In Singapore a Chinese developer Qingjian Realty emerged as the highest bidder of a $301.2 million tender to develop Bukit Batok which is a mixed commercial and residential site. The Urban Redevelopment Authority (URA) data showed that this had attracted a lot of responses from many developers. This site is on 99 years leasehold. It was released from the list of Government Land Sales (GLS) which are already confirmed. The property sits on a 158,194 square feet and has a plot ratio of 3, giving it a permissible gross of the floor area of about 451,591 square feet. According to URA, this site can hold a minimum of 400 residential units, with a floor area of 64,583 square feet for commercial use.
Chinese Developer Bid for Le Quest at Bukit Batok West Avenue 6
The tender saw 11 Real Estate Developers bid for the tender for Le Quest Condo. 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 was because it is the only mixed commercial and residential site in the Government Land Sales program released in the first half of this year.
Chinese Developer Le Quest Qingjian Realty
Mr. Mark said that it was a Greenfield suburban site and that developers were simply buying for use as the future master plan that west section region. 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 social 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 close to secondary and tertiary education institutions near to Le Quest by Qingjian Realty. The site is also surrounded by high density residential projects which have created a large catchment of shoppers and potential home buyers. Mr. Mark said that in 2014 the average bid for the two mixed development sites was 10 bids in compared to previously purely residential tenders that closed in 2016 with an average of 9 bids.
Qingjian Realty Le Quest Mix Development
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.
Qingjian had earlier entered into an agreement worth $638million with Shunfu Ville. It also plans in developing around 500 condominiums at Bukit Batok. With the current land price estimated at $638 million per sqft, the new condominiums would now range between $920m and $980m when developed. Mr. Mark advice that it was better if the developer managed the shopping mall as a single ownership rather than selling it as strata units .