With an area of 4,666.6 sq m, the confirmed list site has a maximum gross floor area of 9,800 sq m and a lease period of 99 years. Image source: URA
A residential site at Jalan Bunga Rampai that could yield about 115 housing units has been launched for sale via public tender, revealed the Urban Redevelopment Authority (URA) on Thursday (29 August).
With an area of 4,666.6 sq m, the confirmed list site has a maximum gross floor area of 9,800 sq m and a lease period of 99 years.
Tricia Song, head of research for Singapore at Colliers International, described the site as the smallest residential site on the Government Land Sales (GLS) Programme for the second half of this year.
She noted that the site is located next to the Bartley Viaduct and a small park.
Similar 99-year leasehold private residential project nearby include Bartley Ridge, Botanique at Bartley, and Bartley Residences. All these projects are also built on GLS sites and have been transacted on the secondary market at an average price of between $1,350 and 1,515 per sq ft (psf).
With this, Song expects the site to attract a top bid of $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,” she said.
“Attractions of this site include its 400 metres walking distance to the Bartley MRT station (Circle Line) and partial unblocked view overlooking a low-rise landed estate. It is also within 1-2km from Maris Stella High School and Paya Lebar Methodist Girls’ School.”
She added that investors “could also consider the potential rental catchment of the nearby Paya Lebar Industrial Park and Tai Seng Industrial Estate”.
The tender for the site closes on 9 January 2020.
“The tender closing for this site will be batched with the other residential site at Irwell Bank Road which will be launched for sale in October 2019 under the 2H2019 GLS Programme,” revealed URA.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
