Crystal Tower up for en bloc sale at S$138m

Singapore

CRYSTAL Tower, a freehold residential site at Ewe Boon Road, has been put up for collective sale by tender, joining the swelling pool of hopefuls in the en bloc market.

Owners are asking for S$138 million, which reflects a land rate of S$1,406 per square foot per plot ratio (psf ppr) based on its existing gross floor area.

Built in the 1970s, the 28-unit development sits on a land area of about 60,482 sq ft and is zoned for residential use with a gross plot ratio of 1.6 under the Master Plan 2014.

Marketing agent Edmund Tie & Company (SEA) said that subject to authorities' approval, it can be redeveloped up to its existing gross floor area of 98,179 sq ft, reflecting an equivalent plot ratio of 1.623.

The development is located within the Bukit Timah enclave in prime District 10, and within a short drive away from the Orchard Road shopping belt as well as lifestyle destinations such as the Singapore Botanic Gardens and Dempsey Hill. It is also within one kilometre of Anglo-Chinese School (Primary) and Singapore Chinese Girls' School.

Swee Shou Fern, senior director of investment advisory at ET&Co, noted that Crystal Tower is located in a mature residential precinct where there are not many redevelopment sites left. She envisages that the development can be rebuilt into an upscale boutique residential project of around 130 units, assuming an average apartment size of 70 square metres.

"Projects in the area have experienced brisk sales in recent months. With limited remaining stock and pipeline supply in the immediate vicinity, it is timely for a new condominium project in the near future."

Data shows that three nearby condominiums - Goodwood Grand, One Balmoral and Three Balmoral - sold about 80 units altogether from May to October this year at an average selling price of S$2,320 psf.

As Crystal Tower has a high development baseline, no development charge is payable. Consultants say the asking price translates to a breakeven price of S$1,900 to S$2,050 psf.

Earlier this week, Dunearn Court, which is located fairly nearby, was sold to a wholly-owned unit of Roxy-Pacific Holdings for S$36.3 million, or S$1,371 psf ppr. This is quite close to Crystal Tower's asking price. Both sit on freehold land.

Within the vicinity, Mayfair Gardens off Dunearn Road was also launched for collective sale this week with a reserve price of S$265 million, or S$1,058 psf ppr, including an additional lease top-up premium of S$43.7 million to the state for a fresh 99-year lease.

The tender exercise for Crystal Tower closes on Nov 28 at 3pm.