Singapore’s collective sale market continues to heat up with the recent launch of Makeway View, a freehold residential development in Newton.
Featuring 28 apartments and four penthouses, the 10-storey development carries an asking price of $168 million. Inclusive of the development charge of $17 million, the price works out to a land rate of $1,589 psf per plot ratio, reported Business Times.
Zoned residential under the 2014 Master Plan, the 3,863.1 sq m (41,582 sq ft) site has a gross plot ratio of 2.8.
Marketing agent Edmund Tie & Company (SEA) noted that the site may be developed into a high-rise apartment block of about 154 units, assuming an average size of 70 sq m, and subject to the approval of relevant authorities.
“The corner site will potentially allow the developer flexibility to design units with 180 degrees unobstructed panoramic views of the city and the lush greenery in its surroundings,” said Swee Shou Fern, senior director for investment advisory at Edmund Tie & Company.
The tender for Makeway View will close on 7 March.
Notably, Fitch Ratings expect home prices in Singapore to increase further by four percent, reported Singapore Business Review.
This comes as the city-state reversed almost four years of price drops as recent supply is absorbed and following a modest easing in property cooling measures, said Fitch Ratings.
In fact, the increase in home prices currently bucks the trend of decline seen in large housing markets such as Australia and China.
This article was edited by Keshia Faculin.