New EC site at Bukit Batok West Ave 5 Launched for Tender

Published on June 28, 2022

The Housing and also Development Board (HDB) has released a new exec condo (EC) site at Bukit Batok West Avenue 5 for tender on the verified Government Land Sales (GLS) checklist on June 28. The 99-year leasehold plot remains on a land area of 179,000 sq ft as well as will have an optimum allowed built-up area of 536,800 sq ft, based upon the gross plot ratio of 3.0, states HDB.

OrangeTee & Tie CEO Steven Tan anticipates the advancement to produce a total amount of 495 units. “There is just one finished EC advancement within Bukit Batok, The Dew, which has a resale cost of $1,024 psf based on this year’s data,” he includes.

An additional adjacent plot at Bukit Batok Avenue 8 drew a total of nine quotes and also was granted to a QingJian Realty as well as Santarli Construction joint venture in March, noting a document EC land rate of $266 million, or $662 psf per plot proportion (ppr), states Tan. It was 9.8% greater than the neighboring Tengah Garden Walk EC plot, which was granted to a City Developments (CDL) as well as MCL Land joint venture in June in 2015. Tan anticipates a land cost of between $620 to $700 psf ppr, with systems to offer in between $1,300 to $1,400 psf.

The launch costs of EC units prices have actually been trending up, keeps in mind JLL’s elderly director of study as well as working as a consultant Ong Teck Hui. North Gaia went for an average price of $1,301 psf in April, complying with Parc Greenwich at $1,229 psf as well as Provence Residence at $1,155 psf in September and also May in 2015 respectively.

Ong anticipates land prices to reach in between $630 as well as $680 psf ppr. “The subject site is attractive as it lies near to Tengah town and within a reasonable distance to Bukit Gombak MRT Station (on the North-east Line),” he adds.

“This marks the third EC growth in the Bukit Batok West location within the period of a year, with an overall of 1,500 systems up for sale” states Huttons’s elderly supervisor of study Lee Sze Teck. He likewise approximates that the bidding process cost for the website will get to $640 to $680 psf ppr, with up to 8 prospective buyers.

Author: thetapestrycondo

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