Makeway View

A property development in Bukit Sembawang Estates had successfully en bloc over a collective sale on Makeway View, a freehold property, for as high as $168 million.

It has same asking price during the initial introduction to the public the collective sale tender last January 23.

The market price covers an area rate which is $1,626 per sq ft per area proportion, plus an approximated development fee which is near to $21.26 million, told the marketing officer of Edmund Tie and Company.

The holders of the 28 apartments along with the four penthouses of real estate development are assumed to have a total sale returns which ranges from $3.86 million to 10.74 million per property or unit.

The 11 storey, skyscraper freehold development along district 9 was established way back 1980 with an area of 41,582 sq ft plot along with its allowable total plot ratio which is 2.8.

It is situated adjacent to Newton Food Centre and near to St Joseph Junior Institution, Anglo Chinese School and the  Junior of Anglo Chinese School. About 400 m away only is the Newton MRT Station.

The Bukit Sembawang development which aggressively tendered over Makeway View via the unit of Bukit Sembawang Land plans to remake the area to a residential flat matched with functional communal features. This was divulged in Singapore Exchange previous day, evening time.

The Edmund Tie and Company explained that everything is set for the approval of the designated officials, the area can be converted into a skyscraper apartment of 2  to 22 storeys with 154 units, with at least 70 sqm floor area of the apartment.

“Each unit in the latest developments will experience the 180-degree magical panoramic view of the place and the lavish greeneries around the whole vicinity,” told Swee Shou Fern, the senior director of investment advisory of Edmund Tie.

Bukit Sembawang  Real Estate Property will sponsor the redevelopment and ownership via bank loans and other internal resources.

The acquisition of Makeway View is viewed as having no impact on physical assets or revenues per share as per Bukit Sembawang’s financial year ending March 31, 2018.

Earlier this March, Bukit Sembawang successfully en bloc Katong Park Towers for $345 million, which work out to be 20 percent more than the reserve amount of $288 million.