CapitaLand has acquired Silver Tower on Orchard Road in a collective sale for S$161m.
It plans to build a luxurious 20-storey condominium with 100 apartments on the freehold site.CapitaLand’s purchase works out to S$1,107 per square foot per plot ratio.This includes an estimated development charge of S$16.5m.
Silver Tower sits on a 57,200 square feet area with a gross plot ratio of 2.8.
There are currently 38 apartments there.
CapitaLand is targetting to launch the development by end 2007.
CapitaLand has been seeing strong interest in its high-end developments over the last two years.
Source : Channel NewsAsia – 28 Sep 2006