Tender alert: Residential site Crystal Tower up for collective sale

The tender will close on February 27, 2012 at 12pm, so be quick.

According to a release, international property consultant, Colliers International will be re-launching – for collective sale by tender – a freehold residential site located at Nos 41-45 Ewe Boon Road.

The 60,482 sq ft elevated site is currently occupied by Crystal Tower, an 11-storey residential development comprising 28 units, many of which enjoy an unobstructed view of the Bukit Timah residential district. The development also comprises a swimming pool, a club house and surface car park lots.

Under the 2008 Master Plan, the subject site is zoned for “Residential” use with a gross plot ratio of 1.6. Subject to approval from relevant authorities, the site can be re-developed into a 12-storey residential development comprising 81 units of 1,200 sq ft each.

Ms Tang Wei Leng (邓慧玲), Executive Director of Investment Services at Colliers International, says, “Indicative pricing for Crystal Tower is S$150 million, which works out to S$1,458 per sq ft per plot ratio. A development charge of approximately S$5.22 million is payable up to a plot ratio of 1.76, which takes into consideration an additional 10-per-cent balcony space.

This compares favourably to the most recent land sale in the vicinity – Nos 2-8 Robin Road, which was reported to be sold in December 2011 at a land rate of S$1,462 per sq ft per plot ratio.”

Crystal Tower is strategically perched on a hill and located in the quieter area of the established Bukit Timah residential enclave. Access to the rest of the island is via major trunk roads including Bukit Timah Road and Dunearn Road, as well as the Stevens MRT station that is slated to open in 2015. Amenities and food establishments are easily available at the nearby Balmoral Plaza, and Adam Road and Newton Circle food centres.