The Housing and also Development Board (HDB) has actually launched a new executive condominium (EC) website at Bukit Batok West Avenue 5 for tender on the validated Government Land Sales (GLS) list on June 28. The 99-year leasehold plot sits on an acreage of 179,000 sq ft and also will certainly have an optimum allowed 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 development to produce a total of 495 devices. “There is only one completed EC growth within Bukit Batok, The Dew, which has a resale price of $1,024 psf based upon this year’s information,” he includes.
One more adjacent story at Bukit Batok Avenue 8 attracted a total amount of 9 quotes and also was awarded to a QingJian Realty and also Santarli Construction joint venture in March, marking a document EC land price of $266 million, or $662 psf per story ratio (ppr), says Tan. It was 9.8% more than the close-by Tengah Garden Walk EC story, which was granted to a City Developments (CDL) as well as MCL Land joint endeavor in June in 2014. Tan expects a land cost of in between $620 to $700 psf ppr, with units to market in between $1,300 to $1,400 psf.
The launch costs of EC systems prices have been trending up, notes JLL’s senior supervisor of study as well as consultancy Ong Teck Hui. North Gaia launched at a median price of $1,301 psf in April, adhering to Parc Greenwich at $1,229 psf as well as Provence Residence at $1,155 psf in September and May last year respectively.
Ong expects land prices to get to JCube Condo in between $630 as well as $680 psf ppr. “The subject site is appealing as it is located close to Tengah community and within a reasonable range to Bukit Gombak MRT Station (on the North-east Line),” he includes.
“This notes the third EC advancement in the Bukit Batok West area within the period of a year, with a total of 1,500 units up for sale” claims Huttons’s senior director of research Lee Sze Teck. He likewise approximates that the bidding cost for the site will reach $640 to $680 psf ppr, with as much as 8 bidders.