SINGAPORE (EDGEPROP) - The Housing and Development Board (HDB) has released a new executive condominium (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 sits on a land area of 179,000 sq ft and will have a maximum allowable built-up area of 536,800 sq ft, based on the gross plot ratio of 3.0, says HDB.
See also: North Gaia EC achieves 27% sales at an average of $1,302 psf
OrangeTee & Tie CEO Steven Tan expects the development to yield a total of 495 units. “There is only one completed EC development within Bukit Batok, The Dew, which has a resale price of $1,024 psf based on this year’s data,” he adds.
Another adjacent plot at Bukit Batok Avenue 8 drew a total of nine bids and was awarded to a QingJian Realty and Santarli Construction joint venture in March, marking a record EC land rate of $266 million, or $662 psf per plot ratio (ppr), says Tan. It was 9.8% higher than the nearby Tengah Garden Walk EC plot, which was awarded to a City Developments (CDL) and MCL Land joint venture in June last year. Tan expects a land price of between $620 to $700 psf ppr, with units to sell between $1,300 to $1,400 psf.
The launch prices of EC units prices have been trending up, notes JLL's senior director of research and consultancy Ong Teck Hui. North Gaia launched at a median price of $1,301 psf in April, following Parc Greenwich at $1,229 psf and Provence Residence at $1,155 psf in September and May last year respectively.
Ong expects land prices to reach between $630 and $680 psf ppr. “The subject site is attractive as it is located close 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 development in the Bukit Batok West area within the span of a year, with a total of 1,500 units up for sale” says Huttons’s senior director of research Lee Sze Teck. He also estimates that the bidding price for the site will reach $640 to $680 psf ppr, with up to eight bidders.
The tender will close at noon on Sept 13.
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