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Bukit Sembawang Estates successfully acquires Bukit Timah Link land parcel at tender price of $200 mil

Felicia Tan
Felicia Tan • 2 min read
Bukit Sembawang Estates successfully acquires Bukit Timah Link land parcel at tender price of $200 mil
The transaction, which constitutes about 17.54% of the group’s market capitalisation as at Nov 15, will be funded by internal resources and bank borrowings, says the group. Photo: Bukit Sembawang Estates
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Bukit Sembawang Estates announced that it has successfully acquired the prime site at Bukit Timah Link at a tender price of $200 million or $200,001,888.

The tender was submitted by Bukit One, the company’s wholly-owned subsidiary, to the Urban Redevelopment Authority (URA).

The URA officially awarded the site to Bukit One on Nov 15.

The Bukit Timah Link land parcel has a lease period of 99 years. The parcel spans a total area of 4,611.1 sqm with an allowable gross plot ratio of 3.0. The site is slated for residential development.

According to Bukit Sembawang Estates, the group has paid 5% of its tender price as a tender deposit to the URA. Another amount equivalent to 25% of the tender price (including the 5% deposit already paid) will be paid within 28 days of the award of the tender.

The balance of the tender price should be paid within 90 days of the award.

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In its statement, the group says it intends to develop the land into a 20-storey development with 160 residential apartments and communal facilities. It adds that it seeks to curate a “cosmopolitan village lifestyle” that it believes will appeal to young families and investors.

The transaction, which constitutes about 17.54% of the group’s market capitalisation as at Nov 15, will be funded by internal resources and bank borrowings.

Shares in Bukit Sembawang closed flat at $4.41 on Nov 15.

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