PROJECT DETAILS
Two parcel sites along Kampong Java Road, which are located at the Central Region of Singapore, were sold for New and Upcoming Condo developments in last quarters of 2017 and 2018, through collective sales and Government Land Sales (GLS).
The two land sites namely,
- Makeway View and
- a new site along Kampong Java Road
Chip Eng Seng won the top bid of S$418.8 million for the GLS site, which translates into S$1,192 psf ppr. This land parcel sold through Government Land Sales (GLS) is bounded by Kampong Java Road, Newton Circus and Bukit Timah Road. It is listed under reserved list of sites and is allocated to be developed into a residential condominium. It has a site area of 125,326 square feet of land and is expected to house approximately 436 residential apartments.
Bukit Sembawang submitted the top bid of S$168 million for Makeway View. The sale price reflects a land rate of S$1,626 per sq ft per plot ratio (psf ppr), including an estimated development charge of about S$21.26 million.
New Condo at Kamping Java Road is approximately 200 m away from Newton Train Station where its future residents will be able to access to the North South Line Services. The Newton Train Station, which is approximately 600 m away, will provide another conduit of conveniences for New Condo at Kampong Java’s future residents when the Downtown Line services come into operation in 2016. Come 2021, New Condo at Kampong Java’s future residents can also easily transit to the Thomson Line service at the Orchard Train Station which is 1 station away from Newton Station. For those driving, New Condo at Kampong Java is approximately 7 minutes away from the Central Business District (CBD) and Orchard Road is just a mere 4 minutes’ drive away. New Condo at Kampong Java is also well linked to the Central Expressway (CTE) and the Pan Island Expressway (PIE) which allow breeze driving to any parts of Singapore.
When it comes to amenities such as retail, eating, leisure and entertainment facilities, New Condo at Kampong Java’s future residents will find it within their reach as the United Square Shopping Mall, Novena Square and Square 2 is just a stone’s throw away. For more choices, 26 Newton’s future residents can also head down to the nearby Orchard Shopping District that is located less than 1.4 km away. In terms of local delights, New Condo at Kampong Java’s future residents can head down to one of the food centres within its vicinity such as Newton Food Centre, Pek Kio Market And Food Court Centre, Tekka Market, Whampoa Drive Market & Food Centre and Berseh Food Centre.
Local schools that are nearby to New Condo at Kampong Java are Saint Joseph’s Institution Junior, Anglo-Chinese Junior School, Anglo-Chinese Primary School, Farrer Park Primary School, Balestier Hill Primary School, Saint Margaret’s Primary School, Singapore Chinese Girls’ School, CHIJ Primary School, Hong Wen School, Anglo-Chinese School (Barker Road), Balestier Hill Secondary School, Raffles Girls’ Secondary School, CHIJ Secondary School and also Catholic Junior College.
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| Project | Kampong Java New Condo |
| Developer | Chip Eng Seng |
| Location | Kampong Java |
| District | 11 |
| Tenure | 99 years lease |
| Site Area | square metres/ 125,326 square feet |
| GFA: | square metres/ 350,914 square feet |
| Plot Ratio | |
| Expected TOP: | |
| Total Units | Approximately 436 residential apartments |
| Total Carpark | |
| Development | Private Condo comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC, SPR and Foreigner can buy |
| Project | New Condo at former site of Makeway View |
| Developer | Bukit Sembawang |
| Location | Kampong Java Road |
| District | 11 |
| Tenure | Freehold |
| Site Area | square metres/ 41,582 square feet |
| GFA: | square metres/ square feet |
| Plot Ratio | |
| Expected TOP: | |
| Total Units | Approximately residential apartments |
| Total Carpark | |
| Development | Private Condo comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC, SPR and Foreigner can buy |
FACILITIES SITE PLAN and FLOOR PLANS E-BROCHURE
The Facilities and Site plan of new condo in Kampong Java, are currently seeking approval from relevant authorities.
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MAKEWAY VIEW SOLD TO BUKIT SEMBAWANG FOR s$168 MILLION
1) SINGAPORE - A unit of Bukit Sembawang Estates has successfully tendered for the sale en bloc of the freehold Makeway View for S$168 million.
This was also the asking price when the collective sale tender was launched on Jan 23. The sale price reflects a land rate of S$1,626 per sq ft per plot ratio (psf ppr), including an estimated development charge of about S$21.26 million, said marketing agent Edmund Tie and Company in a statement.
Owners of the estate's 28 apartments and four penthouses are expected to receive gross sale proceeds of between S$3.86 million to S$10.74 million per unit.
The 10-storey freehold development in District 9 was built in the late 1980s, on a 41,582 sq ft plot with an allowable gross plot ratio of 2.8.
It is located across the road from Newton Food Centre and close to Anglo-Chinese School (Barker Road), Anglo-Chinese School (Junior) and St Joseph Institution Junior. Newton MRT station is about 400m away.
Bukit Sembawang Estates, which tendered for Makeway View through its unit Bukit Sembawang Land, intends to redevelop the area into residential apartments with communal facilities, it said in a Singapore Exhange announcement on Thursday evening (March 22).
Edmund Tie and Company said that subject to the authorities' approval, the site can be developed into a high-rise apartment block of about 21 to 22 storeys with around 154 units, assuming an average apartment size of 70 sq m.
"Units in the new development will potentially enjoy 180-degree unobstructed panoramic views of the city and lush greenery in its surroundings," said senior director of investment advisory Swee Shou Fern.
Bukit Sembawang Estates will fund the acquisition and redevelopment through internal resources and bank borrowings.
The purchase of Makeway View is not expected to have any material impact on the net tangible assets or earnings per share for Bukit Sembawang's financial year ending March 31, 2018.
CHIP ENG SENG WON TOP BID FOR LAND SITE CONDO DEVELOPMENT AT KAMPONG JAVA
2) The tender for the 125,326 sq ft residential site at Kampong Java Road closed on Jan 15, and drew seven bids. The top bid of $418.8 million ($1,192 psf ppr) came from CELH Development, a unit of Singapore-listed construction and property developer Chip Eng Seng Corp. The second highest bid of $417.24 million ($1,189.97 psf ppr) was submitted by GuocoLand.
The site could be developed into a new private condominium of 436 units given the maximum gross floor area of 350,914 sq ft. The Kampong Java site was the first private residential land on the Confirmed List of the government land sale (GLS) that was put up for launch since the minimum average unit size guidelines was announced in October, notes Tricia Song, Colliers International head of research for Singapore. “However, the top bid was below our expectations, a testament to the cautious mood of the developers.”
The top bid of $1,192 psf ppr for the GLS site at Kampong Java “was relatively low” compared to the $1,540 psf ppr for the Fourth Avenue GLS site purchased by Allgreen Properties and the $1,733 psf ppr paid by Frasers Property for the Jiak Kim Street site in Dec 2017, points out Nicholas Mak, ZACD group executive director. What’s more, the freehold development next door, Makeway View, was sold en bloc for $168 million ($1,626 psf ppr) in March last year, observes Mak.
Based on the bid price by Chip Eng Seng, Colliers’ Song reckons the breakeven price to be at $1,700 psf and the selling price of the new project could be in the range of $1,900 to $2,000 psf. “Chip Eng Seng has been rather successful with its launch of Park Colonial last July, and is ready to replenish its landbank,” she remarks.
The Kampong Java land parcel is located within the prime district 9 and walking distance to Newton MRT station, says Lee Nai Jia, Knight Frank Singapore senior director and head of research. The location is ideal for those who work in the Novena medical cluster, CBD and Orchard Road, he adds. Hence, the new development on the site is expected to appeal to both homebuyers and investors.
“Given the number of land sales in the prime districts over the past two years, there is significant supply of new units in these areas,” says Ong Teck Hui, senior director of research and consultancy at JLL.
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