Enbloc News #2: Crystal Tower

By The Folks @PropTalk - July 5, 2011 No Comments

Crystal Tower, located at Ewe Boon Road, has been put up for collective sale by tender at an indicative price of $155 million.

It is a 28 unit, 11-storey residential development.

The 60,482sqft residential freehold site has a gross plot ratio of 1.6.

Its elevated site enjoys an unobstructed view of the Bukit Timah residential district.

Its marketing agent Colliers International said the compound can be re-developed into a 12-storey residential development comprising 81 units of 1,200sqft each.

The breakeven price for Crystal Tower is estimated to be in the region of $2,200 to $2,300psf.

The development charge might not be payable.

A development baseline enquiry has been submitted to the Urban Redevelopment Authority (URA) for confirmation.

Tang Wei Leng, Executive Director for Investment Services at Colliers International, said the indicative pricing is competitive with an approximate $1,600psf ppr.

She cited that the recent collective sale of Balmoral Condominium was sold for $1,543psf ppr.

Current owners at Crystal Tower can expect to receive between $5 million to $10 million from the sale proceeds.

Recent transacted prices of residential projects in the Bukit Timah area, such as Cyan, are in the region of $2,400-$2,500psf.

The tender will close on August 4 at noon.
Source: Channel News Asia


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