Breaking Records: Qingjian Realty Wins Bukit Batok EC Tender with S$662 per sq. ft. bid

Breaking Records: Qingjian Realty Wins Bukit Batok EC Tender with S$662 per sq. ft. bid

It was a record-breaking moment when Qingjian Realty (South Pacific) Group Pte Ltd recently won the tender for a Bukit Batok Executive Condominium (EC) site. With a bid of S$662 per square foot per plot ratio (psf ppr), the 99-year-leasehold site was secured by the developer in the most competitive tender seen in the area since 2017.

The record-breaking bid was more than 10% higher than the second-highest bid, which was placed by Hoi Hup Realty Pte Ltd at S$593 psf ppr. Representing a total of S$192.2 million, Qingjian Realty’s bid was also 20% higher than the lowest bid of S$545 psf ppr submitted by EL Development (Bukit Batok) Pte Ltd.

The new EC project, located at Bukit Batok West Avenue 6, will comprise about 700 units and is expected to be completed in 2023. This site is well-positioned near the Bukit Batok MRT station, shopping malls, and other amenities.

The record-breaking bid by Qingjian Realty is indicative of the strong demand for housing in the area, as well as the attractive features of the site itself. With its close proximity to amenities and public transportation, the project is likely to be popular among homebuyers.

The successful bid by Qingjian Realty also reflects the confidence of the developer in the future prospects of the condominium. Prices of new ECs in the area have been on the rise since 2017, with the median price of new ECs increasing by more than 20% in the past two years.

This latest record-breaking bid by Qingjian Realty is a testament to the developer’s faith in the future Bukit Batok EC of the Bukit Batok EC market. With its attractive location and promising future prospects, this new project is sure to be a hit with homebuyers.

In June 2020, Qingjian Realty (South Pacific) Group Pte Ltd emerged as the top bidder for the Executive Condominium (EC) site at Bukit Batok West Avenue 5, with a winning bid of S$662 per sq ft per plot ratio (psf ppr). This was the highest bid ever seen in an EC tender since 2002, breaking the previous record of S$609 psf ppr set by Sim Lian Group in April 2018.

The 99-year leasehold site covers an area of 24,159.3 sq m and has a maximum gross floor area (GFA) of 57,924 sq m. It has a maximum permissible gross floor area (GFA) of 68,853.7 sq m, and can potentially yield up to 615 residential units, with an average size of 94 sq m each.

The unusually high bid is attributed to the site’s proximity to the Bukit Batok MRT station and the upcoming Jurong Region Line, as well as the potential for higher capital appreciation due to the nearby amenities. Its strategic location near a commercial hub, good connectivity and potential for future growth are also factors that may have contributed to its high bid price.

The tender for the Bukit Batok EC site was launched on 6 February 2020, and attracted a total of 11 bids. Qingjian Realty’s bid was the highest, and was closely followed by Allgreen Properties Ltd, which submitted a bid of S$654 psf ppr. The third highest bid was submitted by Hoi Hup Realty Pte Ltd, at S$622 psf ppr.

The high bid reflects the strong demand for ECs among Singaporeans and could be a sign of a buoyant market. This is also an encouraging sign for the real estate sector, as the higher bid price could help to revive the sector, which has been hit hard by the COVID-19 pandemic.

The successful bid by Qingjian Realty will be the first EC development project undertaken by the company in Singapore. The project is expected to be launched in 2023 and is set to bring more residential options to Singaporeans, particularly those in the Bukit Batok area.

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