Freehold City Towers sold for $401.9m

Each residential owner stands to receive $2.78m to $11.5m.

Freehold development City Towers, located in prime District 10, has been sold for $401.9m, Colliers International revealed.

According to a press release, the sale price jumped 13% above the owners' reserve price. This translates to a land rate of $1,847 psf ppr, after factoring in a development charge of $3.51m.

The City Towers collective sale tender, which was launched on 4 January and on 7 February, attracted a total of seven competitive bids.

City Towers in Bukit Timah Road has a land area of 9,711.3 sqm, with a proposed total gross floor area (GFA) of 20,393.7 sqm. Under the Master Plan 2014, it is zoned residential and has a gross plot ratio of 2.1.

Subject to relevant approvals from the authorities, the site can potentially be redeveloped to a 24-storey residential block offering about 190 new units – at an average size of 1,098 sqft.

City Towers 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 $2.78m to $11.5m from the successful sale of the development.

"The land rate for the 17-storey City Towers is highly competitive, and is higher than the $1,840 psf ppr achieved for the collective sale of nearby Crystal Tower in November 2017," Colliers said.