The Housing and also Development Board (HDB) has actually released a brand-new exec condo (EC) website at Bukit Batok West Avenue 5 for tender on the confirmed Government Land Sales (GLS) listing on June 28. The 99-year leasehold story rests on an acreage of 179,000 sq ft and will certainly have a maximum permitted built-up area of 536,800 sq ft, based upon the gross plot proportion of 3.0, claims HDB.
OrangeTee & Tie CEO Steven Tan expects the advancement to generate a total amount of 495 systems. “There is only one finished EC growth within Bukit Batok, The Dew, which has a resale price of $1,024 psf based upon this year’s information,” he adds.
An additional nearby story at Bukit Batok Avenue 8 drew an overall of nine quotes as well as was granted to a QingJian Realty and Santarli Construction joint venture in March, marking a record EC land rate of $266 million, or $662 psf per story proportion (ppr), claims Tan. It was 9.8% higher than the close-by Tengah Garden Walk EC plot, which was awarded to a City Developments (CDL) and MCL Land joint venture in June in 2015. Tan expects a land cost of between $620 to $700 psf ppr, with units to market between $1,300 to $1,400 psf.
The launch rates of EC devices prices have been trending up, notes JLL’s elderly director of study and consultancy Ong Teck Hui. North Gaia went for an average rate of $1,301 psf in April, following Parc Greenwich at $1,229 psf and Provence Residence at $1,155 psf in September and May in 2015 specifically.
Ong expects land prices to get to between $630 and also $680 psf ppr. “The subject site is eye-catching as it lies near Tengah community and also within a reasonable range to Bukit Gombak MRT Station (on the North-east Line),” he includes.
“This notes the 3rd EC development in the Bukit Batok West area within the period of a year, with a total of 1,500 systems up for sale” states Huttons’s senior supervisor of research Lee Sze Teck. He likewise approximates that the bidding process cost for the site will reach $640 to $680 psf ppr, with up to 8 prospective buyers.
