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Makeway View sold to Bukit Sembawang Estates unit for S$168m

With approval, the site can be developed into a high-rise apartment block of about 21 to 22 storeys

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Bukit Sembawang Land intends to redevelop the site into residential apartments with communal facilities.

Singapore

A UNIT of Bukit Sembawang Estates has successfully tendered for the en bloc sale of the freehold Makeway View for S$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 S$1,626 per square foot per plot ratio (psf ppr), including an estimated development charge of about S$21.26 million, said marketing agent Edmund Tie and Company in a statement.

Owners of the estate's 28 apartments and four penthouses are expected to receive gross sale proceeds of between S$3.86 million and S$10.74 million per unit.

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The 10-storey freehold development in District 9 was built in the late 1980s, on a 41,582 square ft[/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 about 400 metres 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 on the evening of March 22.

Edmund Tie and Company said that subject to 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.

"Units in the new development will potentially enjoy 180-degree unobstructed panoramic views of the city and lush greenery in its surroundings," said 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, 2018.

Earlier this month, Bukit Sembawang successfully tendered for the en bloc sale of Katong Park Towers at S$345 million, 20 per cent above its reserve price of S$288 million.

Bukit Sembawang's shares closed on the evening of March 22 at S$6.19, three Singapore cents lower, before the announcement was made.

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