Makeway View sold to Bukit Sembawang Estates for $168 million
Makeway View located at Makeway Avenue, off Kampong Java Road in prime District 9 has been sold all together for the value of $168 million. It was bought by a Singapore listed property group “Bukit Sembawang Estate”, and the purchase price translate to land rate of $1,626 psf per plot ratio (ppr), adding the development charges of $21.26 million.
This is the second bulk purchase by “Bukit Sembawang” this month. March 16, this developer had acquired the 117-unit, 99-year leasehold Katong Park Towers all together for the value of $345 million which is $1,280 psf ppr.
Primarily located in prime District 9, Makeway View covers the area of 41,582 sq the gross plot ratio being 2.8 and could be potentially be redeveloped onto a 21 to 22 storey residential blocks with a sum of 154 units, presuming an average area of 70 sq m.
The current existing Makeway View holds 28 apartment units and 4 penthouses in a 10-storey block and is expected to receive gross proceeds between $3.86 million and $10.74 million. Edmund Tie & Co, who did the brokerage for the sale of Makeway View, also handles the collective sale of Asia Gardens together with Everton Road, which holds an asking price with value of $338 million.