UOL Wins Bids for Residential Site in Upper Paya Lebar Road (Botanique)
UOL Overseas Investment, a unit of the UOL Group, came up with the top bid of S$ 392.3 million or S$ 648.30 per sq ft (psf) per plot ratio (ppr). This was just 3.2 percent higher than the next highest bidder, EL Development, whom has bidded at a tender price of S$ 378.3 million or S$ 625.20 psf.
The site has drawn a total of seven bids when the tender closed on 16th January 2014.
UOL said it plans to build a 17-storey condo with 700 units and consultants said break-even prices could be between $1,050 and $1,100 psf, placing selling prices between $1,300 and $1,400 psf. However, Mr. Ong Teck Hui, national director of research and consultancy at Jones Lang LaSalle, said he does not expect UOL to raise prices much higher than those for units at Bartley Residences and Bartley Ridge which were sold for $1,270 psf on average.
The 702 units Bartley Residences which was next to the current site was sold at $621 psf ppr in March 2011 while 375 units Bartley Ridge which was across the road was sold for $495 psf ppr in January 2012.
Source: Paya Lebar residential site sees tight seven-way tussle. AsiaOne. 17th Jan 2014.
The site has drawn a total of seven bids when the tender closed on 16th January 2014.
UOL said it plans to build a 17-storey condo with 700 units and consultants said break-even prices could be between $1,050 and $1,100 psf, placing selling prices between $1,300 and $1,400 psf. However, Mr. Ong Teck Hui, national director of research and consultancy at Jones Lang LaSalle, said he does not expect UOL to raise prices much higher than those for units at Bartley Residences and Bartley Ridge which were sold for $1,270 psf on average.
About Nearby Residential Sites.
The 702 units Bartley Residences which was next to the current site was sold at $621 psf ppr in March 2011 while 375 units Bartley Ridge which was across the road was sold for $495 psf ppr in January 2012.
Source: Paya Lebar residential site sees tight seven-way tussle. AsiaOne. 17th Jan 2014.
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