Map of the Bukit Batok West Ave 5 EC site (Picture: HDB)
SINGAPORE (EDGEPROP) - The executive condominium (EC) site at Bukit Batok West Avenue 5 drew four bids at the close of its tender. This is the lowest number of bids tabled for an EC site since three bids were placed for the EC plot in Anchorvale Crescent (now Treasure Crest) in January 2015, says PropNex Realty's head of research and content Wong Siew Ying.
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City Developments (CDL) emerged with the top bid of $336.068 million, or a land rate of $626 psf per plot ratio (psf ppr). The second highest bid from Sim Lian Group was just 0.17% lower, at $625 psf ppr.
“We are very pleased to emerge as the top bidder for this tightly contested EC site in Bukit Batok West, especially at such a narrow margin of victory,” says CDL group CEO Sherman Kwek.
Tricia Song, CBRE's head of research for Southeast Asia, notes that the land rate is below the $662 psf ppr for the EC site at Bukit Batok West Avenue 8 site that was awarded in March to a joint venture between Qingjian Realty and Santarli Construction.
Meanwhile, PropNex’s Wong believes CDL likely participated in this tender to defend its market position, having bought the nearby Tengah Garden Walk EC site in June of last year at a land rate of $603 psf ppr. Copen Grand is expected to launch at the site in 4Q this year.
Should CDL be awarded this site at Bukit Batok West Avenue 5, it will explore an EC project comprising 10 blocks of 12 to 13 storeys with around 510 residential units and a basement car park. “Given the site’s proximity to the upcoming Tengah New Town and Jurong Lake District, it will benefit from easy access to a wide range of amenities and good connectivity to such a key business, lifestyle and tourism hub,” says CDL’s Kwek.
Future average selling price of units at the Bukit Batok West Avenue 5 site could start from $1,300 psf, notes PropNex's Wong.
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