The Atelier

[milk tea]

The Atelier is a new development located in the Newton area by upscale developer Bukit Sembawang Estates. The condo was the former Makeway View that was successfully sold to Bukit Sembawang Estates and has now being redeveloped into The Atelier. Bukit Sembawang Estate is winding up 2018 on a high note. Their portfolio now includes the coveted Makeway View real estate. This is in addition to their acquisition of the Katong Park Towers for a reported S$345 million. Other new launches are Sengkang Grand Residences , The Florence Residences , Riviere, Urban Treasures , Midtown Bay, Jervois Treasures , Infini At East Coast, View At Kismis, Sky Everton, The Antares and One Pearl Bank.

The Atelier condo was sold to Bukit Sembawang Estate at the price tag of S$168 million. This translates to S$1,626 per square foot per plot ratio (psf ppr). The total cost also includes a $17 million development charge. The previous owners of Makeway View set to gain S$10.74 million for each of the four penthouses, and S$3.86 million for each of the 28 apartment units. Bukit Sembawang Estate purchased the property through a subsidiary known as Bukit Sembawang Land.

Bukit Sembawang Estate The Atelier is a prime freehold real estate in an area that is close to Singapore’s most iconic landmarks in the Newton area. Within walking distance of the development are prestigious institutions like the St Joseph’s Institution Junior, Anglo-Chinese School (Junior), the Cheng Ballet Academy, and the Newton Food Center. The Atelier Condo is also located close to transport options such as the Newton MRT station.

Makeway View has long been a coveted piece of real estate. Located in District 9, the property was initially developed in the 1980s. It received official residential zoning in 2014 and offers a total plot ratio of 2.8. It’s ideally located in a central location and is surrounded by lush foliage. Thanks to its close proximity to the city’s best schools and transportation infrastructure, Makeway View presents the ideal opportunity for an astute developer. It has a plot that’s large enough to construct a high-rise apartment building that could house 154 luxury apartments.

[CSH]

It looks like it's taking a while for Bukit Sembawang to launch the Atelier. Perhaps they are focusing on their Luxus Hills launch first, that is coming out at the end of this month August. Or perhaps they don't want to compete with their other prime freehold project at 8 St Thomas.

Whatever the case, it looks like the Pullman Residences showflat could be opening first then, before the Atelier showflat. If that is the case, the danger to Bukit Sembawang could be that Pullman Residences might capture the market in the neighbourhood first, if they grasp the first mover advantage there. After all, Pullman Residences is also freehold like the Atelier, but has the advantage of being located closer to an MRT station. But of course, the Atelier has the advantage of being by a more reputable developer Bukit Sembawang.