Makeway View sold en bloc for S$168 million

22 Mar 2018
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Makeway View sold en bloc for S$168 million

SINGAPORE, 22 March 2018Edmund Tie & Company (ET&Co) is pleased to announce that freehold Makeway View has been sold for $168 million via a collective sale to Bukit Sembawang Estates Limited.

Makeway View has a land area of approximately 3,863.1 square metres (sq m) (41,582 square feet [sq ft]). It is zoned for residential use at gross plot ratio of 2.8 under the Master Plan 2014. 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.

The property boasts a very strategic central location within the prestigious and well sought-after District 9. It 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 interchange serving the North-South Line and Downtown Line is about 400 metres from the property.

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 sale price of $168 million reflects a land rate of $1,626 per square foot per plot ratio (psf ppr), including an estimated development charge payable of about $21.26 million. At this sale price, the owners are expected to receive gross sale proceeds of between $3.86 million to $10.74 million per unit.”

Completed in the late 1980s, Makeway View is a 10-storey development with 28 apartment units and four penthouses.

Makeway View is the second residential development site sold by ET&Co this year. ET&Co is also handling the collective sale of Asia Gardens, which is put up for sale with an asking price of $338 million, with the tender closing on 16 April 2018.

 

ENDS

 

For further information contact:

Swee Shou Fern
Senior Director
Investment Advisory
DID: +65 6393 2523
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media please contact:

Vanessa Lim
Manager
Corporate Communications
DID: +65 6393 2369
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

About Edmund Tie & Company

Edmund Tie & Company (ET&Co) is a full-service, real estate consulting firm with more than 500 skilled professionals in the region. It is headquartered in Singapore and supported by offices in Kuala Lumpur, Malaysia, and Bangkok, Thailand. ET&Co offers a comprehensive suite of agency and professional services including investment advisory, commercial and retail, residential agency, auction and sales, valuation advisory, statutory valuation and property tax advisory, research and consulting, property management, and hospitality management. For more information, please visit www.etcsea.com

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