The Housing as well as Development Board (HDB) has actually launched a new exec 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 story remains on a land area of 179,000 sq ft as well as will certainly have an optimum allowable built-up area of 536,800 sq ft, based upon the gross plot ratio of 3.0, says HDB.
OrangeTee & Tie CEO Steven Tan anticipates the Tengah Plantation Close EC growth to generate a total amount of 495 devices. “There is only one completed EC advancement 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 a total amount of nine proposals and was awarded to Park Hill a QingJian Realty as well as Santarli Construction joint venture in March, noting a document EC land price of $266 million, or $662 psf per plot proportion (ppr), states Tan. It was 9.8% more than the close-by Tengah Garden Walk Hillhaven Condo EC plot, which was granted to a City Developments (CDL) and also MCL Land joint venture in June last year. Tan expects a land cost of in between $620 to $700 psf ppr, with systems to market in between $1,300 to $1,400 psf.
The launch rates of EC devices rates have been trending up, notes JLL’s One Sophia senior supervisor of research and consultancy Ong Teck Hui. North Gaia went for an average rate Zion Road Condo of $1,301 psf in April, complying with Parc Greenwich at $1,229 psf and Provence Residence at $1,155 psf in September and also May in 2014 respectively.
Ong anticipates land prices Tengah Plantation Close EC to get to between $630 and also $680 psf ppr. “The subject site is appealing as it is located near to Tengah town and within a reasonable range to Bukit Gombak MRT Station (on the North-east Line),” he adds.
“This notes the third EC advancement in the Bukit Batok West area within the period of a year, with an overall of 1,500 devices up for sale” claims Huttons’s elderly director of study Lee Sze Teck. He additionally estimates that the bidding price for the website will certainly reach $640 to $680 psf ppr, with as much as 8 bidders.