<article>A unit of Singapore developer <a href="https://www.dealstreetasia.com/?s=Bukit%20Sembawang Estates">Bukit Sembawang Estates</a> has acquired <a href="https://www.dealstreetasia.com/?s=Makeway%20View">Makeway View</a>, a freehold residential site located in Newton, via a collective sale for S$168 million ($128 million).</article>

A unit of Singapore developer <a href="https://www.dealstreetasia.com/?s=Bukit%20Sembawang Estates">Bukit Sembawang Estates</a> has acquired <a href="https://www.dealstreetasia.com/?s=Makeway%20View">Makeway View</a>, a freehold residential site located in Newton, via a collective sale for S$168 million ($128 million).
In a disclosure to the Singapore Exchange, Bukit Sembawang Estates, which tendered for Makeway View through its unit Bukit Sembawang Land, said it intends to redevelop the area into residential apartments with communal facilities.
Completed in the late 1980s, Makeway View is a 10-storey development with 28 apartment units and four penthouses.
The acquisition, which will be funded by internal resources and bank borrowings, is expected to be completed in less than three months after appropriate documents are issued, Bukit Sembawang disclosed.
Makeway View has a land area of approximately 3,863.1 square metres. It is zoned for residential use at a gross plot ratio of 2.8 under the Master Plan 2014.
Subject to relevant approvals from the authorities, the site can be developed into a high-rise apartment block of about 21 to 22 storeys with around 154 units assuming an average apartment size of 70 sq m, said marketing agent Edmund Tie and Company (ET&amp;Co) in a separate statement.
The property boasts a very strategic central location within the prestigious and well sought-after District 9. It is located across the road from Newton Food Centre and within one kilometre of Anglo-Chinese School (Barker Road), Anglo-Chinese School (Junior) and St Joseph Institution Junior.
Newton MRT interchange serving the North-South Line and Downtown Line is about 400 metres from the property.
“Units in the new development will potentially enjoy 180-degree unobstructed panoramic views of the city and lush greenery in its surroundings,” said Swee Shou Fern, senior director of investment advisory at ET&amp;Co.
Makeway View is the second residential development site sold by ET&amp;Co this year.
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A unit of Singapore developer Bukit Sembawang Estates has acquired via a collective sale Makeway View, a freehold residential site located in Newton, for S$168 million ($128 million).

Singapore: Bukit Sembawang acquires Makeway View for $128m

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Singapore: Bukit Sembawang acquires Makeway View for $128m

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