An old Singapore Condo in the heart of Orchard, Makeway View was successfully sold for $168 million March 2018.
This property was offered at the same price when it first was placed up for bidding in January. The going price reflects the land rate of $1,626 per square foot per ratio and includes the approximate development charge of $21.26 million.
This 10-story development was originally built in the 1980s on a 41,582 sq ft plot which allows for a gross plot ratio of 2.8. The owners of the estate’s said 4 penthouses and 28 apartments are expected to go for $3.86 to $10.74 million for each unit.
The estate is located in District 9 and is nearby the Newton Food Center. It is close to the Anglo-Chinese School, St. Joseph’s Junior Institution, and the Anglo-Chinese Junior School. It is also very close to the Newton MRT station.
Bukit Sembawang Land plans to develop the area into residential apartments along with various community facilities. That said, it is still subject to approval from the authorities and then the site can be developed into high-rise apartment with approximately 21 to 22 stories that will create approximately 154 units.
When completed, each unit will enjoy a beautiful 180° panoramic view of the city and its beautiful, lush surroundings. Bukit Sembawang Estates will be funding the acquisition and development project using internal resources and bank loans. It is not predicted that the purchase of this property will have any impact on the assets or earnings per share for Bukit’s financial year which ends on March 31st of this year.
Early this year, Bukit successfully purchased another property, Katong Park Towers for $345 million. That was approximately 20% higher than the reserve price of $288 million.
Makeway is just another example of the ongoing redevelopment land rush that’s going on throughout the Asian market, especially Singapore.
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