Bukit Batok rare mixed commercial and residential plot attracted 11 bids.

The only mixed commercial and residential plot tender under the Government Land Sales programme for the first half of this year in Bukit Batok - has attracted an amazing 11 bids with the top bid of $301 million or $635 per square foot per plot ratio (psf ppr) submitted by Qingjian Realty (South Pacific) Group. This shows developers' hunger for land and their faith in Singapore's future.

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At the moment, the built-up density in the surrounding areas is low, and bidders are probably looking to gain a first-mover advantage when this precinct starts to intensify through future developments (such as) the upcoming Jurong Innovation District.

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If the site is awarded to Qingjian, it will be the developer's first mixed development project in Singapore, and its second successful land acquisition for private housing development this month. Qingjian had just announced that it had entered into a sales and purchase agreement with the residents of Shunfu Ville, at a collective price of $638 million. Qingjian said in a statement that it expects to build about 500 condo units at the Bukit Batok site, which has a gross floor area of 44,091 sq m with breakeven prices for the residential units estimated from $920 to $980 psf.

There are few new 99-year leasehold private non-landed residential developments near the Bukit Batok site, but the median transacted prices of units in three such condominiums (Hills TwoOne, Hillsta, and Kingsford Hillview Peak) in the Bukit Batok planning area ranged from $1,199 to $1,326 psf in January to May last year.

Extracted from Today Online article on 25 May 2016: Bukit Batok mixed-use site draws top bid of S$301.2m from Qingjian