A residential plot, name Botanique Bartley, with a 99 year lease, located at Upper Paya Lebar Road, had its tender closed a few days ago by the URA (Urban Redevelopment Authority). The site had been launched on November 18th in 2013 for public tender and has drawn in 7 bids.
The highest bid to be placed was $393.30 million by UOL Overseas Venture Investments. This would equate to $648.30 ppr ppr. The bid was 3.7% more than the second highest bod placed by EL Development for $625.16 per square foot.
Botanique Bartley UOL
The head of CBRE Research Singapore, Desmond Sim, has stated that OUL’s top bid for Botanique Bartley of $621 per square foot, per plot ratio is the highest made for any previous bids places for nearby sites. For example, adjacent to the site is Bartley Residences which sold in March of 2011 for $621 per square foot, per plot ration. Just across is the site for Bartley Ridge that sold in January of 2012 for $495 per square foot, per plot ratio.
Mr. Sim further adds that the success of the two recent sites has lifted confidence with Bartley Residences now sold out and Bartley Ridge very near to doing so. It appears that UOL is working to bolster their core business and are very eager to continue building this up.
Botanique Bartley has a very strategic placement between the soon to come Bidadari district and the Paya Lebar Sub-Regional Center. UOL’s bid reflects its eagerness to access the potential that these two areas offer, as well as that of Tai Seng which is close by. The site is also a short walk away from the Bartley MRT Station.
Botanique @ Bartley at Upper Paya Lebar Road
The remainder of the bids places were made by:
A joint venture between Far East Organization, Frasers Centerpoint and Sekisui House
• Asset Legend
• Chip Eng Seng
• Allgreen Properties
• A tie-up between TID Residential and City Developments
Once all bids have been evaluated a decision will be made regarding who is granted the tender and, according to URA, a public announcement will be made at a later date for the winner of Botanique Bartley Site.