SINGAPORE (Mar 16): Bukit Sembawang Estates' subsidiary BSEL Development has submitted the winning bid of $345 million Katong Park Towers.

The 13,077 sqm property located at Arthur Road was put up for collective sale for $288 million in January.

See: $288 mil for collective sale of Katong Park Towers

The development has a tenure of 99 years from April 5, 1982.

Bukit Sembawang plans to redevelop the property into a residential condominium with full facilities.

The group will fund the acquisition through internal resources and bank borrowings.

Shares in Bukit Sembawang closed 1 cent lower at $6.06 on Friday.