URA receives 8 bids for Bartley site

Property developers Intrepid Investments, Sunmaster Holdings and TID Residential have jointly submitted the highest bid of S$413.3 million for a residential site at Bartley Road/Lorong How Sun.

The Urban Redevelopment Authority (URA) received a total of eight bids at the close of the tender on Wednesday.

The second highest bid of S$410 million came from Sherwood Development.

The 22,094 square metre site, with a 99-year lease, was launched for tender on February 10.

CBRE Research executive director Li Hiaw Ho said that a high-rise condominium of around 620 units can be built on the site.

He also pointed out that the top bid works out to S$621 per square foot (psf) per plot ratio and this translates to a breakeven cost of S$1,000 to S$1,050 psf.

Mr Li also said that a new condominium project, Nin Residence, located at Potong Pasir MRT Station was launched at S$1,250 psf in December last year.

“We expect units in the new residential project on the subject site to fetch prices at about the same level,” he added.

URA said it would decide on the winning bidder at a later date.

Source : Channel NewsAsia – 30 Mar 2011

COMMENTS