Bukit Sembawang Estates secures Katong Park Towers for S$345m

Singapore

BUKIT Sembawang Estates has successfully tendered for the en bloc sale of Katong Park Towers at a price tag of S$345 million -20 per cent above its reserve price of S$288 million, marketer Cushfield & Wakefield said on Friday.

This translates to a land rate of S$1,280 per sq ft per plot ratio up to the development baseline, taking into account an estimated S$60 million for the lease upgrading premium. The tender attracted a total of 10 bids and all were above the reserve price. According to director of capital markets at Cushman & Wakefield, Christina Sim, owners at Katong Park Towers will receive proceeds ranging from S$2.25 million to S$3.23 million for typical units, depending on their floor area and size.