reporter2
10-04-12, 23:11
http://www.businesstimes.com.sg/sub/suite/story/0,4574,484641-1333483140,00.html?
Published April 3, 2012
Bartley apartments, houses sold en bloc for $74.1m
First pure-residential collective sale of the year fetches $810 psf ppr
By MINDY TAN
BARTLEY Grove Apartment, together with three adjoining terrace houses has been sold to Bartley Homes Pte Ltd, a subsidiary of Top Global Ltd, for $74.1 million, or some $810 per square foot per plot ratio.
The collective sale of the 25-unit development together with the adjoining terrace units located along Bartley Road, marks the first pure-residential collective sale of the year.
According to marketing agent Credo Real Estate, the six en bloc sites sold in the first quarter of 2012 amounted to $456.6 million, the lowest volume over the last seven quarters.
Located in District 19, the combined freehold site has a land area of 65,305 sq ft. Under the 2008 Master Plan, the site is zoned for residential use, with a gross plot ratio of 1.4, and an allowable height of up to five storeys.
'This land price rate sets a new benchmark for low-rise residential land in District 19, reflecting developers' continued confidence in the residential market evidenced by the healthy sales figures at nearby projects such as Casa Cambio and Bartley Residences,' said Tan Hong Boon, deputy managing director at Credo Real Estate.
With the successful collective sale, each of the owners in Bartley Grove Apartment stands to receive gross sale proceeds of between $1.25 million and $3.24 million. The three adjoining terrace house owners will receive between $2.34 million and $4.76 million.
The combined site was launched in the collective sales market in February, with an indicative asking price of between $62.35 million and $64.04 million for Bartley Grove Apartment, and between $10.65 million and $10.96 million for the three terrace houses.
Bartley Grove Apartment has a land area of about 55,286 sq ft, while the three terrace houses have a combined land area of 10,019 sq ft.
According to Top Global - which is controlled by Sukmawati Widjaja, sister of tycoon Oei Hong Leong - the 'acquisition is in line with the group's objective to establish itself as a major lifestyle real estate player'.
Published April 3, 2012
Bartley apartments, houses sold en bloc for $74.1m
First pure-residential collective sale of the year fetches $810 psf ppr
By MINDY TAN
BARTLEY Grove Apartment, together with three adjoining terrace houses has been sold to Bartley Homes Pte Ltd, a subsidiary of Top Global Ltd, for $74.1 million, or some $810 per square foot per plot ratio.
The collective sale of the 25-unit development together with the adjoining terrace units located along Bartley Road, marks the first pure-residential collective sale of the year.
According to marketing agent Credo Real Estate, the six en bloc sites sold in the first quarter of 2012 amounted to $456.6 million, the lowest volume over the last seven quarters.
Located in District 19, the combined freehold site has a land area of 65,305 sq ft. Under the 2008 Master Plan, the site is zoned for residential use, with a gross plot ratio of 1.4, and an allowable height of up to five storeys.
'This land price rate sets a new benchmark for low-rise residential land in District 19, reflecting developers' continued confidence in the residential market evidenced by the healthy sales figures at nearby projects such as Casa Cambio and Bartley Residences,' said Tan Hong Boon, deputy managing director at Credo Real Estate.
With the successful collective sale, each of the owners in Bartley Grove Apartment stands to receive gross sale proceeds of between $1.25 million and $3.24 million. The three adjoining terrace house owners will receive between $2.34 million and $4.76 million.
The combined site was launched in the collective sales market in February, with an indicative asking price of between $62.35 million and $64.04 million for Bartley Grove Apartment, and between $10.65 million and $10.96 million for the three terrace houses.
Bartley Grove Apartment has a land area of about 55,286 sq ft, while the three terrace houses have a combined land area of 10,019 sq ft.
According to Top Global - which is controlled by Sukmawati Widjaja, sister of tycoon Oei Hong Leong - the 'acquisition is in line with the group's objective to establish itself as a major lifestyle real estate player'.