At the close of the tender on March 15, an overall of 10 bid were obtained, and also were all over the reserve price. Singapore Listed Developer Bukit Sembawang came in top bid for the 117-unit, 99-year leasehold Katong Park Towers en bloc for $345 million which work out to be about 20% over the $288 million reserve price.
Individual 111 home owners at Katong Park Towers could anticipate gross profits in between $2.25 million to $3.23 million, as well as the 5 penthouse proprietors could anticipate to stroll away with $4.95 million to $12.08 million.
Bukit Sembawang’s acquisition cost means $1,280 psf ppr after considering another $60 million lease updating costs. Katong Park Tower could be redeveloped right into a brand-new domestic growth with a plot ratio of 2.1 and could potentially build up to 24 floors high. The site lies concerning 200m from the future Katong Park MRT terminal and also is not impacted by the web traffic effect research.
This notes the developer’s initial acquisition of a cumulative sale site given that 2006-2007, when it acquired numerous property sites consisting of the previous Airview Towers as well as Chez Bright Homes at St Thomas Stroll (set to launch in 2018 as 8 St Thomas); the previous Fairways Condominium (current Skyline Residences) for $244.3 million; as well as The Vermont on Peck Hay Road (redeveloped as well as completely offered as The Vermont on Cairnhill).