Bukit Sembawang buys Makeway View en bloc for $168 million

/ EdgeProp Singapore
March 22, 2018 7:13 PM SGT
Makeway View located on Makeway Avenue, off Kampong Java Road in prime District 9 was sold en bloc for $168 million. The buyer was Singapore-listed property group Bukit Sembawang Estate, and the purchase price translates to a land rate of $1,626 psf per plot ratio (ppr), including a development charge of $21.26 million.
This is the second en bloc purchase by Bukit Sembawang this month. On March 16, the developer acquired the 117-unit, 99-year leasehold Katong Park Towers en bloc for $345 million ($1,280 psf ppr).
The owners at Makeway View are expected to receive gross proceeds of $3.86 million to $10.74 million from the collective sale (Credit: ET&Co)
Located in prime District 9, Makeway View sits on a 41,582 sq ft, freehold site zoned for residential use under the 2014 Master Plan. The site has a gross plot ratio of 2.8, and could potentially be redeveloped into a 21- or 22-storey residential block with a total of 154 units, assuming an average size of 70 sq m.
The existing Makeway View comprises 28 apartment units and four penthouses in a 10-storey block and are expected to receive gross proceeds of $3.86 million to $10.74 million. Edmund Tie & Co, who brokered the sale of Makeway View, is also handling the collective sale of Asia Gardens along Everton Road, which has an asking price of $338 million