Bartely Residences: 65 units sold on preview!

By The Folks @PropTalk - February 22, 2012 No Comments

Hong Leong Group yesterday sold 65 units at Bartley Residences at an average price of $1,240psf after a discount of up to 20%.

During yesterday's preview, it released 120 units in the 702-unit, 99-year leasehold private condo next to Bartley MRT Station. According to Hong Leong, 90% of the buyers at yesterday's preview were Singaporeans and permanent residents.

The absolute price of a one-bedroom unit ranges from approximately $610,000 to $670,000; a two-bedroom unit ranges from $970,000 to $1.1 million; three-bedroom unit is between $1.2 million and $1.4 million; a four-bedroom ranges from approximately $1.65 million to $1.9 million; and a dual-key unit ranges from around $1.8 million to $2.1 million.

The average price psf of $1,240 is after absorption of 18% (including the standard 3% buyer's stamp duty discount, and 3% early bird discount), and an additional 2% district discount.

The project - developed by Bartley Development, a joint venture between Hong Leong Holdings, City Developments, and TID Residential - is located next to Bartley MRT station, and offers a range of unit types, from one-bedroom units (464sqft) to four-bedroom units (1,345 - 1,377sqft), and dual key units (1,603sqft).

In January, the consortium won the 99-year leasehold private condominium housing plot at Mount Vernon Road. their bid came in at $388.1 million, or $495psf ppr.
Source: The Business Times

This looks to be another "gold mine" for Hong Leong and company, if the take-up rate is anything like that for Watertown...

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