Qingjian Realty and Santarli’s joint venture set a new record of $662 psf ppr for an EC site in Bukit Batok West.
The joint venture between Qingjian Realty and Santarli Corporation has set the record for the highest price ever paid for an executive condominium (EC) site in Bukit Batok West. The consortium purchased the site for $109.4 million, which translates to $662 psf ppr (price per square foot per plot ratio). This is the highest price ever seen for an EC site in Singapore.
The EC site is located at the junction of Bukit Batok West Avenue 8 and Bukit Batok West Avenue 9. It has a total land area of 166,510 sq ft and a maximum gross floor area of 555,003 sq ft. The site can be developed into a residential development with a maximum of 661 units.
The new record set by Qingjian Realty and Santarli was previously held by the joint venture between MCC Land and Fu Yuan Property which purchased an EC site in Choa Chu Kang for $101 million in December last year. This translates to a price of $561 psf ppr.
Qingjian Realty and Santarli Corporation’s joint venture was the only qualified bidder for the tender exercise. This means that the consortium is likely to be the successful bidder for the project.
With the high price paid for the site, the development is likely to be priced competitively and attract buyers. Property analysts believe that the development is likely to be priced at around $1,100 psf or higher.
If the development is priced competitively, it will be attractive to potential buyers. The Bukit Batok West EC site is located in an established neighbourhood and is close to amenities such as schools, shopping malls and leisure facilities.
It is also conveniently located with access to public transportation such as the Bukit Batok MRT station, which is one stop away from the Jurong East MRT station and interchange. This makes it attractive to buyers who are looking for a home that is conveniently located.
The successful bidder for the Bukit Batok West EC site will have to pay a development charge of $5.5 million. This is to cover the cost of improving the infrastructure and amenities in the area.
The successful bidder will also have to abide by the requirements of the Housing and Development Board. This includes providing a minimum of 15% of the units as three-room units and no more than 50% of the units as five-room units.
Qingjian Realty and Santarli Corporation’s joint venture has set a new record for an EC site in Bukit Batok West with the purchase price of $662 psf ppr. This is the highest price ever seen for an EC site in Singapore and is likely to attract buyers with its competitively priced development. The development is conveniently located and is close to amenities such as schools, shopping malls and leisure facilities. The successful bidder will also have to abide by the requirements of the Housing and Development Board.