Bukit Sembawang Estates has always made it a priority to involve themselves in high-quality projects designed to earn them more recognition and profits over the long run. Their decisions always show a pattern of a success and this case is no further away from reality since they have successfully bought the Airview site for $202 Million. The site at Airview is now 8 Saint Thomas.
Sale of Airview Site
This 100 unit development is situated in the famous river valley area where the St Thomas Walk is placed. The initial prices suggested for this property ranged from $135 to 142 Million, indicating a cost of $750 to 800 per square foot per plot ratio, only to be met by a 50% increase later on. The director of investment advisory services at DTZ handled the tender and noted that the reserve price for the Airview site had been met at some point earlier. Failure to have 80% of the owners collectively agree on the sale was what stunted the progress of the sale. The fact that 80% of owners agreeing on the deal would make it legally incumbent for sale to be made facilitated the occurrence of this process. At this point, Bukit Sembawang Estates involved all their necessary efforts and succeeded in winning the tender involving the Airview towers site.
Purchase of Airview Site by Bukit Sembawang Estates for 8 Saint Thomas
The site possesses a land area of 5,877.4 square metres, a gross floor area of 18,102 square metres. The best part is that no development charge is payable at all, proving the investment to be quite the catch. Debenham Tie Leung was the main force that brokered the sale of the Airview towers to Bukit Sembawang Estates. The increased purchase price highlights a unit land cost of $1,141 per square foot. This is in line with the 2.8 plot ratio and is inclusive of the extra balcony space accounted for in the Gross floor area, reaching up to 10%.
Bukit Sembawang Plans
To no surprise, Bukit Sembawang has a laid out a comprehensive plan on how they plan to make this investment flourish to its optimum level, a pattern that is consistently seen in their decisions every single instance. Bukit Sembawang intends to facilitate the existence of a 36 story condominium through the combining of this purchased site along with a neighbouring block going with the name of Chez Bright. Bukit Sembawang Estates had acquired this other site last year, all in the eyes of a promising future project that it is no capable of accomplishing.