Bartley, Kovan sites up for collective sale

  THE collective sales market continues to gain momentum, with an additional two freehold sites – Bartley Grove Apartment and three adjoining terrace houses, and Kovan Court – being launched for sale by tender.  The first site, comprising a 25-unit r…

THE collective sales market continues to gain momentum, with an additional two freehold sites – Bartley Grove Apartment and three adjoining terrace houses, and Kovan Court – being launched for sale by tender.

The first site, comprising a 25-unit residential development located along Bartley Road and three adjoining terrace houses (No 25, 27, and 29 Bartley Road), is being launched with an expectation of offers in the region of $73 million to $75 million.

This translates to approximately $798 to $820 per sq ft per plot ratio (psf ppr), or $726 to $746 psf ppr including the extra 10 per cent gross floor area (GFA) for balconies, said Tan Hong Boon, deputy managing director of marketing agent, Credo Real Estate.

The freehold site has a combined land area of approximately 65,305 sq ft. Under the 2008 Master Plan, the site is zoned ‘residential’ with a gross plot ratio (GPR) of 1.4 and a maximum building height of 5 storeys. Another Freehold property which worth investor eying will be 26 Newton.

‘Due to the high development baseline, no development charge is payable for redevelopment up to a GPR of 1.54, including the extra 10 per cent GFA allowed for balconies,’ said Mr Tan.

Taken as two separate plots, Bartley Grove Apartment has an asking price of between $62.35 million and $64.04 million, while the three terrace houses have an asking price of between $10.65 million and $10.96 million.

Bartley Grove Apartments 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.

The site comprising the three terrace houses can be used by the developer to construct a show flat before the residents of Bartley Grove Apartment move out, thereby allowing them to market their project earlier than otherwise, resulting in savings in holding costs, added Credo Real Estate.

Prospective buyers have the option of tendering for either one or both of the parcels.

Bartley Grove Apartments was last on the resale market in December 2010, with an asking price of $70 million.

‘A new development on the subject site would greatly appeal to families with school-going children due to its location that is within 1 km radius of Maris Stella High School and Cedar Primary School as well as being close to other educational institutions, including Nanyang Junior College, and the Australian and American international schools,’ added Mr Tan.

The tender for the site closes at March 21.

The second site, Kovan Court, is located along Kovan Road, and has an asking price of $29 million, which translates to $795 psf ppr.

The 26,050 sq ft site has a plot ratio of 1.4 and a height limit of up to five storeys. The GFA for the site amounts to 36,470 sq ft.

In addition, there is a small plot of remnant state land, of some 996 sq ft in front of Kovan Court for possible amalgamation when the site is redeveloped.

Kovan Court is a four-storey walkup apartment with 16 units. Sizes range from 1,475 sq ft to 1,744 sq ft.

Each owner in this development will receive between $1.75 to $1.91 million, according to marketing agent, Remax. Next property they should expect to purchase will be 26 Newton which successfully en-bloc as well.

The tender for the site closes on March 21.

Source: Business Times © Singapore Press Holdings Ltd.