CapitaLand acquires Silver Tower on Orchard Road enbloc for S$161m

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

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