Qingjian Realty’s $301.16 m bid wins tender to develop Bukit Batok West site. Qingjian Realty won the state tender on Tuesday to develop a commercial cum residential property in Bukit Batok West. This is barely a week after it won the Shunfu Ville en bloc tender in Marymount area. Qingjian Realty bid the highest to close the bidding at S $301.16 million which translates to S $634.57 per square foot per plot ratio. The winning bid exceeds the second highest bid of 277.98 million submitted by Robert Kuok’s Allgreen Properties by 8.3 per cent. The National Director of JLL, Ong Teck Hui said that the high bids showed Qingjian Realty’s determination to win the tender by decisively outbidding the competition. Le Quest is the development approved name and the architects for the landscaping is by ADDP Architects.
Qingjian Realty Le Quest by ADDP Architects
This is true considering that there were 11 bids for the 1.5-hectare property at Bukit Batok West Avenue. The land has a 99-year lease. The strong participation rate is attributed to the improved sales that home developers have enjoyed in the market. Moreover, mixed developments tend to be more attractive to home buyers. Another reason for the high number of bids for this site is the scarcity of land for development since the state is offering few parcels of land for development according to Desmond Sim, the head of CBRE Research in South East Asia and Singapore.
Landscape Design for Le Quest by ADDP Architects
Li Jun, who is the group manager for Qingjian Realty in the South Pacific region said that the location of the land close to Jurong cemented their interest. The government has ambitious and progressive developments earmarked for Jurong district which will increase the value of the property. The site along Bukit Batok West Avenue is situated 1.8 km from the Jurong Lake District as per a check with www.onemap.sg by the business times. The Jurong Innovation District is a little farther. The landscaping design is by ADDP Architects.
When the sale of the land was announced in late March, industry leaders forecast top bids would be from S $520 to S$620 psf ppr, projecting any number of proposals between five and ten. As the land sits in a less developed part of Bukit Batok, and beyond walking distance to the nearest MRT station, other bidders were more cautious, aware that the market is still tricky, according to Mr. Ong. Qingjian Realty will thus embark on its first mixed development project in Singapore. It plans to build a one-story mall and 500 condos which will probably be on sale after a year. The offering price of the Condo will start close to S$1100 psf according to Mr. Ong of JLL.
Le Quest Bukit Batok West Avenue 6
The residential part of the development will be constructed using the prefabricated pre-finished volumetric construction (PPVC) method as stated by the Urban Redevelopment Authority(URA).This technique ensures quality, though it costs more than other alternative methods. The URA has stated a maximum size of 44,091 sq m gross floor area(GFA) for the whole project. 6000 sq m will be allocated to commercial use with a minimum 1000 sq m for a supermarket and at least 500sq m for a food court. The retail space will be held in a single rather than subdivided strata, and there will be a child care occupying at least 500sq m as part of the development’s common areas.