Bukit Sembawang has managed to secure Makeway View for S$168 million. The freehold was sold en bloc and the purchase price is the same as the price at which the property was offered for sale when the tender was initiated on January 23.
According to the marketing company Edmund Tie & Company, the land rate is approximately S$1,626 per sq ft per plot ratio based on the property’s sale price. In addition, the development charge is estimated to be S$21.26m.
There are 4 penthouses and 28 apartments in the estate and the owners will make gross sale profits of about S$3.86m to S$10.74m from each unit. The freehold development was completed in the 1980s and consists of 10 storeys. It is located in Prime District 9 where it occupies an area of 41,582 sq ft. The allowable total plot ratio is 2.8.
Makeway View is located near Newton Food Centre (on the other side of the road), St. Joseph Institution (SJI) Junior, Anglo-Chinese School (ACS) near Barker Road and ACS Junior. The property is also about 400m from Newton MRT.
According to a statement given by BSE on March 22, the company wants to turn the site into a residential area with apartments and facilities for the occupants.
Edmund Tie & Company said it is possible to develop the site into an apartment block with several storeys although the authorities are yet to approve the site. Moreover, if the average size of an apartment is 70 square metres, the proposed apartment block is expected to have 21-22 storeys and approximately 154 units.
Swee Shou Fern (Senior investment advisory director) said that the new units will allow people to view the city (180 degrees) without any obstructions.
BSE intends to use bank borrowings and its own resources to redevelop the site. The company’s financial year will end on March 31 this year and the newly acquired property will not have any significant impact on share earnings and tangible assets.
Bukit Sembawang Estates also managed to purchase Katong Park Towers for S$345m this month. The property was sold en bloc and the sale price was 20% above the lowest acceptable price (S$288m) offered by the seller.
Situated in Prime District 9, Home of Luxury in Core Central Region (CCR). Currently the most sought-after homes in Singapore. Also, is the area where developers are searching for potential en bloc sites. Here are the reasons why developers want Makeway View in their Land Bank:
- Transportation is made convenience and easy for residents as Newton MRT is just 5 mins walk away. Condo near MRT is very important for successful new launch, its inside developer’s requirement list
- Another selling point that will caught Developer’s eye is that this freehold site has gross plot ratio of 2.8 which can be redevelop to high-storey residential development
- Not only that, developers can design new project with unblock 180 degrees panoramic views of the city which add to its advantage
- Connectivity is never a problem, many bus services are found outside the condo
- Makeway View Condo is surrounded by World Class Medical Facilities Especially Novena Medical Hub which located few mins drive away from the site. Other hospitals nearby are Tan Tock Seng Hospital and KK Hospital
- The famous Newton Food Centre is right in front of the condo
- Prestigious clubs like Premier Club and Tanglin Club are not far from the freehold site
- Orchard Road offers tons of options for shopping and dining, can be reach in 3 mins drive
- Many good education institutions near the condo, parents do need to send their children far away. This will save them lots of time. Anglo-Chinese School is just few mins walk, others are Raffles Girls’ School, St. Joseph’s Institution and Chatsworth International School
- Stretch of restaurants and eateries located at Thomson Road and Newton Road. Residents have lots of choices
- Central Business District, Singapore Commercial zone takes around 10 mins drive
Makeway View condo has superb location with important amenities just mins away, it has everything what the buyers want. These are the reasons why this hot property will be Sold.