{"id":82875,"date":"2018-03-16T18:32:47","date_gmt":"2018-03-16T11:32:47","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/katong-park-towers-sold-to-bukit-sembawang-for-345-million\/"},"modified":"2018-03-16T19:03:06","modified_gmt":"2018-03-16T12:03:06","slug":"katong-park-towers-sold-to-bukit-sembawang-for-345-million","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/katong-park-towers-sold-to-bukit-sembawang-for-345-million\/","title":{"rendered":"Katong Park Towers sold to Bukit Sembawang for $345 million"},"content":{"rendered":"


\nThe sale price is about 20 percent above the reserve price of $288 million. (Photo: Cushman & Wakefield)
\nKatong Park Towers in District 15 has been sold to a subsidiary of Bukit Sembawang Estates for $345 million, about 20 percent above the reserve price of $288 million, said Cushman & Wakefield who brokered the deal.
\nLocated at 114A Arthur Road,, the site is close to East Coast Park and the future Katong Park MRT station on the Thomson-East Coast Line.
\nMore: Katong Park Towers launched for collective sale
\nIn a statement, Cushman & Wakefield said a total of 10 bids were submitted during the tender exercise, and all were above the reserve price.
\nHowever, the sale is still subject to approval from the Strata Titles Board.
\nCompleted in 1988, the 99-year leasehold development comprises 111 apartments, five penthouses and two commercial units. It sits on a land area of 140,758 sq ft.
\nThe sale price works out to a land rate of $1,280 psf per plot ratio up to the development baseline, taking into account an estimated $60 million for topping up the lease.
\nThe owners will receive proceeds ranging from $2.25 million to $3.23 million for the typical units, while the penthouses could fetch between $4.95 million and $12.08 million.
\n\u201cThese premiums are fairly substantial compared to units which were sold individually in the open market,\u201d said Christina Sim, director of capital markets at Cushman & Wakefield.
\nAccording to the 2014 Master Plan, the site is zoned for residential use with a plot ratio of 2.1 and a maximum building height of up to 24 storeys.
\n\u201cWe see good potential in this site because it is well-connected to the future Katong Park MRT station,\u201d said Ng Chee Seng, CEO of Bukit Sembawang Estates.
\n\u201cWith Katong\u2019s rich heritage and rejuvenation initiatives under the Kallang Masterplan, we are confident that this will be another quality development added to our portfolio.\u201d
\nBukit Sembawang recently launched Phase 1 of its Nim Collection landed development off Ang Mo Kio Avenue 5.
\nOf the 26 units released to buyers, three were sold at a median price of $1,661 psf, or a quantum of $2.8 million to $3 million, said Colliers International.
\nCheck out our project reviews in District 15.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Katong Park Towers sold to Bukit Sembawang for 5 million<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The sale price is about 20 percent above the reserve price of $288 million. (Photo:...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-82875","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-lyH","jetpack-related-posts":[{"id":78643,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/katong-park-towers-launched-for-collective-sale\/","url_meta":{"origin":82875,"position":0},"title":"Katong Park Towers launched for collective sale","date":"February 1, 2018","format":false,"excerpt":"\r Located close to a future MRT station, the property has a reserve price of $288 million. (Photo: Cushman & Wakefield) Offering a compelling opportunity for the development of an exclusive condominium within an affluent neighbourhood in Katong, Katong Park Towers has been put up for en bloc sale carrying\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":84828,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/united-mansion-up-for-en-bloc-sale-with-reserve-price-of-98m\/","url_meta":{"origin":82875,"position":1},"title":"United Mansion up for en bloc sale with reserve price of $98m","date":"April 9, 2018","format":false,"excerpt":"\r Completed in 1968, United Mansion in Siglap is located close to Parkway Parade, I12 Katong and various schools. (Photo: Cushman & Wakefield) The freehold United Mansion development at 592 to 614 East Coast Road has been launched for collective sale at a reserve price of $98 million, marketing agent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":83517,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/makeway-view-sold-for-168m-to-bukit-sembawang\/","url_meta":{"origin":82875,"position":2},"title":"Makeway View sold for $168m to Bukit Sembawang","date":"March 23, 2018","format":false,"excerpt":"\r 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":69988,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-fever-spreads-to-commercial-properties\/","url_meta":{"origin":82875,"position":3},"title":"En bloc fever spreads to commercial properties","date":"October 25, 2017","format":false,"excerpt":"\r View of Singapore skyline. (Photo: Wikimedia Commons) More commercial and mixed-use projects are joining the en bloc sales frenzy after a number of residential developments have successfully changed hands, reported the Business Times. For instance, three integrated developments have been launched for collective sale. Owners of the freehold Tai\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90608,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/katong-plaza-in-district-15-goes-en-bloc-with-188m-price-tag\/","url_meta":{"origin":82875,"position":4},"title":"Katong Plaza in District 15 goes en bloc with $188m price tag","date":"June 6, 2018","format":false,"excerpt":"\r The freehold development is located close to the future Marine Parade MRT station, various schools and East Coast Park. (Photo: Huttons Asia) Katong Plaza, a mixed commercial and residential development along Brooke Road in District 15, will be put up for collective sale on Thursday (7 June) with a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63834,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/katong-property-up-for-sale\/","url_meta":{"origin":82875,"position":5},"title":"Katong property up for sale","date":"August 16, 2017","format":false,"excerpt":"\r Aerial view of the freehold site at Amber Road, which has been put up for sale at a guide price of between $56.6 million and $61 million. (Photo: JLL) A freehold site in Katong comprising four vacant old houses has been put up for sale by expressions of interest\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/82875"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=82875"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/82875\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=82875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=82875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=82875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}