A freehold condominium launched for tender on Jan 23 this year has already been snapped up for $168 million.
Bukit Sembawang Estates won bid for collective sale of Makeway View
The 10-storey Makeway View condominium was built in the 1980s and currently consists of 28 apartment units and 4 penthouses. The $168 million sale price means each owner will receive between $3.86 million to $10.74 million. The land rate works out to $1,626 psf ppr including an estimated development charge of about $21.26 million.
It has a gross plot ratio of about 2.8 and upon approval, the site can be developed into a 21- to 22-storey apartment block with 154 units with an average size of 70 sq m.
Developer has plans to develop site in residential apartments with communal facilities
Makeway View condominium is located in a choice spot. The 41,582 sq ft site is located just across the Newton Food Centre and the Newton MRT station just a short walk away. There are a number of schools such as the Anglo-Chinese School (Barker road), Anglo-Chinese School (Junior) and St Joseph’s Institution Junior nearby. The new development also has the potential to provide panoramic views of the city and offers up the lush green surroundings of the city fringes.
The developers, Bukit Sembawang Estates, won another en bloc bid for Katong Park earlier this month, paying 20% above the reserve price of $288 million. For Makeway View, they paid the asking price.