City Towers collective sale finally completed for $401.9 million

Victor KangAugust 29, 2019

City Towers crop

Located in prime District 10 near the Stevens and Newton MRT stations, the 17-storey development sits on a 104,531 sq ft site, with a proposed gross floor area of around 219,516 sq ft.

The collective sale of City Towers for $401.9 million has finally been completed, after a sale order from the High Court was obtained in May, revealed marketing agent Colliers International.

The freehold development was put on the market on 4 January 2018, while the announcement on the sale was made a month later on 7 February.

“We are happy to have successfully concluded this collective sale for the owners. This is their fourth attempt and the success is a happy outcome,” said Colliers International managing director Tang Wei Leng.

City Towers collective sale committee chairman M. Singh was also pleased with the completion of the sale.

“We are delighted that Colliers has more than delivered on the mandate from owners, achieving a premium above the reserve price. In addition, we would like to thank all parties involved in this deal particularly our lawyers for their professionalism and the owners for their support and patience,” he said.

Located in prime District 10 near the Stevens and Newton MRT stations, the 17-storey development sits on a 104,531 sq ft site, with a proposed gross floor area of around 219,516 sq ft.

City Towers features 77 units of maisonettes and apartments as well as a penthouse and shop unit.

Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

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