{"id":75665,"date":"2018-01-03T10:52:10","date_gmt":"2018-01-03T03:52:10","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/city-towers-attempts-another-collective-sale-at-355m\/"},"modified":"2018-01-03T11:03:01","modified_gmt":"2018-01-03T04:03:01","slug":"city-towers-attempts-another-collective-sale-at-355m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/city-towers-attempts-another-collective-sale-at-355m\/","title":{"rendered":"City Towers attempts another collective sale at $355m"},"content":{"rendered":"


\nEach homeowner could receive $2.45 million to $10.17 million if the sale goes through. (Photo: Colliers International)\u00a0
\nThe freehold City Towers condominium at 317-325Q Bukit Timah Road will be put up for collective sale again this Thursday (4 January) at a reserve price of $355 million, marketing agent Colliers International said.
\n\u201cThis is the owners\u2019 fourth attempt at collective sale and we believe the site will appeal to investors and developers owing to its choice location in the city fringe,\u201d said M. Singh, chairman of the City Towers collective sale committee.
\nThe reserve price includes a development charge of $3.505 million to intensify land use, and works out to a land rate of $1,633 psf per plot ratio (psf ppr). This compares favourably to the $1,840 psf ppr achieved for the collective sale of nearby Crystal Tower in December 2017.
\nDepending on the size of their property, each homeowner could receive $2.45 million to $10.17 million if the sale goes through. According to Colliers, the amount is more than double the open market value of the individual units.
\nThe 17-storey development was completed in the 1960s and comprises 77 apartments and maisonettes, one penthouse and a shop unit. City Towers is close to the Newton and Stevens MRT stations, Balmoral Plaza and established schools.
\nThe approximately 104,531 sq ft site is zoned for residential use and has a gross plot ratio of 2.1 under the Master Plan 2014. Subject to relevant approvals from the authorities, it could be redeveloped into a 24-storey apartment block of about 190 units with an average size of 1,098 sq ft.
\nThe site is not subject to the Pre-Application Feasibility Study, which requires developers to assess traffic impact and recommend car-lite measures as part of their redevelopment proposals.
\n\u201cWe think the high-end private residential market is poised for recovery after prices fell by about 20 percent since June 2013,\u201d said Tang Wei Leng, managing director at Colliers International.
\n\u201cCity Towers presents a good opportunity for developers to add a plum District 10 site to their portfolio in preparation for the potential pick-up in prime home prices in the coming years.\u201d
\nThe public tender for City Towers will close on 7 February.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…City Towers attempts another collective sale at 5m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Each homeowner could receive $2.45 million to $10.17 million if the sale goes through. (Photo:...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-75665","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-jGp","jetpack-related-posts":[{"id":79270,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/city-towers-sold-en-bloc-for-401-9m\/","url_meta":{"origin":75665,"position":0},"title":"City Towers sold en bloc for $401.9m","date":"February 8, 2018","format":false,"excerpt":"\r The freehold development was sold to an undisclosed buyer for much higher than the owners\u2019 reserve price. (Photo: Colliers International) Singapore\u2019s collective sales fever shows no signs of abating with City Towers being the latest development to be successfully sold en bloc, reported the Business Times. Launched on 4\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90742,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gilstead-court-elizabeth-towers-launched-for-collective-sale\/","url_meta":{"origin":75665,"position":1},"title":"Gilstead Court, Elizabeth Towers launched for collective sale","date":"June 7, 2018","format":false,"excerpt":"\r Elizabeth Towers off Orchard Road in District 9 has a reserve price of $610 million or $2,416 psf ppr. (Photo: Knight Frank Singapore) The en bloc fever continues to heat up with two more freehold sites \u2013 Gilstead Court and Elizabeth Towers \u2013 launched for sale. The owners of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":83363,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/olina-lodge-verdun-house-launched-for-collective-sale\/","url_meta":{"origin":75665,"position":2},"title":"Olina Lodge, Verdun House launched for collective sale","date":"March 22, 2018","format":false,"excerpt":"\r Completed in 1990, the freehold Olina Lodge has a reserve price of $220 million. (Photo: SRI) The collective sales fever continues to heat up with the recent launch of two freehold developments \u2013 Olina Lodge and Verdun House, revealed marketing agent Singapore Realtors Inc (SRI). Located at 15 Holland\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":85150,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tulip-garden-sold-for-906-9m-in-2018s-second-largest-collective-sale\/","url_meta":{"origin":75665,"position":3},"title":"Tulip Garden sold for $906.9m in 2018\u2019s second largest collective sale","date":"April 13, 2018","format":false,"excerpt":"\r Tulip Garden\u2019s purchase price is 20.4 percent higher than the reserve price of $753 million. (Photo: Colliers International) The Tulip Garden condominium at Farrer Road has made headlines for being the second biggest collective sale to date this year, following the $980 million en bloc sale of Pacific Mansion\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":85154,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tulip-garden-sold-for-906-9m-in-second-largest-collective-sale-this-year\/","url_meta":{"origin":75665,"position":4},"title":"Tulip Garden sold for $906.9m in second largest collective sale this year","date":"April 13, 2018","format":false,"excerpt":"\r Tulip Garden\u2019s purchase price is 20.4 percent higher than the reserve price of $753 million. (Photo: Colliers International) The Tulip Garden condominium at Farrer Road has made headlines for being the second biggest collective sale to date this year, following the $980 million en bloc sale of Pacific Mansion\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93260,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/horizon-towers-up-for-en-bloc-sale-for-1-1b\/","url_meta":{"origin":75665,"position":5},"title":"Horizon Towers up for en bloc sale for $1.1b","date":"July 6, 2018","format":false,"excerpt":"\r The reserve price works out to a land rate of $1,964 psf per plot ratio. (Photo: JLL) Horizon Towers, a 211-unit residential development at Leonie Hill in District 9, has been launched for collective sale with a reserve price of $1.1 billion. Including the lease top-up premium of about\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/75665"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=75665"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/75665\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=75665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=75665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=75665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}