The Housing and also Development Board (HDB) has actually launched a new exec 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 story rests on a land area of 179,000 sq ft and also will certainly have a maximum permitted built-up area of 536,800 sq ft, based on the gross story proportion of 3.0, says HDB.

OrangeTee & Tie CEO Steven Tan expects the advancement to produce a total amount of 495 units. “There is just one finished EC development within Bukit Batok, The Dew, which has a resale price of $1,024 psf based upon this year’s data,” he includes.

One more surrounding plot at Bukit Batok Avenue 8 attracted an overall of nine quotes as well as 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% greater than the neighboring Tengah Garden Walk EC story, which was awarded to a City Developments (CDL) and MCL Land joint endeavor in June in 2014. Tan anticipates a land rate of in between $620 to $700 psf ppr, with systems to sell between $1,300 to $1,400 psf.

The launch rates of EC units costs have actually been trending up, keeps in mind JLL’s senior supervisor of research study and also consultancy Ong Teck Hui. North Gaia launched at a median cost of $1,301 psf in April, complying with 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 get to between $630 and also $680 psf ppr. “The subject website is appealing as it lies near Tengah town and within a reasonable range to Bukit Gombak MRT Station (on the North-east Line),” he adds.

“This notes the 3rd EC growth in the Bukit Batok West location within the span of a year, with a total amount of 1,500 systems up for sale” claims Huttons’s senior supervisor of research study Lee Sze Teck. He additionally approximates that the bidding rate for the website will reach $640 to $680 psf ppr, with approximately eight prospective buyers.