Bukit Batok EC’s top bidder CDL at $626 psf ppr in West Ave 5

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Executive condominium (EC) site at Bukit Batok West Avenue 5 attracted four bids at the end of the tender. This is the smallest number of bids submitted on an EC site because three bids were submitted on the EC site within Anchorvale Crescent (now Treasure Crest) in January of 2015 PropNex Realty’s head of content and research, Sung Siew Ying.

City Developments (CDL) emerged with the highest offer at $336.068 million, which is an average land price of $626 psf/plot proportion (psf and ppr). The second-highest bid by Sim Lian Group was just 0.17% lower, at $625 per psf, ppr.

“We are extremely pleased to have been named the top bidder for this highly-contested EC site located in Bukit Batok West particularly with such a small margin of victory” declares CDL Group CEO Sherman Kwek.

Tricia Song, CBRE’s head of research for Southeast Asia, notes that the land price is lower than the $662 psf per acre for the EC site located at the Bukit Batok West Avenue 8. site which was granted on March 1 to a joint venture of Qingjian Realty and Santarli Construction.

In the meantime, PropNex’s Wong believes that CDL probably was part of this auction to protect its market position after it purchased the adjacent Tengah Garden Walk EC site in June the previous year at an estimated price of $603 per square foot ppr. Copen Grand is expected to begin operations on the site in the 4th quarter of this year.

If CDL be granted the site located at Bukit Batok West Avenue it will be able to explore the possibility of an EC project consisting of 10 blocks of between 12 and 13 levels with approximately 500 residential units as well as an underground car park. “Given the site’s closeness to the planned Tengah New Town and Jurong Lake District the site will be able to access to a variety of amenities as well as a good connection to such an important tourist, lifestyle and business area,” says CDL’s Kwek.

The future average selling price of units on Bukit Batok West Avenue 5 Bukit Batok West Avenue 5 site could begin at $1300 per sq ft, says PropNex’s Wong.