Crystal Tower up for en bloc sale again

Crystal Tower, an 11-storey residential development off Bukit Timah Road, has been put up for en bloc sale again.

Property consultant Colliers International is re-launching the freehold residential site located at Nos 41-45 Ewe Boon Road for sale by tender with an indicative price of S$150 million.

The site measures 60,482 square feet and is zoned for residential use.

Colliers said it can be turned into a 12-storey residential development with 81 units of 1,200 square feet each.

Currently, Crystal Tower has 28 units.

The indicate price works out to S$1,458 per square foot per plot ratio, said Tang Wei Leng, executive director of Investment Services at Colliers International.

“A development charge of approximately S$5.22 million is payable up to a plot ratio of 1.76, which takes into consideration an additional 10 per cent balcony space,” she added.

Ms Tang said the price is comparable to recent land sales in the vicinity like Nos 2-8 Robin Road, which was reportedly transacted at S$1,462 per square foot per plot ratio in December last year.

The tender for Crystal Tower will close on February 27 at 12pm.

The site was first put up for en bloc sale in July 2011.

Source : Channel NewsAsia – 1 Feb 2012

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