Launched for the first time on Jan 4 last year, City Towers in Bukit Timah had managed to attract up to 7 bids then but sadly the sale was not completed due to the objections of a pair of siblings who owned 2 units in the development.
Now, it has finally been successfully sold in the collective sale market for $401.9 million on its fourth attempt.
Success on its fourth try in the collective sale market
City Towers is located in prime district 10 and has a freehold status, both criteria being big pluses for developers looking for sites with potential.
Last week, it was sold to a unit-linked to Hong Kong tycoon Li Ka Shing for $401.9 million. After taking into account a $3.5 million development charge, the land rate works out to be $1,847 psf ppr.
The sale price is 13% more than the owners’ reserve price. Each residential owner will receive between $2.78 million to $11.5 million depending on the size of their unit.
The current development consists of a 17-storey block with 77 residential units, a penthouse and a shophouse unit. The land area measures at around 9,711.3 sq m with a proposed gross floor area of 20,393.7 sq m.
Site located near Orchard Road in an exclusive enclave
The site is along Dunearn road, in an exclusive enclave of private apartments and landed housing estates.
The Newton and Stevens MRT stations are nearby, as well as schools such as Singapore Chinese Girls’ School and Anglo Chinese School (Barker Road). The Newton Food Centre and Orchard Road shopping belt are also just a short distance away.