{"id":79270,"date":"2018-02-08T10:36:47","date_gmt":"2018-02-08T03:36:47","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/city-towers-sold-en-bloc-for-401-9m\/"},"modified":"2018-02-08T11:03:51","modified_gmt":"2018-02-08T04:03:51","slug":"city-towers-sold-en-bloc-for-401-9m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/city-towers-sold-en-bloc-for-401-9m\/","title":{"rendered":"City Towers sold en bloc for $401.9m"},"content":{"rendered":"


\nThe freehold development was sold to an undisclosed buyer for much higher than the owners\u2019 reserve price. (Photo: Colliers International)
\nSingapore\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.
\nLaunched on 4 January, the collective sale tender for the freehold development attracted seven competitive bids when it closed on 7 February. It was sold for $401.9 million to an undisclosed buyer, or 13 percent higher than the owners\u2019 reserve price.
\nMarketing agent Colliers International revealed that the sale price translates to a land rate of around $1,847 psf per plot ratio (psf ppr), after factoring in the $3.5 million development charge.
\nLocated along Bukit Timah Road, City Towers has a land area of about 104,532 sq ft and a proposed gross floor area of around 219,516 sq ft. It is zoned for residential use under the 2014 Master Plan with a gross plot ratio of 2.1.
\nThe development currently features 77 units of apartments and maisonettes, a shop unit and a penthouse. Each residential owner stands to gain between $2.78 million to $11.5 million from the sale, depending on the size of their units.
\n\u201cDespite 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,\u201d said Colliers International managing director Tang Wei Leng.
\nThe site can be redeveloped into a 24-storey residential tower comprising about 190 units measuring 1,098 sq ft on average, subject to the relevant authorities\u2019 approval.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited 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 sold en bloc for 1.9m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The freehold development was sold to an undisclosed buyer for much higher than the owners\u2019...<\/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-79270","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-kCy","jetpack-related-posts":[{"id":98050,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-freehold-condos-in-district-9-up-for-en-bloc-sale-again\/","url_meta":{"origin":79270,"position":0},"title":"Two freehold condos in District 9 up for en bloc sale again","date":"September 18, 2018","format":false,"excerpt":"\r Located near Orchard Road, Grange Heights is making a second attempt at a collective sale. (Photo: Colliers International) Undeterred by the government\u2019s property cooling measures, two freehold condos in District 9 near the Orchard Road shopping district are making another try at an en bloc sale. Grange Heights along\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":75665,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/city-towers-attempts-another-collective-sale-at-355m\/","url_meta":{"origin":79270,"position":1},"title":"City Towers attempts another collective sale at $355m","date":"January 3, 2018","format":false,"excerpt":"\r Each homeowner could receive $2.45 million to $10.17 million if the sale goes through. (Photo: Colliers International)\u00a0 The 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":87439,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-condominiums-attempt-en-bloc-sale\/","url_meta":{"origin":79270,"position":2},"title":"More condominiums attempt en bloc sale","date":"May 9, 2018","format":false,"excerpt":"\r Elias Green in Pasir Ris is expected to be launched for collective sale at a reserve price of $780 million. The 419-unit Elias Green condo in Pasir Ris is expected to be launched for collective sale by marketing agent PropNex Realty at a reserve price of $780 million, with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":73900,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jervois-green-sold-for-52-9mil-brookvale-park-up-for-en-bloc-sale\/","url_meta":{"origin":79270,"position":3},"title":"Jervois Green sold for $52.9mil, Brookvale Park up for en bloc sale","date":"December 7, 2017","format":false,"excerpt":"\r Singapore\u2019s collective sale market continued to heat up with the sale of\u00a0 Jervois Green and the launch of Brookvale Park. A four-storey freehold development at 100A Jervois Road, Jervois Green has been sold for $52.9 million to investors led by Mike Ho, third-generation owner of Spring Court, one of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":99490,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/la-ville-condo-relaunched-with-lower-asking-price-of-140-6m\/","url_meta":{"origin":79270,"position":4},"title":"La Ville condo relaunched with lower asking price of $140.6m","date":"October 10, 2018","format":false,"excerpt":"\r La Ville is a 40-unit freehold condominium at Tanjong Rhu Road. (JLL) $1,424 psf ppr, or $1,361 psf ppr after taking into account the 10 percent bonus balcony space. A development charge of about $7.2 million is payable as well. Marketing agent JLL revealed on Tuesday (9 Oct) that\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":79270,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/79270"}],"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=79270"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/79270\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=79270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=79270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=79270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}