Exec condo site in Bukit Batok West Avenue 8 launched for tender

23 Dec 2021

The site has a lease period of 99 years and can potentially yield about 375 residential units

SINGAPORE - An executive condominium (EC) site in Bukit Batok West Avenue 8 was launched for sale via public tender on Thursday (Dec 23).

The site has a lease period of 99 years and can potentially yield about 375 residential units.

It was launched by the Housing Board under the second-half 2021 government land sales programme.

The land parcel, which is about a 10-minute walk from Bukit Gombak MRT, has a site area of 12,449.3 sq m and a maximum gross floor area of 37,348 sq m.

The maximum building height is between 60m and 70m Singapore height datum.

It is located near Bukit Batok Hillside Park and Dunearn Secondary School, as well as close to sites reserved for future high-rise residential developments.

Analysts said the EC site could attract a fair amount of interest from bidders, given the diminishing supply of new EC units in the market. 

PropNex Realty chief executive Ismail Gafoor highlighted that ECs have always been popular among home buyers due to their more affordable prices, and tend to appeal to some first-time home owners or HDB upgraders who are least affected by the recently announced property cooling measures. 

He added that the development is located in an area where private housing supply is fairly limited, with the last private residential project there being the nearby Le Quest, which saw hot take-up when it launched in August 2017. 

“The new EC project will be popular among HDB upgraders in the area looking for a private home within the same estate,” he said. 

Mr Ismail said that as developers seek to replenish their land bank, he expects the relatively mid-sized parcel in Bukit Batok to receive between eight and 12 bids. 

The top bid could range from $241.2 million to $261.3 million, reflecting a land rate of about $600 to $650 per sq ft per plot ratio (psf ppr).

Huttons Asia senior director of research Lee Sze Teck said that the estimated bid for the EC site is between $580 and $630 psf ppr, and that there could be up to 10 bidders. 

 

It could see more interest from developers as buyers are not affected by the increase in additional buyer’s stamp duty, he added.

Mr Lee said that the vicinity offers plenty of amenities such as food and beverage outlets at Le Quest Mall and the upcoming Tengah estate.

The site is also within a five-minute’s drive to the Pan-Island Expressway.

Tender for the Bukit Batok land parcel will close at noon on March 8, 2022.

Its closing will be batched with a residential site in Dairy Farm Walk, which was launched by the Urban Redevelopment Authority in October.

The Dairy Farm site in Upper Bukit Timah, which can accommodate about 385 units, is expected to garner quite a few bids from developers.

The land parcel is located in a quiet enclave close to nature, near the Bukit Timah Expressway, and around 10 minutes' walk to Hillview MRT station.

It is also next to the German European School.

 

 

Reference

Property Review SG