The Urban Redevelopment Authority (URA) has closed the tender for the residential site at Bartley Road / Lorong How Sun, after receiving a total of eight bids. The highest bid came from a tie-up between Intrepid Investments Ltd, Sunmaster Holdings Ltd and TID Residential Ltd at S$413.27 million.
“The top bid of S$413.27 million or S$621 psf ppr translates to a breakeven cost of S$1,000 psf to S$1,050 psf,” said Li Hiaw Ho, Executive Director of CB Richard Ellis (CBRE) Research.
Sherwood Development submitted the second highest bid at S$410.03 million, followed by Exclusive Partners, a joint bid between F.E. Lakeside Ltd and FCL Topaz Pte, MCL Land Ltd, Sim Lian Land Ltd, Allgreen Properties and Plan Achieve Ltd, which emerged as the lowest bidder at S$261 million.
Launched for sale on 18 January 2011, the land parcel has a total area of 22,094.4 sq m and a maximum permissible gross floor area (GFA) of 61,865 sq m. It is proposed for residential development and can yield up to 620 housing units. The site is located next to the Bartley MRT Circle Line (CCL) station and future residents can enjoy convenient access to all parts of island.
“Its neighbourhood comprises private landed homes and low-rise apartments. (The) Maris Stella High School is situated opposite the site, across Bartley Road. A high-rise condominium of around 620 units can be built on the site,” said Mr. Li, adding that “the number and quantum of bids garnered by the site testified to developers’ keenness to acquire sites that are located close to MRT stations.”
The URA said it still must evaluate the tender result and a decision on the award will be made at a later date.