A Chinese developer Qingjian Realty emerged as the highest bidder of S$301.2 million tender from Butik Batok a mixed commercial and residential site. The Urban Redevelopment Authority (URA) data showed that this had attracted a lot of responses from many developers. The site in Butik Batok West Avenue 6 is on 99 years leasehold. It is released from the list of Government Land Sales (GLS) which are already confirmed. The property sits on a 158,194 square feet, with a plot ratio of 3. This gives it a maximum permissible gross of the floor area of about 451,591 square feet. The URA says that this site can yield a minimum of 400 residential units. And a maximum floor area of 64,583 square feet for commercial use.
Montville Qingjian Realty Tender
Despite the lack luster property market over the past couple of years, the tender saw 11 Real Estate Developers bid for the tender. The executive director and head of research and consultancy at SLP International property consultants, MR. Nicholas Mark, said that the only reason the property attracted developers to this site is because it is the only mixed commercial cum residential site in the Government Land Sales program released in the first half of this year. The development is Montville Qingjian Realty at Bukit Batok West Ave 6.
Mont Ville Bukit Batok West Ave 6
Mr. Mark said that this being a Greenfield suburban site at Mont Ville condo, developers were simply buying into the future master plan that west section region. He further added that the site was well connected to other sites of Singapore via the Pan Island Expressway and the Bukit Batok MRM station which is 1km away. There are also asocial amenities around the area like the poly clinic, market and food centre, hospital, future civic and community development institution and the west mall. The area is also rich in secondary and tertiary education institutions. The site is also surrounded by high density residential projects which have created a large catchment of shoppers and potential home buyers. He also noted that in 2014 the average bid for the two mixed development sites was 10 bids in comparison to previously purely residential tenders that closed in 2016 with an average of 9 bids.
Montville Bukit Batok MRT Station
Qingjian realty group general manager, Mr.li Jun, said that they were pleased to have won the highest bid for the Bukit Batok commercial and residential site. The Chinese developers said that they were ready to work with the government. If they were awarded the tender, then Qingjian would make its first mixed development in Singapore and its second successful acquisition of land for private development this month.