Crystal Tower up for en bloc sale

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

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

The 60,482 square foot 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 1,200 sq feet each.

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

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 S$1,600 per sq foot per plot ratio.

She cited that the recent collective sale of Balmoral Condominium was sold for S$1,543 per sq foot per plot ratio.

Current owners at Crystal Tower can expect to receive between S$5 million to S$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 S$2,400-S$2,500 per sq foot.

The tender will close on August 4 at noon.

Source : Channel NewsAsia – 5 Jul 2011

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