Built in the 1970s, the 28-unit Crystal Tower is now going for $138 million. (Photo: Edmund Tie)
Crystal Tower, a freehold residential site at Ewe Boon Road, has been put up for en bloc sale again at $138 million, marketing agent Edmund Tie & Co. said on Thursday (26 October).
The asking price works out to a land rate of $1,406 psf per plot ratio (psf ppr) based on its existing gross floor area of 98,179 sq ft. No development charge is payable.
Two previous collective sale attempts back in 2011 and 2012 saw higher asking prices of $155 million ($1,600 psf ppr) and $150 million ($1,458 psf ppr), respectively.
If the sale goes through, the apartment owners will get about $4.6 million to $5.0 million, while the penthouse owners will get around $9.2 million.
Built in the 1970s, the project comprises 28 apartments and is situated on elevated land measuring about 60,482 sq ft. The site is zoned for residential use at a gross plot ratio of 1.6 under the 2014 Master Plan.
Located off Bukit Timah Road in prime District 10, Crystal Tower is close to the Stevens and Newton MRT stations. The Botanic Gardens, Dempsey Hill and established schools such as Anglo-Chinese School (Primary) and Singapore Chinese Girls’ School are also nearby.
Swee Shou Fern, senior director, investment advisory at Edmund Tie & Co. said: “We are expecting strong interest for Crystal Tower given its prime location and ideal size, which is perfect for an upscale boutique residential project of around 130 units assuming an average apartment size of 70 sq m (753 sq ft).
“Projects in the area have experienced brisk sales in recent months. With limited remaining stock and pipeline supply in the immediate vicinity, it is timely for a new condominium project in the near future.”
The tender exercise for the site will close on 28 November.