Freehold residential site in Bukit Batok on the market for $42 mil

Bruce Lye, handling partner at SRI, anticipates the site to draw strong passion from developers, offered the uncommon supply of exclusive property land in the Bukit Batok area. “Both the cost quantum of the website and the prospective number of brand-new devices that can be constructed are within the wonderful place,” he states. Within a wider 1km span, recent launches include the 633-unit Forett @ Bukit Timah by Qingjian Realty (South Pacific Group) and Prennial Real Estate Holdings which launched in August 2020 and has actually seen over 600 systems taken up to date at a typical cost of around $1,982 psf.

According to unique marketing agent SRI, the guide price for the website works out to a land rate of regarding $1,127 psf per story proportion, thinking about the bonus offer porch GFA as well as the advancement fee payable.

“There is extremely restricted personal property advancement along Bukit Batok East Avenue 6, where Park Natura Condominium is probably the only advancement along the road that was finished more than 10 years ago,” Low adds.

Bruce Lye, managing companion at SRI, anticipates the site to attract strong interest from designers, given the rare supply of personal residential land in the Bukit Batok neighbourhood. “Both the cost quantum of the website as well as the prospective number of new units that can be built are within the wonderful place,” he states. Subject to appropriate authorities’ approval, a brand-new domestic growth could possibly generate 57 brand-new house systems based upon the current URA standards.

The website measures roughly 37,575 sq ft feet as well as is zoned for household use with an allowed story ratio of 1.4. The maximum allowable gross floor area (GFA) is around 56,287 sq ft, inclusive of bonus porch area.

On top of that, Lye mentions that the property has a solitary proprietor, which will certainly offer assurance to the deal as well as timeline.

A look at EdgeProp LandLens reveals that there are just 308 condominium devices offered within a 500m distance of the site throughout 2 jobs – Park Natura which has 192 units and Sherwood Condominium which has 116 devices.

Within a broader 1km span, current launches 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 actually seen over 600 systems taken up to day at an ordinary cost of around $1,982 psf. One more growth, the 258-unit Verdale, additionally introduced in Sept 2020 by joint designers COLI Singapore and CSC Land Group. The job has because sold out, with prices averaging at around $1,800 psf.

A single-storey cars and truck workshop with a three-storey annex building presently remains on the site. The home is leased to Autobacs Singapore, a Japanese auto business.

Low Choon Sin, managing companion at SRI Capital Market, notes that the website’s place adjacent to the Bukit Batok Nature Park will certainly provide developers with a possibility to redevelop the site right into a boutique advancement that enjoys lavish greenery sights and also a broad frontage of about 120m.

A freehold residential website at 30 Bukit Batok East Avenue 6, off Old Jurong Road and also Upper Bukit Timah Road, is up for sale by means of public tender with an overview cost of $42 million.