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Freehold development City Towers sold for S$401.9m
CITY Towers, a freehold development in prime District 10, has been sold for S$401.9 million to an undisclosed buyer, an announcement by real estate services firm Colliers late on Wednesday said.
The sale price - which is more than 13 per cent above the owners' reserve price - works out to a land rate of approximately S$1,847 per square foot per plot ratio (psf ppr), after factoring in a development charge of S$3.5 million.
City Towers along Bukit Timah Road has a land area of 9,711.3 square metres (approximately 104,531 sq ft), with a proposed total Gross Floor Area of 20,393.7 sq m. Under the Master Plan 2014, it is zoned 'Residential' and has a Gross Plot Ratio of 2.1.
It currently comprises 77 units of apartments and maisonettes, a penthouse unit and a shop unit. Depending on the size of their property, each residential owner stands to receive between S$2.78 million and S$11.5 million from the successful sale of the development.
Subject to relevant approvals from the authorities, the site can potentially be redeveloped to a 24-storey residential block offering about 190 new units at an average size of 1,098 sq ft. The site is not subject to the Pre-Application Feasibility Study.
Tang Wei Leng, managing director at Colliers International, said: "Despite several competing collective sale tenders in District 10, City Towers still attracted strong interest from developers, owing to its prime location near renowned schools, a wide range of amenities and the Newton and Stevens MRT stations. The site will provide a good opportunity for the successful bidder to take advantage of opportunities in a residential market that is on the cusp of a sustained recovery."
The collective sale tender, which was launched on Jan 4 and closed at 3pm on Feb 7, attracted a total of seven competitive bids.