2011-10-10

International property consultant, Colliers International will be re-launching for en bloc sale by tender two freehold residential sites – St Patrick’s Garden and Crystal Tower.

International property consultant, Colliers International will be re-launching for en bloc sale by tender two freehold residential sites – St Patrick’s Garden which is located at 70-120 St Patrick’s Road and Crystal Tower which is located at 41-45 Ewe Boon Road.

St Patrick’s Garden: to be re-launched on October 11, 2011
A 98-unit property, St Patrick’s Garden is a part- three/part-four walk-up residential development that sits on a 137,559 freehold land parcel. The site is regular in shape with dual road frontages.

Under the 2008 Master Plan, it is zoned for “Residential” use with an allowable gross plot ratio of 1.4. According to the Urban Redevelopment Authority (URA), no development charge is payable, up to a plot ratio of 1.54, which takes into consideration an additional 10-per-cent balcony space.

Crystal Tower: to be re-launched on October 18, 2011
A 28-unit property, Crystal Tower is an 11-storey residential development that sits on an elevated 60,482 sq ft freehold site.The site can be re-developed into a five-storey residential development comprising some 176 units of 1,200 sq ft each.

Under the 2008 Master Plan, it is zoned for “Residential” use with an allowable gross plot ratio of 1.6. A development charge of approximately S$5.2 million is payable up to the plot ratio of 1.76, which takes into consideration an additional 10-per-cent balcony space.

The site can be re-developed into a 12-storey residential development comprising 81 units of 1,200 sq ft each, subject to approval from relevant authorities.

Ms Tang Wei Leng (邓慧玲), Executive Director of Investment Services at Colliers International, says, “Freehold sites that are in strategic locations – especially if they are realistically priced – are still highly sought after by developers.

We remain optimistic of the sale for the two subject sites – given that St Patrick’s Garden is the last remaining sizeable freehold plot of land nestled in a quiet residential enclave located off East Coast Road, while Crystal Tower is a freehold site strategically perched on a hill and located off Bukit Timah Road, a vicinity which has always been a prominent residential location in Singapore.”

The tender for St Patrick’s Gardens closes on November 1, 2011 at 12.00 pm, while the tender for Crystal Tower closes on November 14, 2011 at 12.00 pm.