City Towers sold en bloc for $401.9m
The site being launched on 4 January, the en bloc sale tender for freehold development City Towers allured 7 competitive bids when closing on 7th February. It was sold for the price value of $401.9 million to an undisclosed buyer, or 13% greater than the reserve price of the owner.
Marketing agent “Colliers International” reveals, the sale price translates to a land rate about $1,847 psf per plot ratio (psf ppr), after getting factored in the $3.5 million development charges.
Primarily located alongside Bukit Timah Road, City Towers site covers land area of around 104,532 sq ft and proposed gross floor area of 219,516 sq ft. It is specifically zoned for residential use under the Singapore’s 2014 Master Plan with gross plot ratio being 2.1.
The development presently comprises 77 units of maisonettes and apartments, a penthouse and single shop unit. Each individual residential owner would gain $2.78 million to $11.5 million from the sale process, that may vary as per the size of their units.
“Despite multiple competing en bloc sale tenders in District 10, City Towers still gets allured as it gets strong interest from the developers, primary reason being its prime location nearby Newton and Stevens MRT stations, renowned schools and wide range of amenities. The site would provide a better opportunity for the winning bidder to grab advantage of opportunity in residential market which is in the end of a sustained recovery,” told Colliers, International managing director “Tang Wei Leng”.
The site could be redeveloped onto a 24-storey residential tower having around 190 units covering an average area of 1,098 sq ft, which is subjected to the relevant authorities’ approval.