Business

Makeway View in Newton area sold for $168m

A unit of Bukit Sembawang Estates has successfully tendered for the collective sale of freehold Makeway View for $168 million.

This was also the asking price when the collective sale tender was launched on Jan 23.

The sale price reflects a land rate of $1,626 per sq ft per plot ratio, including an estimated development charge of about $21.26 million, said marketing agent Edmund Tie & Company.

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.

It is located across the road 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 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.

Edmund Tie & Company said subject to 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.

"Units in the new development will potentially enjoy 180-degree unobstructed panoramic views of the city and lush greenery in its surroundings," said its 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 per cent above its reserve price of $288 million. - THE STRAITS TIMES

Property