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Bukit Sembawang kept at 'buy' on Katong Park Towers buy and higher ASP assumption for 8 Saint Thomas

PC Lee
PC Lee3/20/2018 12:34 PM GMT+08  • 2 min read
Bukit Sembawang kept at 'buy' on Katong Park Towers buy and higher ASP assumption for 8 Saint Thomas
SINGAPORE (Mar 20): Maybank Kim Eng is relieved Bukit Sembawang has finally put what it sees as an "overcapitalised" balance sheet to work and acquired its first condominium site in a decade with Katong Park Towers.
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SINGAPORE (Mar 20): Maybank Kim Eng is relieved Bukit Sembawang has finally put what it sees as an "overcapitalised" balance sheet to work and acquired its first condominium site in a decade with Katong Park Towers.

The redevelopment site is located in the East Coast and is within 200m of the future Katong Park MRT Station due to be completed in 2023.

According to Cushman & Wakefield, the sale price of $345 million translates into a land rate of $1,280 psf after taking into account $60 million to be paid to upgrade its land lease to 99 years. This compares with $1,515 psf for Amber Park and $1,427 psf for Nanak Mansions.

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