Singapore, 03 January 2018 – Leading global commercial real estate services firm, Colliers International Group Inc. (NASDAQ and TSX: CIGI) is pleased to announce that freehold development City Towers at 317-325Q Bukit Timah Road will be launched for collective sale for SGD355 million via tender on January 04.
The owners’ reserve price of SGD355 million, including a development charge of SGD3.505 million to intensify land use, works out to a land rate of SGD1,633 per square foot per plot ratio (psf ppr). This compares favourably to the SGD1,840 psf ppr achieved for the collective sale of nearby Crystal Tower in December.
Nestled in an exclusive enclave of private residential apartments and landed housing estates in prime District 10, the 17-storey City Towers is just minutes away from the Newton and Stevens MRT stations, offering convenient access to the city centre. It is also well connected via the Pan Island Expressway and the Central Expressway.
Ms. Tang Wei Leng (邓慧玲), Managing Director at Colliers International, says, “We think the high-end private residential market is poised for recovery after prices fell by about 20% since June 2013. City Towers presents a good opportunity for developers to add a plum District 10 site to their portfolio in preparation for the potential pick-up in prime home prices in the coming years.”
The freehold development - which was completed in the 1960s - comprises 77 units of apartments and maisonettes, a penthouse unit and a shop unit. Depending on the size of their property, each residential owner stands to receive SGD2.45 million to SGD10.17 million from the successful sale of the development. The amount is more than double the open market value of the individual units.
Mr. M. Singh, Chairman of the City Towers collective sale committee, says, “Within three short months, we were able to garner more than 80% approval from owners to launch the tender. We have seen good collaborative spirit among the owners and this is largely due to the transparent and structured manner which Colliers ran the collective sale process. This is the owners’ fourth attempt at collective sale and we believe the site will appeal to investors and developers owing to its choice location in the city fringe.”
Ms. Tang adds, “The upscale Bukit Timah area, which is a stone’s throw from Orchard Road, has seen several collective sales recently, including Crystal Tower and Royalville. Freehold redevelopment sites in the area are very attractive to developers as they are well-served by a wide range of lifestyle and recreational options. The City Towers location is also near a cluster of distinguished schools steeped in history which will appeal to future home buyers with school-going children.”
Prestigious schools near City Towers include Anglo-Chinese School (Barker Road), Singapore Chinese Girls’ School and St. Joseph’s Institution. Amenities including restaurants at Balmoral Plaza are also within easy reach, while the glitzy malls in Orchard Road as well as the Singapore Botanic Gardens, a UNESCO World Heritage site, are a short drive away.
City Towers sits on a regular land plot that spans 9,711.3 square metres (approximately 104,531 sq ft) with a 65-metre frontage to Bukit Timah Road. It is zoned ‘Residential’ and has a Gross Plot Ratio of 2.1 under the Master Plan 2014. Subject to relevant approvals from the authorities, the site can potentially be redeveloped to a 24-storey apartment block offering about 190 new homes – at an average size of 1,098 sq ft – on the proposed total Gross Floor Area of 20,393.7 sq m (approximately 219,516 sq ft).
The City Towers site, which is surrounded by some mid-rise apartment buildings and landed housing, also allows the successful tenderer to develop homes with panoramic city views and greenery views of the Central Catchment Area. The site is not subject to the Pre-Application Feasibility Study.
Since September 2017, Colliers International has successfully brokered two collective sale deals – Jervois Gardens and Parkway Mansion – and sold Jervois Green which was held under single-ownership.
The public tender for City Towers will close on February 7, 2018, at 3pm.
For media query, please contact:
Ms Wong Siew Ying, Associate Director
Marketing and Communications
Direct: +65 6531 8617