Competitively priced, District 10 site near to Newton and Stevens MRT stations attracted strong interest
Singapore, 07 February 2018 – Leading global commercial real estate services firm, Colliers International (NASDAQ and TSX: CIGI) is pleased to announce that City Towers, a freehold development in prime District 10, has been sold for SGD401.9 million.
The sale price - which is more than 13% above the owners’ reserve price - works out to a land rate of approximately SGD1,847 per square foot per plot ratio (psf ppr), after factoring in a development charge of SGD3.505 million. The land rate for the 17-storey City Towers is highly competitive, and is higher than the SGD1,840 psf ppr achieved for the collective sale of nearby Crystal Tower in November 2017.
The City Towers collective sale tender, which was launched on Jan 04 and closed at 3pm on Feb 07, attracted a total of seven competitive bids.
Ms Tang Wei Leng (邓慧玲), Managing Director at Colliers International, says, “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.
City Towers in Bukit Timah Road has a land area of 9,711.3 square metres (approximately 104,531 sq ft), with a proposed total Gross Floor Area of 20,393.7 sq m (approximately 219,516 sq ft). Under the Master Plan 2014, it is zoned ‘Residential’ and has a Gross Plot Ratio of 2.1.
Subject to relevant approvals from the authorities, the site can potentially be redeveloped to a 24-storey residential block offering about 190 new units – at an average size of 1,098 sq ft. The site is not subject to the Pre-Application Feasibility Study.
Ms Tang adds, “Luxury homes in Singapore offer good value and will continue to find favour among local and foreign investors. Amid price recovery in the high-end residential segment, the developer can adjust the size of the units offered to ensure that homes remain relatively affordable, with an average selling price of about SGD3 million – a very competitive price point for an apartment in prime District 10.”
City Towers 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 SGD2.78 million to SGD11.5 million from the successful sale of the development.
Mr. M. Singh, Chairman of the City Towers collective sale committee, says, “There are many collective sale projects on the market and competition is intense. Therefore, we are very pleased that Colliers International and Dentons Rodyk managed to garner such a great outcome for the owners despite the stiff competition from numerous sites that were launched for collective sale recently, particularly in District 9 and 10. The entire collective sale process was conducted professionally and speedily, which made a key difference in today’s crowded en bloc market.”
City Towers is just minutes away from the Newton and Stevens MRT stations, offering convenient access to the city centre. The site is located near distinguished schools such as Anglo-Chinese School (Barker Road), Singapore Chinese Girls’ School and St. Joseph’s Institution. Future homeowners can also enjoy a range of lifestyle and recreational options, including restaurants at Balmoral Plaza, malls in Orchard Road and the Singapore Botanic Gardens.
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