Residential site at Bartley Road put on Reserve List
By UMA SHANKARI
THE Urban Redevelopment Authority (URA) yesterday said that a residential site along Bartley Road is now open for applications from interested developers.
The 99-year leasehold plot is located within an established residential estate next to the Bartley MRT.
It has a site area of about 2.21 ha and can generate a maximum gross floor area of 61,865 square metres.
The site is being offered under the Government’s Reserve List system. Sites on the Reserve List are only put up for tender if a developer indicates a minimum bid price in an application, and that bid price is deemed to be acceptable.
The land parcel, which is located between Bartley Road and Lorong How Sun, was first unveiled during the Government land sales programme for the second half of this year.
It was officially put on the Reserve List yesterday.
Analysts said that the site could be triggered soon as interest in it is likely to be high.
Estimates for the eventual top bid range from $450-$550 per square foot per plot ratio (psf ppr).
‘The site should be well received because it is attractive and there is lots of local and foreign interest in State tenders,’ said Donald Han, the managing director of Cushman & Wakefield. He expects the top bid for the site, once it is triggered, to be between $450 and $520 psf ppr.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak is more bullish - he expects the winning bid to come in between $500 and $550 psf ppr.
The analysts also pointed out that increased interest from foreign developers in state land tenders could push up the price of the site.
In November, the top bid for a 99-year condo site on Upper Thomson Road came from Hong Kong tycoon Li Ka-shing’s Cheung Kong Holdings. Cheung Kong unit Treasure Well Investments offered $251.3 million or about $533 psf ppr - the highest seen for a private housing site at a state land tender this year.
The company’s top bid was 21.5 per cent above the next highest offer, which was made by Singapore’s Far East Organization.
Source : Business Times - 01 December 2009
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