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Thread: Bartley apartments, houses sold en bloc for $74.1m

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    Default Bartley apartments, houses sold en bloc for $74.1m

    http://www.businesstimes.com.sg/sub/...83140,00.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'.

  2. #2
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    Default Bartley Grove and adjoining houses sold for $74.1m

    http://www.straitstimes.com/Money/St...ry_784665.html

    Bartley Grove and adjoining houses sold for $74.1m

    Published on Apr 3, 2012

    By Esther Teo, Property Reporter


    A COLLECTIVE sale site in Bartley Road has been sold for $74.1 million.

    It is only the sixth collective sale this year as developers reassess where the market is going in the light of strong cooling measures last year.

    Bartley Homes, a Top Global subsidiary, stumped out $810 per sq ft (psf) per plot ratio (ppr) for the 65,305 sq ft freehold site consisting of Bartley Grove Apartment and three adjoining terraced houses.

    This price sets a new benchmark for low-rise residential land in district 19 and reflects developers' continued confidence in the market, marketing agent Credo Real Estate said.

    This interest could be due to the healthy sales at recently launched projects nearby such as Casa Cambio and Bartley Residences.

    Owners of Bartley Grove Apartments are expected to each receive between $1.25 million and $3.24 million in gross sale proceeds - about 50 to 60 per cent more than if they had sold their units individually.

    Credo deputy managing director Tan Hong Boon added that district 19 has seen major transformations in recent years with the Kallang-Paya Lebar Expressway and North-East and Circle MRT lines enhancing the area's transport network.

    'The completion of nex Mall, the biggest retail mall in the north-east of Singapore, also established a new focal point at Serangoon Central,' he added.

    The redeveloped site would also appeal to families with school-going children as Maris Stella High School and Cedar Primary School are both less than 1km away.

    It is also close to Nanyang Junior College and the Australian and American international schools, Mr Tan added.

    The collective sale market has been struggling in recent months as the Dec 8 cooling measures kicked in.

    The measures require developers to build and sell all units on a site within five years or be subject to a 10 per cent additional stamp duty.

    Mr Tan noted that the six en bloc sites, including Bartley Grove, sold this year totalled just $456.6 million - the lowest volume over the last seven quarters.

    The Bartley site is the first purely condo site to be sold this year. It has a gross plot ratio of 1.4 and an allowable height of five storeys. The sale is subject to the Strata Titles Board, if necessary.

    The other five sites sold previously were zoned either mixed- used or commercial, Credo noted.

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