UOL

UOL: Emerged as the top bidder for a 216,113 sf residential site in Upper Paya Lebar Road, with a bid of $392m, or $648 psf ppr. The tender was hotly contested, drawing seven bids, with the healthy interest due to the site’s proximity to Bartley MRT station, and likely riding on the successful take-up of nearby projects. UOL plans to build a 17-storey condo with 800 units if awarded the site. Consultants said break-even prices could be between $1,050 and $1,100 psf, placing selling prices between $1,300 and $1,400 psf. In comparison, the 702-unit Bartley Residences (sold out) next to the site, and the 375-unit Bartley Ridge (nearly sold out) across the road, were sold for $1,270 psf on average.