Jalan Bunga Rampai site at Bartley launched for sale under GLS programme
The site at Jalan Bunga Rampai was placed under the confirmed list of the 2019 Government Land Sales programme.
A private residential site located at Jalan Bunga Rampai has been launched for sale via public tender by the Urban Redevelopment Authority (URA).
The site is being placed under the 2019 Government Land Sales (GLS) programme and has a 99-year leasehold tenure.
This Jalan Bunga Rampai GLS site is located just next to the Bartley viaduct and the plot is in a trapezoid shape.
It occupies a total land area of 50,231.28 square feet and has a maximum gross floor area of 105,487.2 square feet.
Based on the stipulated average unit size of 85 square meters, the Jalan Bunga Rampai GLS site has the potential to yield just 115 private homes in total.
It’s been noted that the units at the nearby completed developments along Bartley Road having been transacting at an average per square foot range of $1,350 to $1,515. while the new launch projects in the area such as The Lilium and The Gazania were recently launched at around $2,000 to $2,100 psf (mainly due to their freehold status).
Some analysts are expecting the top bid for the Jalan Bunga Rampai GLS site to come in at around $900 to $950 psf ppr or a total bid price between $95 million to $100 million.
However, some remained conservative and believed that the top bid will range between $79 million to $87 million (or $750 to $820 psf ppr), due to the ongoing economic uncertainties and the take-up rate in some of the nearby projects such as Park Colonial and The Woodleigh Residences.
The future average selling price of this new launch condo at Bartley will likely be set at around $1,550 psf.
In addition, approximately 5 to 8 developers are expected to be drawn to this land tender due to the site’s palatable and attractive quantum.
The Jalan Bunga Rampai GLS site is located around 400 meters away from the Bartley MRT station and has partially unobstructed views overlooking landed houses nearby.
It is also within 1 to 2 kilometers from Paya Lebar Methodist Girls’ School and Maris Stella High School.
The tender will close on 09 January 2020, at 12 noon.