Business

Prime District 10 freehold site up for collective sale for $138m

Another prime District 10 freehold site in the Bukit Timah enclave was launched for collective sale yesterday with an asking price of $138 million.

Owners at Crystal Tower will each get between $4.6m and $5m if the sale goes through, while the penthouse owner will reap about $9.2m.

The site is within walking distance of Stevens and Newton MRT stations, and near Orchard Road, the Botanic Gardens and Dempsey Hill.

"Crystal Tower is well located in a mature residential precinct where there are not many redevelopment sites left within the vicinity," said Ms Swee Shou Fern, senior director, investment advisory at Edmund Tie & Co, the estate's marketing agent.

"We are expecting strong interest given its prime location and ideal size."

The asking price reflects a land rate of $1,406 per square foot per plot ratio based on the existing gross floor area. No development charge is payable.

Built in the 1970s, the 28-unit property in Ewe Boon Road has a gross plot ratio of 1.6 and could yield about 130 units with an average size of 70 square metres. The 60,482 square feet site can be redeveloped up to its existing gross floor area of 98,179 sq ft.

"Most of the projects in districts 9, 10, 11 and 15 are a bit older and have more potential for redevelopment," said Edmund Tie research head Lee Nai Jia.

District 10 ranks second in terms of the total number of non-landed homes with 25,457 units, after district 15's 28,848 units, he said, citing Urban Redevelopment Authority data.

Other developments in the area that are in various stages of en-bloc sales include Royal­ville, Villa D'Este and Spring Grove. Jervois Gardens was sold last month to a subsidiary of SC Global for $72m.

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

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