Freehold residential site in Bukit Batok on the market for $42 mil
An estate household site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and also Upper Bukit Timah Road, is up for sale via public tender with an overview rate of $42 million.
Bruce Lye, watching over partner at SRI, projects the site to draw strong attraction from builders, provided the rare supply of private housing land in the Bukit Batok area. “Both the cost quantum of the site and the prospective number of brand-new units that can be built are within the delightful area,” he claims. Based on relevant authorities’ approval, a brand-new property growth could possibly produce 57 brand-new dwelling units based upon the most recent URA guidelines.
Additionally, Lye explains that the residence has a single proprietor, which will provide assurance to the deal as well as timeline.
Within a larger 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 seen over 600 units used up to date at an average rate of around $1,982 psf. An additional development, the 258-unit Verdale, additionally introduced in Sept 2020 by joint developers COLI Singapore and also CSC Land Group. The venture has since sold out, with values averaging at approximately $1,800 psf.
A single-storey vehicle workshop with a three-storey annex building currently remains on the site. The property is leased to Autobacs Singapore, a Japanese automotive business.
Low Choon Sin, supervising companion at SRI Capital Market, notes that the site’s place adjacent to the Bukit Batok Nature Park will certainly provide developers with an opportunity to redevelop the site into a store project that appreciates lush greenery sights and a broad front view of about 120m.
A check on EdgeProp LandLens presents that there are only 308 apartment units available within a 500m span of the site throughout 2 properties – Park Natura which has 192 units as well as Sherwood Condo which has 116 units.
“There is really limited private household development along Bukit Batok East Avenue 6, where Park Natura Residence is possibly the only project along the road that was finished greater than one decade back,” Low includes.
The site measures roughly 37,575 sq ft feet and is zoned for property use with an allowable plot proportion of 1.4. The max permitted gross floor area (GFA) is around 56,287 sq ft, inclusive of extra porch space.
According to special promotion agent SRI, the guide cost for the site calculates to a land charge of regarding $1,127 psf per plot proportion, considering the bonus terrace GFA and also the growth charge payable.
The public tender exercise for the property will close on Sept 21 at 3.30 pm.