Bukit Batok residential redevelopment land for sale with a suggested price of S$42 million

Aug 23, 2022

Tuesday, the sole marketing agent SRI announced that a freehold residential redevelopment site located at 30 Bukit Batok East Avenue 6 is up for sale via public tender at an indicative price of S$42 million (Aug 23).

Approximately 37,575 square feet (sq ft) in size, the site comprises a single-story car workshop and a three-story annex building leased to a Japanese automaker. This equates to a land rate of approximately S$1,127 per square foot per plot ratio, inclusive of bonus balcony, with a payable development charge.

Under the 2019 Master Plan of the Urban Redevelopment Authority (URA), the maximum permissible gross floor area, including bonus balcony, is approximately 56,287 square feet.

SRI stated that, based on the most recent URA guidelines, a new residential development could potentially yield 57 new dwelling units, pending approval from the relevant authorities.

Low Choon Sin, managing partner of SRI Capital Market, believes the site, located within the Bukit Batok Nature Park, presents an excellent opportunity for the owner to construct "an iconic boutique with a prominent and approximately 120-meter-wide frontage."

"Park Natura condominium is probably the only development along the road that was completed more than a decade ago," Low added.

Due to the limited availability of private residential land in the Bukit Batok neighborhood, SRI managing partner Bruce Lye anticipates a high level of developer interest.

In addition, as the transaction involves a single owner, the transaction and timeline are certain, he said.

Earlier in June, a nearby executive condominium along Bukit Batok West Avenue 5 was also released for sale under the H1 2022 government land sales (GLS) programme's confirmed list of properties.

This is in response to the government's prior announcement that there will be a greater supply of private housing for the GLS program in the second half of 2022, despite robust demand and a declining inventory. The GLS programme for H2 2022 consisted of 6 confirmed list sites and 8 reserve list sites, which are anticipated to produce approximately 7,310 private residential units, 94,750 square metres (sq m) of gross floor area (GFA), and 530 hotel rooms.

The public bidding process for the parcel of land at 30 Bukit Batok East Avenue 6 will conclude on September 21 at 3.30 p.m., according to SRI.