PUBLISHED 27th OCT 2017
Another collective sales of prime District 10 freehold site in the Bukit Timah enclave has been put up for an asking price $138 million yesterday.
Proprietors at Crystal Tower will each get between $4.6 million and $5 million if the sale goes through, while the penthouse owner will harvest about $9.2 million.
The land parcel at Bukit Timah is within walking distance of Stevens and Newton MRT stations, and as well as near Orchard Road, the Botanic Gardens and Dempsey Hill.
Crystal Tower is well located in a mature residential precinct where there are not many redevelopment sites left within the vicinity. We are expecting strong interest given its prime location and ideal size,” said Ms Swee Shou Fern, senior director for investment advisory at Edmund Tie & Company, the estate’s marketing agent.
The asking price reflects a land rate of $1,406 per sq ft per plot ratio (psf ppr) based on the existing gross floor area. No development charge is payable.
Crystal Tower constructed in the 1970s, the 28-unit property in Ewe Boon Road has a gross plot ratio of 1.6 and could yield about 130 units with an average size of 70 sq m.
The 60,482 sq ft site can be redeveloped up to its existing gross floor area of 98,179 sq ft.
Source: The Business Times
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