New EC site at Bukit Batok West Ave 5 launched for tender
By Hailey Yu
/ EdgeProp Singapore |
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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.
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.
Check out the latest listings near Bukit Batok, North Gaia, Parc Greenwich, Provence Residence, Bukit Gombak MRT Station
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