The Bartley area is in the Northeast
of Singapore. It is not a residential area for now. In fact, there are plenty
of dis-amenities which Singaporeans have complained about in the papers. The
Mount Vernon Columbarium is nearby. There is an army camp – Gurkha Cantonment
and a boys’ home in the vicinity. The Paya Lebar industrial estate is across
the road. Amenities are limited. There will be some retail units in the
uncompleted Kensington Square. Unfortunately there is no major shopping mall
around. The nearest will be nex, at Serangoon. There are plans to rejuvenate
the area with the development of the Bidadari estate next to Woodleigh MRT. The
first BTO project in Bidadari will be offered in 2015. There will be an
integrated transport hub as well.
Location of
Bartley
Source: onemap
Uncompleted Projects in the Area
Bartley Residences launched in 2012 is a 702-unit condominium project. Residents of
Bartley Residences can use the side gate to get to the Bartley MRT station
which is less than 100 m away. The estimated TOP date is 2017.
The average transacted prices for a
low-rise 797 sq ft unit is between $1,273 and $1,312 psf. The project is fully
sold.
Transactions
in Bartley Residences
|
Apr-12
|
May-12
|
Jun-12
|
Jul-12
|
Aug-12
|
Sep-12
|
Oct-12
|
Nov-12
|
Dec-12
|
|
|
Average Price
|
$1,277
|
$1,298
|
-
|
$1,287
|
$1,292
|
$1,312
|
$1,274
|
$1,273
|
$1,276
|
|
Average Size
|
797
|
797
|
-
|
797
|
797
|
797
|
797
|
797
|
797
|
* Levels 06 to 10
Source: URA / Real Property
Advisory Singapore
Bartley Ridge
launched in 2013 is a 868-unit condominium project. It is a short 5 minute walk
to the Bartley MRT station. The estimated TOP date is 2018.
The average transacted prices for a
low-rise 730 sq ft unit is between $1,253 and $1,310 psf. This is close to 10%
higher than Bartley Residences’ average price, considering that the units are
smaller. There is a noticeable trend that the average prices have eased from
$1,310 psf to $1,253 psf. This could be due to individual units’ attributes. It
is 97% sold as of March 2015.
Transactions in
Bartley Ridge
|
Apr-13
|
May-13
|
Jun-13
|
Jul-13
|
|
|
Average Price
|
$1,310
|
$1,302
|
$1,272
|
$1,253
|
|
Average Size*
|
730
|
732
|
748
|
732
|
* Levels 06 to 10
Source: URA / Real Property Advisory Singapore
Botanique at Bartley launched in 2015 is a 797-unit condominium project. Located on the same
side of the road as Bartley Residences, it is a short 5 minute walk to Bartley
MRT station. The estimated TOP is 2019.
The prices indicated by the developer
for a 2-bedder range from $798,000 to $1.05 million. The sizes are between 657
and 958 sq ft. Average price for the development is just below $1,300 psf. More
than 150 units are said to be sold since launch.
Is it Worth Buying?
The developer paid around $648 psf
ppr for the land in Jan 2014. This is slightly higher than Bartley Residences
and significantly higher than Bartley Ridge. Factoring a construction cost of
between $450 and $500 psf, the estimated breakeven price for Bartley Residences
is between $1,100 and $1,150 psf. With a selling price of just below $1,300
psf, it appears that the developer is pricing Botanique at the same level as
Bartley Residences and Bartley Ridge which was launched three and two years
ago, respectively.
Prices Paid for Land Plots
|
|
Apr 2011
|
Jan 2012
|
Jan 2014
|
|
Bartley Residences
|
$621 psf ppr
|
-
|
-
|
|
Bartley Ridge
|
-
|
$495 psf ppr
|
-
|
|
Botanique at Bartley
|
-
|
-
|
$648 psf ppr
|
* Note: Bartley Residences and Bartley Ridge are
by the same developers
Source: URA / Real Property
Advisory Singapore
So it seems like the developer has
factored in the market sentiments when pricing the project. But if you probe
further, it may not be the case.
Just 300m north of Botanique at
Bartley is a freehold development, Kensington Square. Launched in 2013, it
commanded a slight premium over the leasehold Bartley Ridge despite located
further away from the MRT station. All residential units in the development
have been sold. If there are still units available in Kensington Square, this
will no doubt affect the launch price of Botanique.
Transactions in Kensington Square
|
Sep-13
|
Oct-13
|
Nov-13
|
Dec-13
|
Jan-14
|
Feb-14
|
Mar-14
|
Apr-14
|
|
|
Average Price
|
$1,520
|
$1,305
|
$1,537
|
$1,431
|
$1,451
|
$1,317
|
$1,339
|
$1,329
|
|
Average Size
|
657
|
678
|
673
|
629
|
614
|
642
|
638
|
653
|
Source: URA
In the future, there will be more
residential projects in the area as the Government seeks to rejuvenate Bartley.
There is another piece of land along Jalan Bunga Rampai in the Reserve List and
another parcel of land zoned residential beside Maris Stella High School. The
current land where SPCA sits on is zoned residential as well. Once sold and
completed, they will compete with the earlier developments for tenants.
 |
Source: onemap / URA / Real Property Advisory Singapore
Botanique at Bartley is priced
fairly but it is not a steal. Proximity to a MRT station is always a plus point
for investment so that is something for consideration as well.
Do note that the analysis have
focused on 2-bedders which may include dual key units. If the development like
Botanique at Bartley has studio units, these units will be strong competition
against the 2-bedroom dual key units. The 2-bedroom dual key units owners
should and must expect to achieve a lower rental than a studio unit if they do
manage to find a tenant who do not mind a renting 200+ sq ft unit.
Pros and Cons of Botanique at Bartley
|
Pros
|
Cons
|
|
Near to Bartley MRT
|
No major shopping mall
|
|
Future integrated transport hub at Woodleigh
|
Near to but not beside a columbarium
|
|
Future amenities at Bidadari
|
Noise from two major roads – Bartley Road and Upper
Paya Lebar Road
|
|
Expressways – KPE, CTE
|
Industrial estate nearby
|
|
Maris Stella High School
|
Competition for tenants from Bartley Residences, Bartley
Ridge and itself
|
* The list of pros and cons
are not exhaustive
Source: Real Property Advisory Singapore
