Nine bidders vie for Bukit Batok West Avenue 8 property
The average selling price could range from $1,250 to $1,350 per sq ft.
A land parcel in Bukit Batok West Avenue 8, which was tendered by the HDB, received nine bids.
CNQC-OS (2) Pte. Ltd. and SNC Realty Pte. Ltd. is currently the top bidder at $266m or $662 per square foot (psf) per plot ratio.
According to Steven Tan, CEO of Singapore’s agent platform, OrangeTee, the site is earmarked for an executive condominium (EC) that can provide about 375 units. The 99-year leasehold parcel is a confirmed site under the second of 2021 government land sales (GLS) programme.
Tan added that the new project could meet the pent-up demand of HDB upgraders living in the west, with the potential selling price ranging from $1,250 to $1,350 psf.
Meanwhile, Wong Siew Ying, head of research and content at real estate portal, PropNex, expects that the average selling price for the Bukit Batok EC land development to be about $1,300 psf or higher, as the land parcel has the highest land rate for a GLS EC site.
Tricia Song, head of research at CBRE Southeast Asia, noted that there are few private projects in the location including Le Quest were at an average price of $1,485 psf, based on transactions since January 2021. Developers of this new EC could launch the site at $1,250 to $1,300 psf.
For his part, Lee Sze Teck, senior director of research at Huttons Asia, said it has been 20 years since the HDB opened an EC site for sale in Bukit Batok. Lee also noted that its asset class is not affected by cooling measures, such as an increase in additional buyer’s stamp duty