2011-07-05

Singapore

Crystal Tower is an 11-storey residential development comprising 28 units, and has a swimming pool, a club house and surface car park lots.

International property consultant, Colliers International is putting up Crystal Tower, which is located at 41-45 Ewe Boon Road, for collective sale by tender.

The tender will close on August 4, 2011 at 12.00 pm.

Crystal Tower is an 11-storey residential development comprising 28 units, and has a swimming pool, a club house and surface car park lots.  It sits on an elevated 60,482 sq ft freehold site, enjoying an unobstructed view of the Bukit Timah residential district.

Under the 2008 Master Plan, the subject site is zoned for “Residential” use with a gross plot ratio of 1.6.
It can be re-developed into a 12-storey residential development accommodating 81 units of 1,200 sq ft each, subject to approval by relevant authorities.

Development charge might not be payable, and a development baseline enquiry has been submitted to the Urban Redevelopment Authority for confirmation.

Ms Tang Wei Leng (邓慧玲), Executive Director for Investment Services at Colliers International, says, “Assuming the development charge is not payable, the indicative price of S$155 million for the subject site works out to some S$1,600 per sq ft per plot ratio.   The indicative pricing is competitive, in view of the recent collective sale of Balmoral Condominium, which was sold for S$1,543 per sq ft per plot ratio.

Breakeven price for Crystal Tower is estimated to in the region of S$2,200 per sq ft to S$2,300 per sq ft.”

Ms Tang continues, “The current owners at Crystal Tower can expect to receive between S$5 million to S$10 million from the sale proceed.

Bukit Timah has always been a prominent residential location in Singapore.  Recent transacted prices of residential projects in the area, such as Cyan, are in the region of S$2,400-S$2,500 per sq ft.”

Strategically perched on a hill, Crystal Tower is located in the quieter area of Bukit Timah and is within proximity to well-known educational institutions including ACS (Barker) and Singapore Chinese Girls’ School.   Access to the rest of the island is via major trunk roads including Bukit Timah Road and Dunearn Road.  It is only a few minutes’ drive to the Central Business District and the shopping entertainment belt at Orchard Road.  Amenities and food establishments are easily available at the nearby Balmoral Plaza, as well as Adam Road and Newton Food Centres.