Bukit Batok West Avenue 5 drew four bids at $626 psf ppr

The executive condo (EC) site at Bukit Batok West Avenue 5 received four bids by the time of the tender. This is the lowest amount of bids that have been submitted on an EC site as three bids were submitted on the EC site located in Anchorvale Crescent (now Treasure Crest) in January of 2015 PropNex Realty’s head of content and research, Sung Siew Ying.

Copen Grand ebrochure residences will house around 620 residential units ranging from 1 to 5 bedrooms across its 12 blocks, rising up to 14 floors high, each with generous landscaping.

City Developments (CDL) emerged with the highest offer at $336.068 million, which is the land rate of $626 per plot percentage (psf per plot ratio). The second-highest bid by Sim Lian Group was just 0.17% lower, at $625 psf per plot ratio.

“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 chief executive officer Sherman Kwek.

Tricia Song, CBRE’s head of research for Southeast Asia, notes that the land value is less 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 comprised of Qingjian Realty and Santarli Construction.

In the meantime, PropNex’s Wong believes that CDL may have 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 the rate 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 that will comprise 10 blocks of 12-13 levels with approximately 515 residential units, as well as an underground car park. “Given the location’s proximity to the planned Tengah New Town and Jurong Lake District and Jurong Lake District, it will have easy access to a variety of amenities, as well as good connectivity to such an important tourist, lifestyle and business location,” says CDL’s Kwek.

Future average selling prices 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.