The Urban Redevelopment Authority (URA) announced that the tender for a 99-year leasehold site in Bukit Timah Link has been awarded to Bukit One, a wholly-owned subsidiary of Bukit Sembawang Estates.
According to a URA document, Bukit One’s bid of S$200 million or S$14,457 per square metre (sq m) of gross floor area (GFA) was the highest among the five bids. The site was put up for tender on August 31st and closed on November 3rd.
The land parcel at Bukit Timah Link measures 4,611.1 sq m and has a maximum gross floor area (GFA) of 13,834 sq m. The building will have a maximum of 20 storeys.
In a recent bourse filing, Bukit Sembawang Estate announced its plans to transform the land parcel into a 20-storey development. The project will consist of 160 residential apartments with communal facilities, aiming to create a vibrant and inclusive community that will attract young families and investors.
“This lifestyle concept would be a great fit for this location, which has a charming village atmosphere. It would offer an appealing choice for buyers seeking a distinctive lifestyle, as they embrace the revitalization and evolution of the Beauty World precinct,” the group stated.
The transaction will be funded through the group’s internal resources and bank borrowings. The financial year ending Mar 31, 2023 is not anticipated to significantly affect the net tangible assets or earnings per share of the group.
