City Towers' en bloc sale launched

The owners set a reserve price of $355m.

The freehold development City Towers in Bukit Timah Road has been launched for en bloc sale for $355m.

According to Colliers International, the reserve price, which includes a development charge of $3.51m to intensify land use, works out to a land rate of $1,633 psf ppr.

"This compares favourably to the $1,840 psf ppr achieved for the collective sale of nearby Crystal Tower in December," Colliers said.

The 17-storey City Towers is near the Newton and Stevens MRT stations and is connected via the Pan Island Expressway and the Central Expressway.

The property comprises 77 units of apartments and maisonettes, a penthouse unit and a shop unit. Depending on the size of their property, each residential owner stands to receive $2.45m to $10.17m from the successful sale of the development.

City Towers collective sale committee chairman M. Singh said, “Within three short months, we were able to garner more than 80% approval from owners to launch the tender. We have seen good collaborative spirit among the owners and this is largely due to the transparent and structured manner which Colliers ran the collective sale process. This is the owners’ fourth attempt at a collective sale and we believe the site will appeal to investors and developers owing to its choice location in the city fringe.”