Bukit Sembawang Estates Ltd., through its Bukit Sembawang Land Pte. Ltd. subsidiary, placed a S$168 million bid to win the auction for the collective sale of the Makeway View freehold property at 2 Makeway Ave. in Singapore.
The 3,863.1-square-meter site, taken to the market in January with a price tag similar to the bid amount, is home to a 10-story building featuring 28 apartments and four penthouses. It has a 2.8 gross plot ratio and may be redeveloped into a roughly 21- to 22-story apartment block.
The Singapore-listed developer said it will build residential apartments with communal facilities on the site following the completion of the acquisition, which is expected no later than three months after the issuance of the Land Titles (Strata) Act Sale Order.
Earlier in March, Bukit Sembawang also secured the tender to the Katong Park Towers leasehold site at 114A Arthur Rd. in Singapore after a subsidiary offered to pay S$345 million for the residential property.
As of March 22, US$1 was equivalent to S$1.32.