Freehold residential site in Bukit Batok on the market for $42 mil
The site figures about 37,575 sq ft feet and is zoned for domestic usage with an allowable plot ratio of 1.4. The maximum permissible gross floor area (GFA) is around 56,287 sq ft, inclusive of added balcony space.
According to special marketing representative SRI, the guide cost for the site calculates to a land price of about $1,127 psf per plot ratio, taking into account the bonus veranda GFA and also the development cost payable.
“There is very restricted private household project along Bukit Batok East Avenue 6, where Park Natura Residence is most likely the only property along the road that was finished greater than 10 years ago,” Low adds.
Low Choon Sin, managing companion at SRI Capital Market, indicates that the site’s location adjacent to the Bukit Batok Nature Park will supply developers with a chance to redevelop the site into a boutique project that enjoys lavish plant sights as well as a wide front view of approximately 120m.
A freehold residential site at 30 Bukit Batok East Avenue 6, off Old Jurong Road and Upper Bukit Timah Road, is up for sale via public tender with a guide price of $42 million.
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 vehicle company.
Irwell Hill Residence condominium
Additionally, Lye mentions that the real estate has a solitary proprietor, which will supply assurance to the transaction and also timeline.
The public tender exercise for the development will certainly close on Sept 21 at 3.30 pm.
A check on EdgeProp LandLens presents that there are merely 308 apartment units readily available within a 500m radius of the site across 2 projects – Park Natura which has 192 units as well as Sherwood Condo which has 116 units.
Within a wider 1km span, recent launches consist of the 633-unit Forett @ Bukit Timah by Qingjian Real Estate (South Pacific Group) as well as Prennial Real Estate Holdings which launched in August 2020 as well as has actually seen over 600 units taken up to date at an ordinary price of around $1,982 psf. Another development, the 258-unit Verdale, likewise introduced in Sept 2020 by joint developers COLI Singapore and also CSC Land Group. The project has actually since sold out, with rates equating at about $1,800 psf.
Bruce Lye, managing partner at SRI, projects the site to attract good attention from builders, provided the rare supply of personal property land in the Bukit Batok area. “Both the rate quantum of the site as well as the potential variety of new units that can be developed are within the nice spot,” he claims. Based on pertinent authorities’ authorization, a new household growth might potentially yield 57 brand-new home units based upon the current URA guidelines.
