Freehold residential site in Bukit Batok on the market for $42 mil
A single-storey car workshop with a three-storey annex building presently remains on the site. The property is leased to Autobacs Singapore, a Japanese auto business.
Bruce Lye, managing affiliate at SRI, anticipates the site to attract solid attention from builders, offered the rare supply of private non commercial land in the Bukit Batok neighbourhood. “Both the cost quantum of the site and the prospective variety of new units that can be established are within the nice spot,” he states. Subject to appropriate authorities’ authorization, a brand-new residential advancement can possibly yield 57 brand-new residence units based on the latest URA rules.
The public tender exercise for the development will close on Sept 21 at 3.30 pm.
In addition, Lye mentions that the property has a solitary proprietor, which will certainly provide certainty to the purchase as well as timeline.
“There is very minimal private domestic project along Bukit Batok East Avenue 6, where Park Natura Condominium is possibly the only project along the road that was finished greater than 10 years earlier,” Low includes.
The site figures around 37,575 sq ft feet and also is zoned for property use with an allowed plot ratio of 1.4. The utmost acceptable gross floor area (GFA) is around 56,287 sq ft, inclusive of extra balcony space.
Low Choon Sin, supervising partner at SRI Capital Market, indicates 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 boutique project that enjoys lavish plant sights as well as a wide front view of about 120m.
Within a broader 1km span, recent launches include the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) and also Prennial Real Estate Holdings which introduced in August 2020 as well as has seen over 600 units taken up to date at a typical price of around $1,982 psf. One more advancement, the 258-unit Verdale, likewise released in Sept 2020 by joint developers COLI Singapore as well as CSC Land Group. The project has since sold out, with costs averaging at approximately $1,800 psf.
A check on EdgeProp LandLens shows that there are only 308 condo units readily available within a 500m radius of the location along 2 properties – Park Natura which has 192 units and also Sherwood Condo which has 116 units.
A property residential 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 a guide cost of $42 million.
According to unique marketing agent SRI, the guide cost for the site turns out to a land price of regarding $1,127 psf per plot ratio, taking into account the extra veranda GFA and also the advancement cost payable.