BUKIT Sembawang Estates has won the tender for the Airview Towers freehold site at St Thomas Walk for about $202.17 million.
It won the properties at 2 and 10 St Thomas Walk through subsidiary Bukit Sembawang View Pte Ltd.
The site has a land area of 5,877.4 square metres, with allowable gross floor area (GFA) of about 18,102 sq m (inclusive of 10 per cent of development GFA for balcony space). No development charge is payable.
The purchase price reflects a unit land cost of $1,141 per square foot per plot ratio based on a 2.8 plot ratio. Inclusive of the 10 per cent extra GFA for balconies, the price is lower at $1,037 psf ppr.
The sale of Airview Towers was brokered by DTZ Debenham Tie Leung.
Bukit Sembawang View will build a 36-storey condominium by combining this lot with a neighbouring en-bloc site currently known as Chez Bright, which it acquired last year. The total area for development will be 9,073.4 sq m with GFA of 27,050 sq m. The average price of the combined site works out to $880 psf ppr.
Business Times – 3 Apr 2007