Residential site in Bartley up for tender

The site could potentially yield about 115 residential units, and has a maximum building height of 64m above mean sea level.
The site could potentially yield about 115 residential units, and has a maximum building height of 64m above mean sea level.PHOTO: SCREENGRAB FROM GOOGLE MAPS

A residential site in Jalan Bunga Rampai off Bartley Road has been launched for sale on the confirmed list in the Government Land Sales (GLS) programme, it was announced yesterday.

The 99-year leasehold plot occupies 4,666.6 sq m and a maximum gross floor area of 9,800 sq m.

It could yield about 115 units and has a maximum building height of 64m above mean sea level.

Ms Tricia Song, Colliers International's head of research for Singapore, noted that the site is the smallest residential one on the GLS programme for this half of the year.

The plot is next to a small park and the Bartley viaduct.

There are similar 99-year leasehold private residential projects nearby, including Bartley Ridge, Botanique at Bartley and Bartley Residences, which were all built on previous GLS sites.

These developments sold on the secondary market at an average of $1,350 to $1,515 per sq ft (psf), Ms Song noted.

She added: "We expect the top bid... to come in at $900 to $950 psf per plot ratio, or $95 million to $100 million, with a potential average selling price of $1,550 psf.

"We expect five to eight bidders."

She said the site's attractions include its 400m walking distance to Bartley MRT station on the Circle Line and partial, unblocked views overlooking a low-rise landed estate.

The development is within 1km to 2km of Maris Stella High School and Paya Lebar Methodist Girls' School.

"Investors could also consider the potential rental catchment of the nearby Paya Lebar Industrial Park and Tai Seng Industrial Estate," Ms Song said.

The tender for the site closes at noon on Jan 9 next year.

The Urban Redevelopment Authority said the tender closing will be batched with a residential site in Irwell Bank Road that will be launched in October under the GLS programme.

A confirmed list site is launched according to a schedule, regardless of demand, while one on the reserve list is triggered for sale once a developer's indicated minimum price is acceptable to the Government.

A version of this article appeared in the print edition of The Straits Times on August 30, 2019, with the headline 'Residential site in Bartley up for tender'. Print Edition | Subscribe