Crystal Tower sold en bloc for $180.65m

Owners are expected to receive at least $6m.

The freehold Crystal Tower has been sold en bloc for $180.65m or $1,840 psf ppr, Edmund Tie & Company SEA Pte Ltd (ET&Co) revealed.

According to a press release, Allgreen Properties Limited won amongst 12 bids.

Based on the sale price, each apartment owner is expected to receive gross sale proceeds of between $6m to $6.6m, whilst the penthouse owner will receive about $12.3m.

Built in the 1970s, Crystal Tower is a residential development with 28 apartment units. The property sits on elevated grounds with a land area of approximately 5,619.0 sqm (60,482 sqft) and is zoned for residential use at a gross plot ratio of 1.6 under Master Plan 2014.

Subject to authorities’ approval, it can be redeveloped into a condominium project of around 130 dwelling units, up to its existing gross floor area of 9,121.17 sqm (98,179 sqft), reflecting an equivalent plot ratio of 1.623. No development charge is payable.