It bought the development for $168m.
Bukit Sembawang won the tender for freehold development Makeway View at the minimum price of $168m. According to an announcement, it plans to redevelop the property into residential apartments with communal facilities.
Edmund Tie & Company Senior investment advisory director Swee Shou Fern noted that the sale price includes a development charge of $21.26m. "At this sale price, the owners are expected to receive gross sale proceeds of between $3.86m to $10.74m per unit,” she said.
“Subject to all terms and conditions set out in the tender documents being satisfied, the legal completion of the acquisition of the property is expected to be no later than three months after the Land Titles (Strata) Act Sale Order is issued,” the company said.
Bukit Sembawang noted that the acquisition of the property and the proposed redevelopment will be funded by internal resources and bank borrowings.
Makeway View is an existing 10-storey development comprising 28 apartments and four penthouses. The property has a land area of around 41,582 sqft.
The Newton MRT interchange serving the North-South Line and Downtown Line is about 400 metres from the property.
Swee said, “Units in the new development will potentially enjoy 180-degree unobstructed panoramic views of the city and lush greenery in its surroundings."
Do you know more about this story? Contact us anonymously through this link.