Crystal Tower Sold En Bloc for $180.65 Million
The freehold Crystal Tower was sold all together for $1,840 psf ppr or $180.65m. This information was revealed by Edmund Tie & Company SEA Pte Ltd (ET&Co).
As per Edmund & Tie, the sale competition for the sites were intense and Allgreen Properties Limited dominated amongst 12 bids.
Depending upon on the sale price, every individual apartment owners are expected to get gross sale returns between $6m to $6.6m, while the penthouse owners will get around $12.3m.
Constructed at 1970s, Crystal Tower is a residential development that comprises 28 apartment units. The property is placed on elevated grounds with a land area covering 5,619.0 sqm (60,482 sqft) and is specifically zoned for residential use at 1.6 gross plot ratio under Master Plan 2014.
Property is subjected to authorities’ approval and it could be redeveloped onto a condominium project around 130 units, up to its current gross floor area 9,121.17 sqm (98,179 sqft), reflecting the similar plot ratio of 1.623. No development charges are applied.