City Towers makes fourth collective sale attempt with $355 mil reserve price

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/ EdgeProp
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January 3, 2018 11:44 AM SGT
Updated, Jan 24, 2018, 10:43 p.m., to add tenure of property.
City Towers along Bukit Timah Road will be put up for collective sale on Jan 4. This is the fourth collective sale attempt for the owners of City Towers, notes M Singh, chairman of the City Towers collective sale committee.
The reserve price of the freehold property is $355 million, including a development charge of about $3.505 million for the intensification of land use, according to marketing agent Colliers International. This works out to be $1,633 psf per plot ratio (ppr), which is comparable to the $1,840 psf ppr land rate garnered by the nearby Crystal Tower in December, notes Colliers.
Built in the 1960s, the 17-storey development sits on a 104,531 sq ft site. Under the 2014 Master Plan, the site is zoned "Residential’ with a gross plot ratio of 2.1.
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(Credit: Colliers International)
Based on the total gross floor area of about 219,516 sq ft, the site could be redeveloped into a 24-storey residential block with 190 units, assuming that each unit is sized at an average of 1,098 sq ft and subject to authorities’ approval, says Colliers.
City Towers comprises 77 apartments and maisonettes, a penthouse and a retail unit. If the collective sale is successful, each residential owner could receive between $2.45 million to $10.17 million, depending on the size of the units they own, according to Colliers.
Within three months, the collective sale committee at City Towers garnered more than 80% approval from owners, says Singh.
City Towers is located within a 1km radius of institutions such as Anglo-Chinese School (Primary) and Singapore Chinese Girls’ School.
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The tender exercise closes on Feb 7.