The Housing and also Development Board (HDB) has released a brand-new exec condo (EC) site at Bukit Batok West Avenue 5 for tender on the confirmed Government Land Sales (GLS) list on June 28. The 99-year leasehold plot remains 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 ratio of 3.0, says HDB.
OrangeTee & Tie CEO Steven Tan expects the growth to produce a total of 495 units. “There is only one completed EC development within Bukit Batok, The Dew, which has a resale rate of $1,024 psf based upon this year’s data,” he includes.
Another adjacent story at Bukit Batok Avenue 8 drew an overall of 9 bids and was granted to a QingJian Realty and Santarli Construction joint venture in March, noting a document EC land price of $266 million, or $662 psf per story ratio (ppr), claims Tan. It was 9.8% higher than the close-by Tengah Garden Walk EC story, which was granted to a City Developments (CDL) and also MCL Land joint endeavor in June in 2015. Tan expects a land cost of in between $620 to $700 psf ppr, with systems to sell in between $1,300 to $1,400 psf.
The launch costs of EC systems costs have been trending up, notes JLL’s elderly director of research as well as working as a consultant Ong Teck Hui. North Gaia went for an average cost of $1,301 psf in April, complying with Parc Greenwich at $1,229 psf and Provence Residence at $1,155 psf in September and May in 2014 respectively.
Ong anticipates land costs to reach in between $630 as well as $680 psf ppr. “The subject website is attractive as it is located close to Tengah town as well as within an affordable distance to Bukit Gombak MRT Station (on the North-east Line),” he adds.
“This notes the third EC growth in the Bukit Batok West area within the span of a year, with a total amount of 1,500 units up for sale” claims Huttons’s elderly supervisor of research study Lee Sze Teck. He likewise approximates that the bidding process cost for the site will reach $640 to $680 psf ppr, with up to eight prospective buyers.
