PUBLISHED 23th March 2018
A unit of Bukit Sembawang Estates has successfully tendered for the collective sale of freehold Makeway View for $168 million.
It was the same price previously the collective sale tender was launched on Jan 23.
Owners of the estate’s 28 apartments and four penthouses are expected to receive gross sale proceeds of between $3.86 million and $10.74 million per unit.
The 10-storey freehold development in District 9 was built in the late 1980s on a 41,582 sq ft plot with an allowable gross plot ratio of 2.8. The sale price works out to be $1,626 per sq ft per plot ratio, including an estimate development charge of about $21.26 million.
Its is conveniently located opposite from Newton Food Centre and close to Anglo-Chinese School (Barker Road), Anglo-Chinese School (Junior) and St Joseph’s Institution Junior. Newton MRT station is about 400m away.
Bukit Sembawang Estates, which tendered for Makeway View through its unit Bukit Sembawang Land, intends to redevelop the area into residential apartments with communal facilities, it said in a Singapore Exchange announcement yesterday evening.
Edmund Tie & Company said that subject to the authorities’ approval, the site can be developed into a high-rise apartment block of about 21 to 22 storeys with around 154 units, assuming an average apartment size of 70 sq m. For those who are in the market for an apartment, you will need to do research before settling on one particular area, for example, if you are looking at an Atlas Oakland apartment, you’ll need to know what you want and how you want it to be so they can work with your specifications. You can wait for new builds such as this but if you want to move quickly, it is best to look for ones already established.
“Units in the new development will potentially enjoy 180-degree unobstructed panoramic views of the city and lush greenery in its surroundings,” said Edmund Tie’s senior director of investment advisory Swee Shou Fern.
Bukit Sembawang Estates will fund the acquisition and redevelopment through internal resources and bank borrowings.
The purchase of Makeway View is not expected to have any material impact on the net tangible assets or earnings per share for Bukit Sembawang’s financial year ending March 31 this year.
Earlier this month, Bukit Sembawang successfully tendered for the collective sale of Katong Park Towers at $345 million, 20 percent above its reserve price of $288 million.
Source: http://www.straitstimes.com/business/property/makeway-view-sold-for-168m
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