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) checklist on June 28. The 99-year leasehold plot remains on an acreage of 179,000 sq ft as well as will have a maximum permitted built-up area of 536,800 sq ft, based on the gross plot ratio of 3.0, claims HDB.
OrangeTee & Tie CEO Steven Tan expects the growth to produce a total amount of 495 units. “There is only one completed EC development within Bukit Batok, The Dew, which has a resale rate of $1,024 psf based upon this year’s information,” he adds.
An additional surrounding plot at Bukit Batok Avenue 8 attracted an overall of nine proposals and also was granted to a QingJian Realty as well as Santarli Construction joint venture in March, noting a document EC land rate of $266 million, or $662 psf per plot ratio (ppr), states Tan. It was 9.8% higher than the neighboring Tengah Garden Walk EC story, which was granted to a City Developments (CDL) and MCL Land joint venture in June in 2014. Tan expects a land rate of between $620 to $700 psf ppr, with systems to market in between $1,300 to $1,400 psf.
The launch costs of EC systems costs have been trending up, notes JLL’s senior supervisor of research study and consultancy Ong Teck Hui. North Gaia launched at an average cost of $1,301 psf in April, adhering to Parc Greenwich at $1,229 psf and Provence Residence at $1,155 psf in September as well as May in 2014 respectively.
Ong anticipates land costs to get to between $630 and also $680 psf ppr. “The subject site is eye-catching as it is located near to Tengah town as well as within a practical distance to Bukit Gombak MRT Station (on the North-east Line),” he includes.
“This marks the third EC growth in the Bukit Batok West area within the period of a year, with an overall of 1,500 devices up for sale” states Huttons’s elderly supervisor of research Lee Sze Teck. He additionally approximates that the bidding rate for the website will get to $640 to $680 psf ppr, with up to 8 bidders.
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