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CONTINUING its land-banking spree, Bukit Sembawang Estates yesterday announced the acquisition of its seventh site over the past year.

It has bought a 44,663-square-foot freehold site at Paterson Road/Lengkok Angsa next to a plot it bought last year. Bukit Sembawang is paying $102.7 million for the latest site where there are 14 houses.

The group's acquisition price works out to a unit land price of about $1,040 per square foot (psf) of potential gross floor area inclusive of an estimated development charge (DC) of $418,000 and about $2.6 million payable to the state for an adjoining state site of about 3,767 sq ft. This is about 60 per cent higher than the $650 psf per plot ratio (ppr) all-in unit land price for the earlier plot that Bukit Sembawang bought in July last year.

Both deals were brokered by CB Richard Ellis.

The latest acquisition of the adjoining plot has raised Bukit Sembawang's average unit land price for the two sites to around $800 psf ppr. Based on this, the average breakeven cost for new condo projects on these plots will be about $1,250 psf.

For now, Bukit Sembawang is said to be planning to develop separate projects for each site instead of amalgamating the plots for a single project. The first condo could be launched in the first quarter of next year while the second could go to market in Q3 next year.

Under the latest collective sale yesterday, owners of the 14 houses will receive sums ranging from $4.5 million to $12 million per house. These sums are more than double what they would have fetched had they sold their homes individually. The site is zoned for residential use with 2.1 plot ratio and 24-storey height limit.

Bukit Sembawang's other land acquisitions over the past year include Woodleigh Grove, Carlton Terrace in Holland Road, Chez Bright Apartments at St Thomas Walk, and The Vermont and Peck Hay Mansion in the Cairnhill area.

The total shopping bill amounts to $500 million and the seven plots can be potentially developed into about 600 new private homes.

Bukit Sembawang is linked to the Lee family of OCBC.