Published April 1, 2008

Makeway View en bloc deal falls through

Development charge higher than expected, says buyer

By KALPANA RASHIWALA


(SINGAPORE) The $162.8 million collective sale of Makeway View in the Newton area to an associate of Bravo Building Construction has been rescinded.

BT understands that the one per cent of purchase price paid by Bravo so far has been forfeited.

A Bravo spokeswoman told BT yesterday that it had earlier sought payment extensions to ascertain the quantum of development charge (DC) payable.

Confirming the move to rescind the sale, she added: 'We decided not to proceed with the Makeway deal as the actual DC turned out to be higher than what we had been told. So the breakeven price would end up being much higher than what we expected. That's why my partner (in the proposed acquisition) decided not to proceed further.'

She confirmed that the initial information about the DC did not come from Knight Frank, which was the marketing agent representing the owners of Makeway View.

The $162.8 million deal for Makeway View announced in early November last year, reflected a unit land