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Thread: Bartley Terrace sold for $40 million

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    Default Bartley Terrace sold for $40 million

    http://www.businesstimes.com.sg/sub/...44740,00.html?

    Published January 28, 2011

    Bartley Terrace sold for $40 million


    BARTLEY Terrace, the residential area at 16 Gambir Walk, has been sold for $40 million through a private treaty that was sealed on Jan 17. The deal was brokered by Urban Front Real Estate.

    The property, which is situated near Bartley MRT and Maris Stella High School, was sold to Meadows Investment, which is owned by Neo Tiam Boon, executive director of property and construction firm Tiong Aik Group. With a land area of about 40,482 square feet (sq ft) and a plot ratio of 1.4, the gross floor area works out to 56,674.8 sq ft.

    The price for the site amounts to about $760 per square foot per plot ratio, taking into account an estimated $3 million development charge with 10 per cent balcony that the developer may have to pay.

    Talks for the collective sale started in the middle of last year for the District 19 freehold site, and bids for the tender closed at the end of last year. Thereafter, the deal went into private negotiation. The owners of each of the 32 units at Bartley Terrace will stand to receive sales proceeds that range from $1.14 million to $1.8 million. The majority owners are applying to the Strata Titles Board for a sale order.

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    Default Bartley Terrace sold en bloc for $40 million

    http://www.todayonline.com/Business/Property/EDC110128-0000186/Bartley-Terrace-sold-en-bloc-for-$40-million

    Bartley Terrace sold en bloc for $40 million

    05:55 AM Jan 28, 2011


    SINGAPORE - Owners at Bartley Terrace (picture) are set to receive $1.14 million to $1.8 million each after the collective sale of the 32-unit property closed on Jan 17.

    Meadows Investment is paying $40 million for the site near the Bartley MRT Station, said Urban Front Real Estate, which brokered the deal.

    It said the price translates to about $760 per square foot per plot ratio, after factoring in the development charge with 10-per-cent balcony space that the developer might have to pay for.

    Bartley Terrace has a land area of about 40,482 sq ft and is designated for residential use with a plot ratio of 1.4.

    Majority owners are applying to the Strata Titles Board for a sale order, Urban Front said.

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