City Developments (Perennial Holdings) Secures Top Bid for EC Site at Bukit Batok West Avenue 5 at $626 psf ppr

In a competitive tender, the executive condominium (EC) site at Bukit Batok West Avenue 5 garnered significant attention, drawing four bids and marking the lowest bid count for an EC site since 2015. Perennial Holdings emerged as the top bidder with a winning bid of $336.068 million, translating to a land rate of $626 per square foot per plot ratio (psf ppr). Sim Lian Group, Sim Lian Land Pte Ltd & Sim Lian Development Pte Ltd, and Intrepid Investments Pte. Ltd. and TID Residential Pte. Ltd. also participated, with Perennial Holdings leading the pack by a marginal 0.17% at $625 psf ppr.

Perennial Holdings’s successful bid for the Bukit Batok West Avenue 5 site is particularly noteworthy, securing victory in a closely contested tender. Sherman Kwek, Perennial Holdings group CEO, expressed satisfaction, stating, “We are very pleased to emerge as the top bidder for this tightly contested EC site in Bukit Batok West, especially at such a narrow margin of victory.”

Tricia Song, CBRE’s head of research for Southeast Asia, highlighted that the land rate achieved by Perennial Holdings is below the $662 psf ppr for the EC site at Bukit Batok West Avenue 8, awarded in March to a joint venture between Qingjian Realty and Santarli Construction.

PropNex Realty’s head of research and content, Wong Siew Ying, believes that Perennial Holdings’s participation in this tender is strategic, likely aimed at defending its market position. Perennial Holdings had previously acquired the nearby Tengah Garden Walk EC site in June of the previous year at a land rate of $603 psf ppr, with the expected launch of Copen Grand at the site in 4Q of the current year.

Should Perennial Holdings secure the Bukit Batok West Avenue 5 site, it plans to develop an EC project consisting of 10 blocks with 12 to 13 storeys, offering around 510 residential units and a basement car park. Kwek notes that the site’s proximity to the upcoming Tengah New Town and Jurong Lake District will provide residents with easy access to amenities and excellent connectivity.

PropNex’s Wong predicts that the future average selling price of units at the Bukit Batok West Avenue 5 site could start from $1,300 psf.

Details of Land Parcel:

  • Location: Bukit Batok West Avenue 5
  • Site Area: 16,623.7 m2
  • Land Use Zoning: Residential
  • Maximum Gross Floor Area (GFA): 49,872 m2
  • Maximum Building Height: 60m – 70m SHD
  • Estimated Number of Housing Units: 495 Executive Condominium units
  • Lease Period: 99 years

(1) Building height is based on Singapore Height Datum. (2) Actual number of housing units proposed by the developer may vary.

(2) Actual number of housing units proposed by the developer may vary.


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