Press Release

Press Release

08 March 2022

Closing of land tender at Bukit Batok West Avenue 8 

FOR IMMEDIATE RELEASE

Singapore, 08 March 2022 – a parcel in Bukit Batok West Avenue 8 tendered by the Housing Board attracted strong bids. Nine bidders vied for the site. Interest for this site was strong, just as land bids for previous executive condominium (EC) sites were hotly contested. The highest bid was from CNQC-OS (2) Pte. Ltd. and SNC Realty Pte. Ltd.  at S$266 million, or S$662 psf ppr. 

The site is earmarked for an EC that can yield about 375 units. The 99-year leasehold parcel is a confirmed site under the second half of the 2021 GLS programme. 

As EC buyers are not adversely affected by the latest round of cooling measures, buying interest remains strong for ECs. Eligible buyers may also find ECs more affordable given that prices of new condominiums remain elevated and supply of new condominiums is limited in the suburban areas. 

This Bukit Batok West Avenue 8 EC is nested within a new built-up area where many new flats and amenities are slated to be completed. It has been a while since a new EC has been launched in the Bukit Batok planning area. The Dew, completed in 2003, is the only EC project in Bukit Batok. Due to a lack of new EC launches in Bukit Batok, this new project may meet the pent-up demand of HDB upgraders living in the west.

The potential selling price for this Bukit Batok future EC development could range from S$1,250 to S$1,350 psf. 

Mr Steven Tan, CEO of OrangeTee & Tie: 

“We are not surprised by the strong response. This is a highly anticipated tender as the size of the development is within the risk appetite of many developers. We expect the demand from first-timers and HDB upgraders to be strong as the location is near to amenities such as Le Quest Shopping Mall and Bukit Batok Hillside Park.”

https://www.hdb.gov.sg/about-us/news-and-publications/press-releases/08032022-Provisional-Tender-Results-for-Land-Parcel-at-Bukit-Batok-West-Ave-8-for-Executive