The residential site is expected to attract five to eight bidders.
The Government Land Sales (GLS) tender for Bartley Road is expected to have a top bid of $95-100m at $900-950 psf with a potential selling price of about $1,550 psf, Colliers International commented.
The real estate organisation is expecting the site to attract five to eight bidders, according to Colliers head of research for Singapore Tricia Song.
Located at Jalan Bunga Rampai, the trapezoid-shaped residential site is estimated to be able to hold about 115 units of about 85 sqm each.
Nearby 99-year-leasehold private residential projects built on GLS sites are Bartley Ridge, Botanique at Bartley, and Bartley Residences, all transacted at averaging $1,350-1,515 psf on the secondary market year to August 2019.
Located almost a kilometer north west, freehold The Gazania and Lilium launched at around $2,000-2,100 psf.
Bartley Road is also near Bartley MRT Station, as well as Maris Stella High School and Paya Lebar Methodist Girls’ School. It is also close to Paya Lebar Industrial Park and Tai Seng Industrial Estate.
The GLS tender will close 9 January 2020, which will be batched with other sites at Irwell Bank Road that were launched under the 2H2019 GLS Programme.
Do you know more about this story? Contact us anonymously through this link.