Bukit Sembawang unit wins Bukit Timah Link site with bid of S$200m

Paige Lim

Published Tue, Nov 15, 2022 · 10:23 PM

THE Urban Redevelopment Authority (URA) on Tuesday (Nov 15) awarded the tender for a 99-year leasehold site in Bukit Timah Link to Bukit One, a wholly-owned subsidiary of Bukit Sembawang Estates.

Of the five bids, Bukit One’s was the highest – S$200 million or S$14,457 per square metre (sq m) of gross floor area (GFA), said a URA document. The site was launched for tender on Aug 31 and closed on Nov 3.

The Bukit Timah Link land parcel is 4,611.1 sq m in size and can have a maximum GFA of 13,834 sq m. The building is to have a maximum of 20 storeys.

In a bourse filing on Tuesday, Bukit Sembawang Estate said it intends to develop the land parcel into a 20-storey development comprising 160 residential apartments with communal facilities, and to “curate a cosmopolitan village lifestyle” which it believes will appeal to young families and investors.

“This lifestyle concept would fit well into this location with its village vibe, and would provide an attractive option for buyers looking for a unique lifestyle, as they enjoy the gentrification and transformation of the Beauty World precinct,” the group added.

The transaction will be funded by the group’s internal resources and bank borrowings. It is not expected to have a material impact on the net tangible assets or earnings per share of the group for the financial year ending Mar 31, 2023.