Freehold residential site in Bukit Batok on the market for $42 mil
A single-storey car workshop with a three-storey annex building presently rests on the site. The building is leased to Autobacs Singapore, a Japanese automotive business.
According to unique advertising agent SRI, the guide cost for the site turns out to a land rate of about $1,127 psf per plot proportion, considering the added terrace GFA and the development cost payable.
“There is very limited exclusive property project along Bukit Batok East Avenue 6, where Park Natura Condo is possibly the only development along the road that was finalized greater than 10 years back,” Low includes.
A check on EdgeProp LandLens presents that there are only 308 apartment units readily available within a 500m distance of the site around two projects – Park Natura which has 192 units and Sherwood Residence which has 116 units.
The general public tender exercise for the property will certainly close on Sept 21 at 3.30 pm.
Low Choon Sin, managing partner at SRI Capital Market, mentions that the site’s place beside the Bukit Batok Nature Park will offer developers with a chance to redevelop the site into a shop project that appreciates lush plant views as well as a broad front view of roughly 120m.
Within a bigger 1km radius, recent release consist of the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) and Prennial Real Estate Holdings which released in August 2020 and also has actually seen over 600 units used up to date at an ordinary rate of around $1,982 psf. Another advancement, the 258-unit Verdale, likewise released in Sept 2020 by joint developers COLI Singapore and also CSC Land Group. The property has since sold out, with costs equating at approximately $1,800 psf.
A property domestic site at 30 Bukit Batok East Avenue 6, off Old Jurong Road as well as Upper Bukit Timah Road, is up for sale using public tender with a guide cost of $42 million.
The site figures around 37,575 sq ft feet and is zoned for residential use with a permitted plot ratio of 1.4. The highest permissible gross floor area (GFA) is around 56,287 sq ft, inclusive of extra balcony area.
Bruce Lye, handling partner at SRI, projects the site to pull strong interest from builders, offered the uncommon supply of exclusive housing land in the Bukit Batok community. “Both the rate quantum of the site and the prospective variety of brand-new units that can be established are within the pleasant spot,” he claims. Based on relevant authorities’ authorization, a brand-new residential growth could potentially yield 57 new residence units based upon the most recent URA rules.
In addition, Lye mentions that the real estate has a single owner, which will certainly provide certainty to the transaction and also timeline.
