sept 2020 by joint developers COLI Singapore as well as CSC Land Group. The project has since sold out, with values equating at about $1,800 psf.
According to special advertising representative SRI, the guide rate for the site works out to a land charge of concerning $1,127 psf per plot proportion, thinking about the extra veranda GFA and also the advancement charge payable.
A property household site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and also Upper Bukit Timah Road, is up for sale using public tender with an overview cost of $42 million.
Bruce Lye, handling affiliate at SRI, expects the site to pull good attention from developers, provided the unusual supply of private residential land in the Bukit Batok area. “Both the rate quantum of the site and also the prospective number of new units that can be built are within the pleasant area,” he states. Based on pertinent authorities’ authorization, a brand-new property growth might possibly produce 57 new house units based upon the latest URA standards.
A single-storey car workshop with a three-storey annex structure currently rests on the site. The property is rented to Autobacs Singapore, a Japanese vehicle business.