Makeway View comprises 28 apartments and four penthouses, and is close to Newton MRT interchange. (Photo: Edmund Tie & Co)
The freehold Makeway View condominium in Newton has been sold to Bukit Sembawang Estates for $168 million, marketing agent Edmund Tie & Co said on Thursday (22 Mar).
Completed in the late 1980s, the 10-storey development comprises 28 apartments and four penthouses. Newton MRT interchange and Newton Food Centre are located nearby.
The sale price works out to a land rate of $1,626 psf per plot ratio (psf ppr), including an estimated development charge of about $21.26 million.
The owners could receive gross sale proceeds of between $3.86 million and $10.74 million per unit.
The approximately 41,582 sq ft site is zoned for residential use with a gross plot ratio of 2.8 under the 2014 Master Plan.
Subject to approvals from the relevant authorities, the developer could build a high-rise apartment of 154 units, assuming an average apartment size of 70 sq m (753 sq ft).
“Units in the new development will potentially enjoy 180-degree unobstructed panoramic views of the city and lush greenery in its surroundings,” said Swee Shou Fern, senior director of investment advisory at Edmund Tie & Co.
This is the second property to be sold en bloc to Bukit Sembawang this month following its purchase of Katong Park Towers for $345 million ($1,280 psf ppr) on 16 March.
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