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Thread: URA launches tender for commercial, residential site in Bukit Batok

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    Default URA launches tender for commercial, residential site in Bukit Batok

    http://www.businesstimes.com.sg/real...in-bukit-batok

    URA launches tender for commercial, residential site in Bukit Batok

    By Jacquelyn Cheok

    [email protected]

    @JacCheokBT

    Mar 30, 2016


    THE Urban Redevelopment Authority (URA) has launched a commercial and residential site at Bukit Batok West Avenue 6 for sale by public tender under the Confirmed List of 1st Half 2016 Government Land Sales (GLS) Programme.

    This site, with an area of 14,697 sq m, can potentially yield about 425 residential units. A maximum gross floor area (GFA) of 6,000 sq m will be stipulated for commercial use, and the lease period is 99 years, said URA on Wednesday.

    The tender will close at 12pm on May 24, 2016.

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    Default Keen interest expected for Bukit Batok site

    http://www.straitstimes.com/business...kit-batok-site

    Keen interest expected for Bukit Batok site

    Mar 31, 2016

    Wong Siew Ying


    Analysts are expecting keen competition for a mixed residential and commercial site in Bukit Batok - the first site put up for sale in the area in several years.

    The 99-year-leasehold site in Bukit Batok West Avenue 6 was launched for sale by public tender yesterday by the Urban Redevelopment Authority (URA).

    The 14,696.7 sq m plot could yield about 425 residential units and up to 6,000 sq m of gross floor area of commercial space, URA said in a statement.

    It is one of four confirmed list sites under the Government Land Sales programme for the first half of this year.

    The site is about 1km from Bukit Batok MRT station, and not far from amenities such as Millennia Institute, Bukit Batok Polyclinic and West Mall.

    Analysts told The Straits Times the site could garner much interest from developers and investors.

    "We expect keen competition for the mixed site in Bukit Batok West Avenue 6 as there have not been any land sites that were launched for sale in Bukit Batok in the last three to four years," said real estate agency PropNex key executive officer Lim Yong Hock.

    Mr Lim added that the upcoming high-speed rail terminus in Jurong East and the transformation of the Jurong Gateway business precinct could also have a "positive spillover effect" on Bukit Batok, which is near Jurong.

    Cushman & Wakefield research director Christine Li said the upcoming development of Jurong Innovation District - announced in Budget 2016 - is another draw. The district, envisioned as an industrial park of the future, will be built as part of the Government's push to encourage innovation.

    Analysts estimate the site tender to attract up to eight or 10 bids.

    "The top winning bid could range between $570 and $620 psf per plot ratio... The developer could be selling the residential units from $1,150 to $1,200 psf onwards," Ms Li added.

    JLL national director for research and consultancy Ong Teck Hui expects residential units to be priced at about $1,000 psf, with a bid price of $530 to $610 psf per plot ratio.

    "There should be keen interest from HDB upgraders, including those in Bukit Batok new town, as the selling price could be close to entry level for private homes."

    The tender will close on May 24.

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    Default Bukit Batok West mixed-use site expected to draw some interest

    http://www.businesstimes.com.sg/real...-some-interest

    Bukit Batok West mixed-use site expected to draw some interest

    Market watchers expect top bids of between S$520 to S$620 psf ppr, and up to 10 participants for tender exercise

    By Mindy Tan

    [email protected]

    @MindyTanBT

    Mar 31, 2016


    THE 99-year commercial and residential site at Bukit Batok West Avenue 6 should receive some interest, say market watchers, despite its distance from the nearest MRT stations and cool property sentiment.

    The fact that it is a mixed development and that the area is earmarked to be progressively developed will serve to draw in developers, market watchers.

    The rectangular site spans 14,696.7 square metres or about 158,194 square ft and has a maximum gross floor area of 44,091 sq m, equivalent to about 474,591.6 sq ft. Of this, a maximum gross floor area of 6,000 sq m (about 64,583.5 sq ft) will be stipulated for commercial use. Maximum building height is 70 metres above mean sea level (AMSL), and it can yield an estimated 425 units. The land parcel is zoned for commercial and residential purposes.

    Christine Li, director of research at Cushman & Wakefield, noted that Bukit Batok comprises a good mix of public and private housing and is earmarked to be progressively developed into an area which boasts its rich natural heritage near Xiao Guilin.

    "With the upcoming development in Jurong Innovation District announced during Budget 2016, along with the transformation in the Jurong Lake District and improved accessibility through Jurong Regional Line and High-Speed Rail from KL to Singapore, there will be more interest from developers and investors/end-users in this part of the island," said Ms Li.

    Ong Kah Seng, director at R'ST Research, on the other hand expects the commercial component will be a key attraction for developers.

    "There seems to be a lack of supporting retailing amenities for the residents in the Bukit Gombak locality (which is already well developed and built up in resident/critical mass), while at Bukit Batok town centre, West Mall is a simple, frills-free mall, unlike in Jurong East where there are bustling malls like JEM and Westgate," he said.

    He anticipates that the future project will likely have some niche, up-market retailing amenities to support the requirements of the residents, but not a mega mall which may disrupt the overall quiet living environment.

    Ms Li expects a top bid of between S$570 to S$620 per square foot per plot ratio (psf ppr). The developer could sell residential units from upwards of S$1,150-S$1,200 per square foot. Mr Ong had a more conservative expected top bid of S$520 to S$570 psf ppr. He expects between five and nine bids for the site.

    Said Ms Li: "Though the site is not near any major MRT station, we are of the view that a mixed-use residential and commercial site like this will be quite appealing to investors/end-users," she said, adding that the site could draw between six and 10 participants for the tender exercise.

    The last mixed-use site comprising commercial and residential in the vicinity is Hillier/hillV2, which was sold in 2011 for $672 psf ppr. Skywood is the most recent project launch in the same planning area. The site was sold in 2012 for $616 psf ppr.

    The site was launched for sale by public tender under the confirmed list of H1 2016 Government Land Sales (GLS) Programme. The tender for the land parcel will close at noon on May 24.

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