A unit of Bukit Sembawang Estates Ltd. won the tender for the en bloc sale of the Katong Park Towers at 114A Arthur Rd. in Singapore for S$345 million, eclipsing the S$288 million reserve price by S$57 million.
BSEL Development Pte. Ltd. secured the remaining leasehold term in the 99-year leasehold rights on the 13,076.9-square-meter site, which commenced April 5, 1982.
The group will use its internal resources and bank borrowings to fund the acquisition and redevelopment of the property into a condominium with facilities. Bukit Sembawang said in a release that the land plot has an allowable gross plot ratio of 27,461.5 square meters.
The site can house about 388 apartment units, with each unit measuring 70 square meters on average. The land plot carries a S$5.6 million minimum development charge for an additional 10% balcony space and the buyer will have to pay a roughly S$51 million lease upgrade premium.
As of March 16, US$1 was equivalent to S$1.32.
