A Chinese real estate developer, Qingjian Realty, seems to be making great strides. This was after he clinched the Shunfu Ville en-bloc site that was being sold last week in the Marymount region. It topped the tenders at Tuesday’s national bid closing for a residential and commercial site in the Butik Batok West.
Launching Date for Le Quest Condo for Showroom Viewing
Its top tender of $301.16 million per square foot compared to plot ratio was 8.3% higher to the $277.98 presented by Robert Kuoks Allgreen Properties. According to the JLL national director, Ong Teck Hui, the bid reflected the Qingjian’s earnestness in obtaining the site by tendering more aggressively than other bidders. The showroom viewing date is not confirmed at the moment. We will advise the launching date soon once it is available.
The bid for the 1.5 hectare of land, which has a leasehold of 99 years on the western side of Bukit Batok attracted more than 11 competitive bidders. Some consultants regarded this interest to arise from the good performance of new-home sales from the developer. Also, mixed-development projects are always sought by the home buyers. Desmond Sim, head of research at CBDRE, South East Asia, and Singapore, said that the overall reduction of land sales in the region gave the developers more reasons for tendering for the site.
Launch Date for Preview for Le Quest Qingjian Realty
Li Jun, Qingjian Realty group manager in the South Pacific said that their main attraction to this site was because it was near to the Jurong district, a place where the government has progressive and exciting development plans. There are plans by the developer to launch the showroom viewing date around in mid July 2017 at Bukit Batok.
According to the information obtained by the Business Times magazine, the Bukit Batok site is approximately 1.8km from the Jurong Lake District and far from the Jurong Innovation District. The plot was launched in March and property consultants projected that the top bid would be between S$520 to S$620 psf ppr. They expected that it would attract 5 to 10 bids.
Le Quest Bukit Batok West Avenue 6 Launch Date
The site is a remote area of Bukit Batok and is far from the nearby MRT station. Mr Ong noted that other bidders were measured considering the risks the market presents. Qingjian Realty is hoping to build condos comprising of 500 residential and commercial units with a storey mall. These units will be floated for sale in one year’s time.
Qingjian group will be responsible for handling the construction of the project. This would be the first mixed-development project in Singapore. The average launch price of the project is expected to be around S$1100 psf. In addition, the developer will build a child-care center that will occupy at least 500 square meters. This will be one of the amenities that will be available in the development.