The freehold development was sold to an undisclosed buyer for much higher than the owners’ reserve price. (Photo: Colliers International)
Singapore’s collective sales fever shows no signs of abating with City Towers being the latest development to be successfully sold en bloc, reported the Business Times.
Launched on 4 January, the collective sale tender for the freehold development attracted seven competitive bids when it closed on 7 February. It was sold for $401.9 million to an undisclosed buyer, or 13 percent higher than the owners’ reserve price.
Marketing agent Colliers International revealed that the sale price translates to a land rate of around $1,847 psf per plot ratio (psf ppr), after factoring in the $3.5 million development charge.
Located along Bukit Timah Road, City Towers has a land area of about 104,532 sq ft and a proposed gross floor area of around 219,516 sq ft. It is zoned for residential use under the 2014 Master Plan with a gross plot ratio of 2.1.
The development currently features 77 units of apartments and maisonettes, a shop unit and a penthouse. Each residential owner stands to gain between $2.78 million to $11.5 million from the sale, depending on the size of their units.
“Despite several competing collective sale tenders in District 10, City Towers still attracted strong interest from developers, owing to its prime location near renowned schools, a wide range of amenities and the Newton and Stevens MRT stations. The site will provide a good opportunity for the successful bidder to take advantage of opportunities in a residential market that is on the cusp of a sustained recovery,” said Colliers International managing director Tang Wei Leng.
The site can be redeveloped into a 24-storey residential tower comprising about 190 units measuring 1,098 sq ft on average, subject to the relevant authorities’ approval.