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Singapore Property News

Bukit Sembawang secures Makeway View for S$168m

Bukit Sembawang Estates has successfully tendered for the en bloc sale of Makeway View estate for S$168 million, it announced on Thursday in a Singapore Exchange listing.

Posted on 23-Mar-2018

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Bukit Sembawang secures Makeway View for S$168m

Bukit Sembawang Estates has successfully tendered for the en bloc sale of Makeway View estate for S$168 million, it announced on Thursday in a Singapore Exchange listing.

This was also the asking price as of the launch of the collective sale tender 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 payable of about S$21.26 million, said marketing agent Edmund Tie and Company.

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

Makeway View is located across the road from Newton Food Centre and within one kilometre of Anglo-Chinese School (Barker Road), Anglo-Chinese School (Junior) and St Joseph Institution Junior. Newton MRT is about 400 metres away from the property.

Edmund Tie and Company said that subject to relevant approvals from the authorities, 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.

Senior director of investment advisory Swee Shou Fern commented: "Units in the new development will potentially enjoy 180-degree unobstructed panoramic views of the city and lush greenery in its surroundings.

The tender was made by Bukit Sembawang Estates' subsidiary, Bukit Sembawang Land. Bukit Sembawang Estates intends to redevelop the area into residential apartments with communal facilities, and the acquisition and redevelopment will be funded by internal resources and bank borrowings.

The tender closed on March 7.

The purchase of Makeway View is not expected to have any material impact on the net tangible assets or earnings per share for its 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 Thursday at S$6.19, three singaporecents lower, before the announcement was made.

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