The Katong Park Tower just sold to the Bukit Sembawang Estates for a very high price. These towers were purchased for $350 million.
Homeowners can now lead one of these condos for 99 years and they will see a new makeover to this structure. The Bukit group can expect to see millions of dollars in profit when they sell the five penthouses that are part of the Katong Park Towers. The potential profits can range from almost $5 million to just over
The price for The Mountbatten Katong Park Towers will vary based on the floor size and the plans for each specific unit. The sale price per square foot is around 20 cents higher than the average. When looking at the size of the Katong Park Towers this amount can add up to millions. The towers also have 111 standard-sized apartments and there are even two commercial units in addition to the five penthouses. There is a total land area that is 140,758 square feet of commercial and residential space.
The towers are around 200 meters from the future home of the Katong Park MRT Station. This transportation unit is on schedule to be completed and open for public use by 2023.
The building is zoned for residential use and the maximum height of the building is 24 stories. This will not be affected by the traffic in the area and the future traffic that will be coming in.
Due to the expected increase in the metro station, the price of the Katong Park Towers was able to increase. People that work and travel in the area will be able to get around with ease.
The Katong Park Towers sold at $345 million and this breaks down to $1,280 per square foot. There is an estimated $60 million that will be used to upgrade the lease.
While this amount may seem like a lot of money to most people Ng Chee Seng who is the CEO of the Bukit Sembawang Estates stated that the company is pleased with the purchase and the price that they got the towers for. They plan on developing further in the residential district and will put additional housing on Meyer and Mountbatten Roads. This will allow the people that live there to have a great view of the skyline without any buildings or trees getting in their way.
He went on to talk about the potential for the Towers once the MRT Station is completed. The area has a rich heritage and they are looking to rejuvenate the city. Under the Kallang Master Plan, the city is going to get some new life. He is expecting the development in this area to add to their portfolio. People will have easy access to transportation and that will help attract them to these Towers. With the increasing population in the city, people are going to need somewhere to live and there are many units to look for in the Towers.…