The site measures approximately 37,575 sq ft feet and is zoned for residential use (Picture: SRI)
SINGAPORE (EDGEPROP) - 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.
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The site measures approximately 37,575 sq ft feet and is zoned for residential use with an allowable plot ratio of 1.4. The maximum permissible gross floor area (GFA) is around 56,287 sq ft, inclusive of bonus balcony space.
A single-storey car workshop with a three-storey annex building currently sits on the site. The property is leased to Autobacs Singapore, a Japanese automotive company.
According to exclusive marketing agent SRI, the guide price for the site works out to a land rate of about $1,127 psf per plot ratio, taking into account the bonus balcony GFA and the development charge payable.
Bruce Lye, managing partner at SRI, expects the site to draw strong interest from developers, given the rare supply of private residential land in the Bukit Batok neighbourhood. “Both the price quantum of the site and the potential number of new units that can be built are within the sweet spot,” he says. Subject to relevant authorities’ approval, a new residential development could potentially yield 57 new dwelling units based on the latest URA guidelines.
In addition, Lye points out that the property has a single owner, which will provide certainty to the transaction and timeline.
Low Choon Sin, managing partner at SRI Capital Market, notes that the site’s location adjacent to the Bukit Batok Nature Park will provide developers with an opportunity to redevelop the site into a boutique development that enjoys lush greenery views and a wide frontage of approximately 120m.
“There is very limited private residential development along Bukit Batok East Avenue 6, where Park Natura Condominium is probably the only development along the road that was completed more than 10 years ago,” Low adds.
A check on EdgeProp LandLens shows that there are only 308 condo units available within a 500m radius of the site across two projects - Park Natura which has 192 units and Sherwood Condominium which has 116 units.
Within a wider 1km radius, 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 seen over 600 units taken up to date at an average price of around $1,982 psf. Another development, the 258-unit Verdale, also launched in Sept 2020 by joint developers COLI Singapore and CSC Land Group. The project has since sold out, with prices averaging at around $1,800 psf.
The public tender exercise for the development will close on Sept 21 at 3.30pm.
Check out the latest listings near Bukit Batok, Forett @ Bukit Timah, Verdale