At the closing of the bidding for the executive condo (EC) site on Bukit Batok West Avenue 8, nine offers were received. It received the highest offer of $266 million, equating to a land cost of $662 per square foot per plot ratio (psf ppr). According to Nicholas Mak, ERA Realty’s director of research, “this price is the highest land rate paid for an EC property.”
A joint venture between Santarli Construction and Qingjian Realty submitted the winning offer. The joint venture partners have shattered their previous record price of $659 psf ppr set in July 2021 for the EC site at Tampines Street 62, which they won.
According to Wong Siew Ying, PropNex head of research and content, the maximum offer of $662 psf ppr is 9.8% more than the adjoining Tengah Garden Walk EC site, which was granted in June 2021 to a joint venture between MCL Land and City Developments for $603 psf ppr.
According to ERA’s Mak, the new EC at Bukit Batok West might be launched at a record price of $1,328 psf to $1,388 psf, based on the land cost of $662 psf ppr.