City Towers at Bukit Timah sold in collective sale for $401.9 million
By Angela Teo
/ EdgeProp |
Updated, Feb 7, 2018, 10:21 p.m., to change psf price to $1,847 psf ppr.
City Towers on Bukit Timah Road found a buyer on its fourth collective sale attempt. On Feb 7, the 79-unit freehold development was sold for $401.9 million, or $1,847 psf per plot ratio (ppr), to a buyer who did not wish to be named, says marketing agent Colliers International.
This marks a 13% premium over the owners’ reserve price of $355 million ($1,633 psf ppr), which includes a development charge of about $3.505 million for land use intensification. According to Colliers, the site attracted seven “competitive” bids.
(Credit: Colliers International)
At $1,847 psf ppr, after factoring in development charge, the land cost of City Towers is higher than the $1,840 psf ppr achieved by the collective sale of the nearby, freehold Crystal Tower in November 2017.
City Towers sits on a land plot measuring about 104,531 sq ft. Under the 2014 Master Plan, the site is zoned “Residential” with a gross plot ratio of 2.1. This means the new project can have a total gross floor area of about 219,516 sq ft.
Subject to authorities’ approval, the site could be redeveloped into a 24-storey residential building with about 190 units, assuming an average unit size of 1,098 sq ft. The site is not subject to the pre-application feasibility study, says Colliers.
The existing development comprises 77 apartments and maisonettes, one penthouse unit and one shop unit. Each owner stands to receive between $2.78 million and $11.5 million, depending on the size of their property, according to Colliers.
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