Freehold residential site in Bukit Batok with approximately 37,575 sqft is for sale at $42 mil
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Freehold housing site located at 30 Bukit Batok East Avenue 6 located just off Old Jurong Road and Upper Bukit Timah Road It is for sale by public tender , with a target price of $42 million.
The site is approximately 37,575 square feet and is designated for residential use, with an allowed plot-to-plot ratio of 1.4. The maximum allowed Gross Floor Area (GFA) is approximately 56,287 square feet, which includes of balcony space.
A single-storey workshop for cars with an annex of three stories is located at the site. The property is let by Autobacs Singapore, a Japanese automobile company.
According to the exclusive marketing agent SRI The guide price for the site amounts to the land rate of around $1,127 psf for each plot, taking into consideration that bonus balcony GFA as well as the development cost to be paid.
Bruce Lye, managing partner SRI, Bruce Lye’s managing partner SRI Bruce Lye, SRI’s managing partner, anticipates that the site to garner a significant amount of interest from developers due to the limited amount of private residential land available within the Bukit Batok neighborhood. “Both the value of the site and the possible amount of new units that could be constructed are within the range of what is considered to be a sweet spot,” he says. If the relevant approval from the authorities A new residential development may produce an additional 57 dwelling units according to the most recent URA guidelines.
Furthermore, Lye points out that the property is owned by a single person and this will add security to the sale and the timeframe.
Low Choon Sin, managing partner of SRI Capital Market, notes that the location of the site, which is adjacent with the Bukit Batok Nature Park is likely to give developers with the possibility of transforming the site to a boutique property with lush green views and a long frontage of about 120m.
“There is very little residential construction that is private Bukit Batok East Avenue 6 and there is a park Natura Condominium is likely to be the only project along the road completed over 10 years ago.” Low adds.
A look at EdgeProp LandLens shows that there only 308 condo units within 500m of the site over two developments – Park Natura which has 192 units as well as Sherwood Condominium which has 116 units.
Within a larger area of 1km, recent developments include 633 units Forett at Bukit Timah by Qingjian Realty (South Pacific Group) and Prennial Real Estate Holdings which was launched in August of 2020 and has seen more than 600 units sold until date, with an average of $1,982 per sq ft. Another project, 258 units Verdale Verdale opened in September 2020 by the joint developers COLI Singapore and CSC Land Group. The development has since been sold out with prices starting at $1,800 per square foot.
The public tender for the project will end on September 21 , at 3.30pm.