SINGAPORE - A freehold residential site next to Bukit Batok Nature Park is up for sale through public tender at a guide price of $42 million.
A single-storey car workshop with a three-storey annex building sits on the site. It is currently leased to Autobacs Singapore, a Japanese automotive retail and services company.
The Straits Times understands that the parcel, located off Old Jurong Road and Upper Bukit Timah Road, is held by a private investment corporation whose owners specialise in auto and retail leasing.
The 37,575 sq ft site at 30 Bukit Batok East Avenue 6 is zoned for residential use under the 2019 Master Plan with an allowable plot ratio of 1.4. The maximum permissible gross floor area is 56,287 sq ft, inclusive of bonus balcony.
Its guide price works out to a land rate of $1,127 per square foot per plot ratio, inclusive of bonus balcony, with development charge payable, marketing agent SRI said on Tuesday.
Subject to the authorities' approval, the site, located near the Bukit Batok and Beauty World MRT stations, can potentially yield 57 new residential units.
It is also near The Rail Mall and a proposed mixed-use development with an integrated transport hub at the junction of Upper Bukit Timah Road and Jalan Jurong Kechil.
Mr Bruce Lye, managing partner of SRI, said he sees strong developers' interest due to the limited supply of private residential land in Bukit Batok.
"Both the price quantum of the site and potential number of new units that can be built are within the sweet spot. In addition, as this is a single-owner sale, there is certainty to the transaction and timeline," he added.
Mr Low Choon Sin, managing partner at SRI Capital Market, said the developer can build a boutique project with a prominent and wide frontage of approximately 120m.
"Park Natura Condominium is probably the only development along (Bukit Batok East Avenue 6) and that was completed more than 10 years ago," he said.
The public tender exercise will close on Sept 21 at 3.30pm.