Bartley Vue, a 115 unit condominium in D19, was launched recently this year, with many lauding it as a worthwhile project due to its perfect balance of city-fringe convenience and resort-style living. Here, we take a deep dive into the specifics of Bartley Vue to have a good look at whether it is a project you should set your sights on.
A closer look: Pricing Analysis of Bartley Vue
Bartley Vue is situated in District 19, well nestled within the RCR region. For us to have a better understanding of the RCR (i.e. Rest of Central Region), we need to look at RCR’s performance growth for the past 5 to 15 years.
Clearly, from the statistics above, RCR performance growth has been nothing short of stellar. The units that lasted for 15 years have since witnessed a 210% growth in value, and even the newer units of 5 years or so have seen a growth of 18%. That is still solid and strong growth, and looking to continue with the upcoming plans for the bustling RCR area.
If we zoom in towards District 19 performance results, we see that the growth within District 19 has been high as well. We see 15-year growth reaching 225%, and 10-year growth at about 78% too. Even the recent 5-year growth is also high at 11%. Clearly, District 19 has got lots of potential in terms of value and growth potential.
Next, when we take a closer look at the indicative prices of Bartley Vue, we are also pleasantly surprised by the prices that are potentially being released:
We see most of their units having psf well below $2,000 psf. Comparing this to other RCR projects, we notice that most of them hover around at an average of $2,024 psf (note: Table below shows average prices from January - July 2021). This means that the prices of Bartley Vue, in terms of psf, is definitely much more competitive and attractive across each unit size.
From the image below, you can see that Bartley Vue has the lowest 2 bedroom entry price compared to projects within 2km from Bartley Vue. In fact, Myra condominium has its 2 bedroom priced at $1,436,800 - a significant 20% more in the entry price. The Woodleigh Residences is also priced at $1,591,000 and is approximately 30% higher in price as well.
The same can be said for Bartley Vue’s 3 bedroom units here. At an attractive entry price of $1,657,250, it is also much lower than Myra condominium’s $1,845,800.
Finally, Bartley Vue’s price competitiveness is consistent in its 4 bedroom units. We can see that Bartley Vue’s 4 bedroom units are priced at $2,373,000. Whereas we see The Woodleigh Residences at $2,639,000. The Myra condominium is also priced at $2,922,800, which is a whopping 23% higher.
Low Land Cost: Strong Basis for Competitive Pricing
A strong indication for a project’s prices would be its land cost. In today’s day and age where land cost is steeply rising every year, you see that a handful of upcoming or new launching project have land costs above the $1,000 psf prr range:
For the first two options, you see that even Executive Condominiums like Tengah Garden Walk from developing areas also cost as high as $603 psf ppr. It therefore comes as a surprise when we see that Bartley Vue only stands at $885 psf ppr:
We can see that the upcoming OCR projects are already calling for much higher prices - Ang Mo Kio Avenue 1 is at $1,118 psf ppr, while Lentor Central is at $1,204 psf pr. These prices are significantly higher than Bartley Vue, in fact approximately 36% higher in land cost! It is clear that it stands to be very competitive in terms of its land cost, which gives it a strong position for them to command attractive unit prices as well.
From another angle: Location Analysis
When it comes to location analysis, we shall deep dive into a few aspects.
First, we start with its proximity to the MRT station. Bartley Vue impresses many due to its proximity to Bartley MRT station, which is just a short 380m away from the development. Since it is along the Circle Line, residents can get to other key stations like Dhoby Ghaut, Serangoon, Paya Lebar very easily. The Circle Line is also still undergoing development - in 2025, we can expect 3 new MRT stations to be in use along the line. They will be Keppel, Cantonment, and Prince Edward MRT stations. This means that there will be more traveling options by the time Bartley Vue TOP in 2026.
Apart from MRT stations, Bartley Vue is also close to numerous arterial roads and major expressways like Kallang-Paya Lebar Expressway (KPE), Central Expressway (CTE), Pan-Island Expressway (PIE).
Next, we look into its rentability.
Bartley Vue will be advantageous in rentability, given that it will be close to the working population rising from the Tai Seng Industrial Estate and Paya Lebar Regional Hub. Residents can expect plenty of potential for rental catchment. It is also a short distance from the Central Business District (CBD) as well, perfect for those that work in that area.
Since it is close to MRT station, it will also be easy for Bartley Vue units to find tenants. Developments that are close to MRT stations have a good record of securing tenant contracts:
Finally, we look into the educational prospects nearby. Bartley Vue is close to a good number of prestigious schools, which definitely boosts its value among those with families. Some of these schools include:
Maris Stella High School
Australian International School
Cedar Primary School
Paya Lebar Methodist Girls’ School (Primary)
Cedar Girls’ Secondary School
Paya Lebar Methodist Girls’ School (Secondary)
A good mention would be Maris Stella High School, which is one of the top 20 primary schools in Singapore, based on the statistics provided in 2020.
It is also within walking distance, only 400m away from Bartley Vue.
Another key factor: Exit strategy
We finally get to a crucial factor to a development’s value - exit strategy. Being situated next to the flourishing Bidadari Town means that it is near to the hot spot for BTO unit development, with over 57 hectares of developable land. It will feature an underground bus interchange under the flat, a 10 ha Bidadari Park alongside a lake, along with numerous 5-room BTOs that are oversubscribed by 15 times.
With a huge pool of BTO units, it means that there will be numerous young couples looking to upgrade their homes once their BTO hits the Minimum Occupation Period (MOP). Naturally, they will look at the nearby resale condo units, which makes them much more likely to be interested in The Commodore. Hence it is common to see that towns with high HDB transaction volume will see spillover effects on nearby resale condominiums.
Here, we are looking at a potential pool of 8,560 households nearby that will potentially upgrade to a private unit after they reach their MOP. The first batch to reach MOP would do so by 2025, just in time for Bartley Vue that will TOP in 2026.
Location analysis case study: Forest Woods (TOP in 2020)
We see that Forest Woods was able to to TOP in 2020, just in time where the nearby HDBs reached their MOP in 2019. Two of such flats include Buangkok Vale and Hougang Parkview.
As such, we saw price support and transaction volume that was mainly by HDB upgraders, with the sale volume increasing by 11.73% thereafter. Most of them came from HDB MOP flats, and were indeed homebuyers that were interested in upgrading their living space from HDB to private units.
Along with the other upcoming developments in the region, it's exciting to imagine how much the value of Bartley Vue will grow over time. As one of the top choices for HDB upgraders or new homebuyers alike, Bartley Vue is indeed a project you should set your sights on.
Still unsure and have questions on the property? If you would like property guidance that is tailored to your needs and preferences, feel free to reach out for the latest property news and updates.
The above is written by Kaeden Ong. To know more, contact him at +65 9048 0660.
The information provided is for generation information purposes only and does not have regard to specific investment objectives, financial situation and the particular needs of any recipient hereof. No information here should be used as legal, taxation or investment advice.