Tag Archives: Towers

City Towers sold en bloc for $401.9m

The freehold development was sold to an undisclosed buyer for much higher than the owners’ reserve price. (Photo: Colliers International)

Singapore’s collective sales fever shows no signs of abating with City Towers being the latest development to be successfully sold en bloc, reported the Business Times.

Launched on 4 January, the collective sale tender for the freehold development attracted seven competitive bids when it closed on 7 February. It was sold for $ 401.9 million to an undisclosed buyer, or 13 percent higher than the owners’ reserve price.

Marketing agent Colliers International revealed that the sale price translates to a land rate of around $ 1,847 psf per plot ratio (psf ppr), after factoring in the $ 3.5 million development charge.

Located along Bukit Timah Road, City Towers has a land area of about 104,532 sq ft and a proposed gross floor area of around 219,516 sq ft. It is zoned for residential use under the 2014 Master Plan with a gross plot ratio of 2.1.

The development currently features 77 units of apartments and maisonettes, a shop unit and a penthouse. Each residential owner stands to gain between $ 2.78 million to $ 11.5 million from the sale, depending on the size of their units.

“Despite several competing collective sale tenders in District 10, City Towers still attracted strong interest from developers, owing to its prime location near renowned schools, a wide range of amenities and the Newton and Stevens MRT stations. The site will provide a good opportunity for the successful bidder to take advantage of opportunities in a residential market that is on the cusp of a sustained recovery,” said Colliers International managing director Tang Wei Leng.

The site can be redeveloped into a 24-storey residential tower comprising about 190 units measuring 1,098 sq ft on average, subject to the relevant authorities’ approval.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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Katong Park Towers launched for collective sale

Located close to a future MRT station, the property has a reserve price of $ 288 million. (Photo: Cushman & Wakefield)

Offering a compelling opportunity for the development of an exclusive condominium within an affluent neighbourhood in Katong, Katong Park Towers has been put up for en bloc sale carrying a reserve price of $ 288 million, reported the Business Times.

Marketing agent Cushman & Wakefield said the price works out to a land rate of $ 1,165 psf per plot ratio (psf ppr).

There is a small development charge of around $ 5.6 million for the site’s additional 10 percent bonus balcony space and a lease upgrading premium of around $ 51 million, revealed Cushman & Wakefield’s capital markets director Christina Sim.

With a land area of about 140,758 sq ft, the 99-year leasehold site is located at 114A Arthur Road, near the future Katong Park MRT station, which is slated for completion in 2023. It is zoned for residential use with a plot ratio of 2.1 under the 2014 Master Plan and has a maximum building height of 24 storeys.

Cushman & Wakefield noted that the site could yield around 388 housing units with an average size of approximately 753 sq ft each, subject to the relevant authorities’ approval.

It is also close to various schools including Dunman High School, Chung Cheng High School and the Canadian International School.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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City Towers attempts another collective sale at $355m

Each homeowner could receive $ 2.45 million to $ 10.17 million if the sale goes through. (Photo: Colliers International) 

The freehold City Towers condominium at 317-325Q Bukit Timah Road will be put up for collective sale again this Thursday (4 January) at a reserve price of $ 355 million, marketing agent Colliers International said.

“This is the owners’ fourth attempt at collective sale and we believe the site will appeal to investors and developers owing to its choice location in the city fringe,” said M. Singh, chairman of the City Towers collective sale committee.

The reserve price includes a development charge of $ 3.505 million to intensify land use, and works out to a land rate of $ 1,633 psf per plot ratio (psf ppr). This compares favourably to the $ 1,840 psf ppr achieved for the collective sale of nearby Crystal Tower in December 2017.

Depending on the size of their property, each homeowner could receive $ 2.45 million to $ 10.17 million if the sale goes through. According to Colliers, the amount is more than double the open market value of the individual units.

The 17-storey development was completed in the 1960s and comprises 77 apartments and maisonettes, one penthouse and a shop unit. City Towers is close to the Newton and Stevens MRT stations, Balmoral Plaza and established schools.

The approximately 104,531 sq ft site is zoned for residential use and has a gross plot ratio of 2.1 under the Master Plan 2014. Subject to relevant approvals from the authorities, it could be redeveloped into a 24-storey apartment block of about 190 units with an average size of 1,098 sq ft.

The site is not subject to the Pre-Application Feasibility Study, which requires developers to assess traffic impact and recommend car-lite measures as part of their redevelopment proposals.

“We think the high-end private residential market is poised for recovery after prices fell by about 20 percent since June 2013,” said Tang Wei Leng, managing director at Colliers International.

“City Towers presents a good opportunity for developers to add a plum District 10 site to their portfolio in preparation for the potential pick-up in prime home prices in the coming years.”

The public tender for City Towers will close on 7 February.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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