Colliers International successfully completes the collective sale of freehold development City Towers in Bukit Timah Road
SINGAPORE, 28 August 2019 -- Colliers International (NASDAQ and TSX: CIGI), a global leader in commercial real estate services is pleased to announce that it has successfully completed the collective sale of City Towers in Bukit Timah Road for SGD401.9 million on 27 August 2019.
The deal completion comes after obtaining a sale order from the High Court in May this year.
Colliers was appointed to lead the collective sale of City Towers in September 2017 and subsequently put the District 10 freehold development on the market on 4 January 2018. An announcement on the sale was made on 7 February 2018, hours after the collective sale tender closed.
Ms. Tang Wei Leng (邓慧玲), Managing Director at Colliers International, said “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.”
Mr. M. Singh, Chairman of the City Towers collective sale committee, said, “Collective sale journeys tend to be long and complex and the owners are heartened that the sale is finally completed. 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.”
City Towers – near the Newton and Stevens MRT stations - is located in an exclusive enclave of private residential apartments and landed housing estates in prime District 10. The 17-storey City Towers comprises 77 units of apartments and maisonettes, a penthouse unit and a shop unit. It 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).