New EC site at Bukit Batok West Ave 5 launched for tender
The Housing and also Development Board (HDB) has launched a new executive condo (EC) website at Bukit Batok West Avenue 5 for tender on the verified 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 certainly have a maximum permitted built-up area of 536,800 sq ft, based upon the gross plot ratio of 3.0, claims HDB.
OrangeTee & Tie CEO Steven Tan expects the growth to yield an overall of 495 systems. “There is just one completed EC growth within Bukit Batok, The Dew, which has a resale cost of $1,024 psf based on this year’s data,” he includes.
One more nearby plot at Bukit Batok Avenue 8 drew a total amount of nine bids as well as was awarded to a QingJian Realty and also Santarli Construction joint venture in March, noting a document EC land rate of $266 million, or $662 psf per plot proportion (ppr), says Tan. It was 9.8% more than the nearby Tengah Garden Walk EC plot, which was granted to a City Developments (CDL) as well as MCL Land joint venture in June in 2014. Tan anticipates a land cost of in between $620 to $700 psf ppr, with systems to offer between $1,300 to $1,400 psf.
The launch prices of EC units costs have been trending up, keeps in mind JLL’s elderly supervisor of research and also working as a consultant Ong Teck Hui. North Gaia went for a median cost of $1,301 psf in April, following Parc Greenwich at $1,229 psf and also Provence Residence at $1,155 psf in September and also May in 2014 specifically.
Ong anticipates land costs to reach between $630 as well as $680 psf ppr. “The subject site is attractive as it is located close to Tengah community and also within a reasonable distance to Bukit Gombak MRT Station (on the North-east Line),” he includes.
“This marks the third EC advancement in the Bukit Batok West location within the period of a year, with a total amount of 1,500 units up for sale” states Huttons’s elderly director of research Lee Sze Teck. He also approximates that the bidding cost for the website will reach $640 to $680 psf ppr, with approximately 8 bidders.