The Housing as well as Development Board (HDB) has released a new exec condominium (EC) website at Bukit Batok West Avenue 5 for tender on the confirmed Government Land Sales (GLS) list on June 28. The 99-year leasehold story sits on an acreage of 179,000 sq ft as well as will have a maximum allowable built-up area of 536,800 sq ft, based on the gross plot proportion of 3.0, states HDB.
OrangeTee & Tie CEO Steven Tan expects the advancement to yield an overall of 495 units. “There is only one completed EC advancement within Bukit Batok, The Dew, which has a resale price of $1,024 psf based on this year’s information,” he adds.
Another surrounding story at Bukit Batok Avenue 8 attracted an overall of nine proposals and also was granted to a QingJian Realty and also Santarli Construction joint venture in March, marking a record EC land price of $266 million, or $662 psf per story ratio (ppr), states Tan. It was 9.8% more than the neighboring Tengah Garden Walk EC plot, which was awarded to a City Developments (CDL) and also MCL Land joint venture in June in 2015. Tan anticipates a land rate of between $620 to $700 psf ppr, with devices to offer in between $1,300 to $1,400 psf.
The launch costs of EC systems prices have actually been trending up, notes JLL’s elderly supervisor of study and also working as a consultant Ong Teck Hui. North Gaia went for a median cost of $1,301 psf in April, complying with Parc Greenwich at $1,229 psf and also Provence Residence at $1,155 psf in September and also May in 2015 respectively.
Ong expects land prices to get to between $630 and also $680 psf ppr. “The subject site is eye-catching as it is located close to Tengah town and Tengah Plantation Close EC also within a sensible distance to Bukit Gombak MRT Station (on the North-east Line),” he includes.
“This marks the third EC advancement in the Bukit Batok West area within the period of a year, with a total of 1,500 units up for sale” claims Huttons’s elderly supervisor of research Lee Sze Teck. He also estimates that the bidding rate for the website will reach $640 to $680 psf ppr, with up to 8 bidders.