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Bukit Sembawang Estates bought Katong Park Towers for $345 million at a collective sale

liv-at-mb-former-katong-park-towers-bukit-sembawang-estates

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.

The former Katong Park Towers is located at 114A Arthur Road, where is closed to the up and coming Katong Park MRT station of the Thomson-East Coast Line and East Coast Park.

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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