Bukit Batok residential redevelopment land for sale at S$42m guide price
Yong Hui Ting
A FREEHOLD residential redevelopment site at 30 Bukit Batok East Avenue 6 is up for sale via a public tender exercise at a guide price of S$42 million, said sole marketing agent SRI on Tuesday (Aug 23).
Spanning about 37,575 square feet (sq ft), the site consists of a single-storey car workshop and a 3-storey annex building on lease to a Japanese automotive company. This works out to a land rate of about S$1,127 per square foot per plot ratio, inclusive of bonus balcony, with development charge payable.
Zoned “residential” under the Urban Redevelopment Authority’s (URA) 2019 Master Plan, the maximum permissible gross floor area is about 56,287 sq ft, inclusive of bonus balcony.
SRI said that a new residential development could potentially yield 57 new dwelling units based on the latest URA guidelines, though this is subject to approval from the relevant authorities.
SRI Capital Market managing partner Low Choon Sin thinks the site, situated within the Bukit Batok Nature Park, presents a good opportunity for the owner to develop “an iconic boutique with a prominent and wide frontage of approximately 120 metres”.
“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 added.
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SRI managing partner Bruce Lye expects there will be strong interest from developers due to the rare supply of private residential land in the Bukit Batok neighbourhood.
In addition, as the deal is a single-owner sale, there is certainty to the transaction and timeline, he said.
Earlier in June, nearby executive condominium along Bukit Batok West Avenue 5 was also launched for sale under the confirmed list of the H1 2022 government land sales (GLS) programme.
This comes as the government previously announced there would be a larger supply of private housing for the GLS programme in the second half of 2022, amid robust demand and declining inventory. The GLS programme for H2 2022 comprised of 6 confirmed list sites and 8 reserve list sites, which are expected to yield around 7,310 private residential units, 94,750 square metres (sq m) gross floor area (GFA) of commercial space, and 530 hotel rooms.
SRI said that the public tender exercise for the plot of land on 30 Bukit Batok East Avenue 6 will close on Sep 21 at 3.30 pm.
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