Enbloc News: Crystal Tower…Take 3!

Crystal Tower – located off Bukit Timah Road – is being re-launched for en-bloc sale, but at a slightly lower price. The freehold residential site is being offered for en-bloc sale for about $150 million, which translates to $1,458psf ppr.

Crystal Tower is a 28-unit, 11-storey residential development that rests on an elevated 60,482sqft site with a gross plot ratio (GPR) of 1.6.

A development charge of approximately $5.22 million is payable up to a plot ratio of 1.76, which takes into consideration an additional 10% balcony space.

“This compares favourably to the most recent land sale in the vicinity – Nos 2 – 8 Robin Road, which was reported to be sold in December 2011 at a land rate of $1,426psf ppr,” said Tang Wei Ling, Colliers International’s executive director of investment services.

When it was first tendered in July last year, the indicative price was $155 million, or $1,600psf ppr.

The tender closes on Feb 27.

Source: The Business Times

This is the third time Crystal Tower is trying for en-bloc. After the first (failed) attempt in July 2010, another (unsuccessful) attempt was made in October but with no indicative price. So will this be third time lucky?

The wife and I wish them well, but we do not share Colliers’ optimism…

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Enbloc News #2: St Patrick’s Garden & Crystal Tower

The collective sales for St. Patrick’s Garden (located near the Kembangan MRT station) and Crystal Tower (at Ewe Boon Road, near Newton MRT station), will be re-launched. Marketing agent Colliers International said that both properties do not have an indicative price. Both are zoned for residential use.

“We have decided to let the market tell us how much it is willing to pay. We will then go to the owners with the bids,” said Tang Wei Leng, executive director of investment services at Colliers International.

The freehold, 98-unit St Patrick’s Garden previously had an indicative price of $188 million (in June), or $888psf ppr. It sits on a 137,559sqft land parcel, and has allowable gross plot ratio of 1.4. No development charge is payable up to a plot ratio of 1.54, which takes into consideration an additional 10% balcony space, said Colliers.

Crystal Tower, also a freehold property, is a 28-unit, 11-storey residential development that sits on a 60,482sqft site with a gross plot ratio of 1.6. A development charge of $5.2 million is payable up to the plot ratio of 1.76, which takes into consideration an additional 10% balcony space.

It previously had an indicative price of $155 million (in July), or $1,600psf ppr.

The tender for St Patrick’s Gardens closes on Nov 1 at 12pm, while that for Crystal Tower closes on Nov 14 at 12pm.

Source: The Business Times

Click on link below to read our previous post about the Crystal Tower en bloc:
http://sgproptalk.blogspot.com/2011/07/enbloc-news-2.html

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Enbloc News #2: Crystal Tower

Crystal Tower, located at Ewe Boon Road, has been put up for collective sale by tender at an indicative price of $155 million.

It is a 28 unit, 11-storey residential development.

The 60,482sqft residential freehold site has a gross plot ratio of 1.6.

Its elevated site enjoys an unobstructed view of the Bukit Timah residential district.

Its marketing agent Colliers International said the compound can be re-developed into a 12-storey residential development comprising 81 units of 1,200sqft each.

The breakeven price for Crystal Tower is estimated to be in the region of $2,200 to $2,300psf.

The development charge might not be payable.

A development baseline enquiry has been submitted to the Urban Redevelopment Authority (URA) for confirmation.

Tang Wei Leng, Executive Director for Investment Services at Colliers International, said the indicative pricing is competitive with an approximate $1,600psf ppr.

She cited that the recent collective sale of Balmoral Condominium was sold for $1,543psf ppr.

Current owners at Crystal Tower can expect to receive between $5 million to $10 million from the sale proceeds.

Recent transacted prices of residential projects in the Bukit Timah area, such as Cyan, are in the region of $2,400-$2,500psf.

The tender will close on August 4 at noon.

Source: Channel News Asia

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