City Towers in Bukit Timah launched for collective sale at $355m

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City Towers, a freehold property in Bukit Timah Road, will be launched for collective sale at an owners' reserve price of $355 million. It is the owners' fourth try at a collective sale.

The marketing agent for the collective sale, Colliers International Group, said in a statement yesterday that the reserve price includes a development charge of $3.505 million to intensify land use.

This works out to a land rate of $1,633 per square foot per plot ratio (psf ppr), compared with the $1,840 psf ppr achieved for the collective sale of nearby Crystal Tower in December, the agent said.

Ms Tang Wei Leng, Colliers International's managing director, said: "We think the high-end private residential market is poised for recovery after prices fell by about 20 per cent since June 2013.

"City 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."

The development comprises 77 units of apartments and maisonettes, a penthouse unit and a shop unit.

Each residential owner stands to receive $2.45 million to $10.17 million from the sale.

That is more than double the open market value of the individual units, Colliers said.

The 17-storey City Towers sits on a regular land plot of 9,711.3 sq m.

It is zoned "residential" and has a gross plot ratio of 2.1.

The site can potentially be redeveloped into a 24-storey apartment block offering about 190 new homes - at an average size of 1,098 sq ft - on the proposed total gross floor area of 20,393.7 sq m.