Bukit Sembawang Estates bought Katong Park Towers for $345 million at a collective sale
Former Katong Park Towers in District 15 was sold at $345 million to a subsidiary of Bukit Sembawang Estates. The sale price was about 20 percent above the reserve price of $288 million, mentioned by Cushman & Wakefield who brokered the deal.
A total of 10 bids were submitted for the tender and all were above the reserve price for this development.
Katong Park Towers was completed back in 1988, the 99-year leasehold condominium comprises a total of 111 apartments, with five penthouses and two commercial units. The land parcel has an area of 140,758 sq ft.
The sale price was translated at $1,280 psf per plot ratio and taking into account of an estimated $60 million for the lease top up.
Each owners potentially will receive the amount ranging from $2.25 million to $3.23 million for the typical units. Home owners of the the penthouses could receive around $4.95 million to $12.08 million depending on the size.
The site on URA Master Plan was zoned for residential use and comes with a plot ratio of 2.1, approved to build a maximum building height of up to 24 storeys.
The site will be developed to a brand new condo to be known as Liv @ MB. The development is estimated to launch around Q4 2021 or Q1 2022. For the latest project information and update, please visit our website at www.livatmbcondo.com.
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