How The Recent Property Measures Will Affect The Sales of Bukit Batok EC
Bukit Batok is a mature estate with many established schools and is an attractive option for buyers who wish to stay for a longer period of time. Moreover, being close to schools saves parents time that they can spend on more productive activities. Also, parents will not have to face traffic jams every day to send their children to school.
With limited private land supply in Bukit Batok, it is not surprising that the market for EC properties in Bukit Batok is highly competitive. The last private housing project to launch in the area was Le Quest, which launched in August 2017. While the development site may have a small number of units, analysts believe that this project will attract HDB upgraders. As such, the price range for the site is from $580 to $630 per square foot.
While the recent property cooling measures have been introduced to curb property prices, executive condominiums are not subject to these measures. Bukit Batok West Avenue 8 is one such development site with a 99-year lease period. It is expected to have about 375 units when completed. It is located in a prime neighbourhood, near the future high-rise residential sites, and is expected to appeal to HDB upgraders in the area.
Bukit Batok EC is near parks and nature. It is also home to historic war memorials, including the Syonan Chureito and the British Memorial Cross. These monuments were removed so that more nature could be planted in the Bukit Batok area. The area also housed the first TV transmission tower in Singapore. This means that buyers in Bukit Batok EC are likely to be looking for amenities and convenience.
Recently, three government land sales were held. The resulting price for the Lentor Central site was lower than the price paid for Lentor Modern. In contrast, Lentor Hills Road site was sold for higher than Lentor Modern. This property is expected to be developed into the Lentor Hills Residences.
Bukit Batok ECs have been popular in the city for a long time, and the latest release in the area is Dairy Farm Residences. These residences are located within walking distance to the nearby Bukit Batok Hillside Nature Park and Le Quest mall. They also offer unobstructed views of the Chestnut Avenue GCBA, and the south-facing units face the greenery.
Other features of the development include a community library, an elderly care facility, and a park connector. The neighbourhood is also near the Jurong Region Line and North-South MRT lines. In addition, Bukit Batok EC will be equipped with a ‘one-stop shop’ integrated facility.
The new development is expected to boost the sales of existing properties in Bukit Batok. The area is close to Hillview MRT station, as well as the BKE, KJE, and PIE. It is also near the German European School and is close to many amenities.
Bukit Batok EC is situated in a prime location, near the Jurong East District, which is one of Singapore’s major regional growth areas. The region is home to the three government ministries and many tourist attractions, such as the Singapore Flyer and the Merlion in Gardens by the Bay.
The new Bukit Batok EC is likely to attract a healthy amount of interest, primarily from first-time buyers and HDB upgraders. ECs are typically priced below private condominiums, which is another factor that should drive interest in the development.
Bukit Batok EC is a new development that is expected to open in 2021. The developer is looking to sell between 100 and 500 units at a time, with the average price per square foot at about $650. The development is located at Bukit Batok West Avenue 8.
The most expensive plot was recently sold at SGD 603 psf ppr. The highest bidder came from a joint venture of Qingjian Realty and the Santarli Group. The next EC site will be launched for tender in June.
ECs were once considered more affordable and desirable than private condos. However, the recent property cooling measures have changed the perception of these units. Although the median price of new ECs in Singapore will continue to rise, the price gap between new ECs and private condominiums will widen significantly. For example, the median price of new private condominiums in the OCR will increase by 17.7 per cent between 2019 and 2021. Meanwhile, the median price of new ECs will rise by 12.8 percent from S$1,434 psf to S$1,617 psf in 2021.
Bukit Batok EC is a prime location for those looking to stay in a home for longer than five years. The area is also close to schools, which saves parents time that they could otherwise spend commuting.