Upper Paya Lebar Condo
Despite the slow gloomy real estate market in Singapore, healthy interest is seen at a recent Government Land Sales Programme (GLS) for an Upper Paya Lebar condo Site located right next to Bartley MRT Station. There were a total of 7 bids received for the first GLS Sale in 2014 and bids received were generally realistic which reflect a cautious outlook on the local property market.
Upper Paya Pebar Condo by UOL
The Upper Paya Lebar Site represents the 1st government land sales (GLS) plot of land to be released for sale in 2014 and this has attracted quite a number of bidders for the site. The bids show that developers are generally cautious and refrained from committing bids which are too high that might compromise their balance sheet. However, 2 developers mainly remain positive on the private condo market. They have remained at least optimistic on city fringe housing. Both Overseas Investments Limited (UOL) and EL Development have committed bids of $648 psf pper and $625 psf ppr respectively with the land being secured by UOL.
City Fringe Bartley Condo UOL
Recently, the city state’s developers have been plagued by slow sales in the local property market due to the implementation of the Total Debt to service Ratio (TDSR) as well as the Additional Buyer Stamp Duty (ABSD). These 2 measures restricted buyer’s loans as well as put penalties on multiple properties owners. These has caused a decline in the demand for properties generally with specific interest the developers concerned in new launches. The close gap between the bids by the 2 developers represents the views that the piece of land should be worth around that price. Bids by other developers remain cautious generally about home buying sentiment with the 2 bidders outweighing other developers by a huge margin.
Property analyst note that give that the previous 2 launches, Bartley Residences and Bartley Ridge have been well received so far, the new development should also be well received. The land is very wel; placed right next to Bartley MRT Station and with the upcoming Paya Lebar Hub, demand for Bartley city fringe homes will continue to rise.