Residential site at Jalan Bunga Rampai for sale by public tender

SINGAPORE (EDGEPROP) - The URA launched on Aug 29 a residential site at Jalan Bunga Rampai, off Bartley Road, for sale by public tender. It is under the Confirmed List of the 2H2019 Government Land Sales (GLS) Programme.
The 99-year leasehold site has a site area of 50,231 sq ft and a permissible gross floor area of 105,486 sq ft. The Bartley Road/Jalan Bunga Rampai site can potentially yield about 115 residential units of about 915 sq ft each, which makes it the smallest residential site on the 2H2019 GLS programme, notes Tricia Song, head of research for Singapore, Colliers International. The plot is trapezoid-shaped, and is next to a small park and the Bartley Viaduct.
Song adds that comparable 99-year-leasehold private residential projects nearby are Bartley Ridge which was completed in 2016, Botanique at Bartley to be completed in 2019, and Bartley Residences which was completed in 2015. All three developments were built on previous GLS sites, and transacted on the secondary market year-to-date at an average of $1,350 to $1,515 psf, adds Song. Meanwhile, 800m towards the site’s north-west, the freehold The Gazania and The Lilium in the How Sun area were recently launched at $2,000 to $2,100 psf.
Hence, Song expects the top bid for this Bartley Road/Jalan Bunga Rampai site to be $900 to $950 psf per plot ratio or $95 million to $100 million, with a potential average selling price of $1,550 psf. “Taking into consideration the response to suburban sites post-measures and the palatable quantum of the site, we expect it to attract five to eight bidders,” says Song.
The site is a 400m walk to Bartley MRT Station on the Circle Line, and has a partial unblocked view which overlooks a low-rise landed estate. It is also within 2km from Maris Stella High School and Paya Lebar Methodist Girls’ School. There is also the potential rental catchment of the nearby Paya Lebar Industrial Park and Tai Seng Industrial Estate.
The tender for this site will close at noon on Jan 9, 2020. The tender closing will be batched with another residential site at Irwell Bank Road which will be launched for sale in October 2019 under the 2H2019 GLS Programme.