Crystal Tower up for collective sale at $138 mil

[reporter2]

Crystal Tower up for collective sale at $138 mil

By Timothy Tay / EdgeProp | October 26, 2017



On Oct 26, Edmund Tie & Co., the exclusive marketing agent, announced that the freehold Crystal Tower is being put up for sale by tender.

The property is situated on an elevated 60,482 sq ft site, which is zoned ‘Residential’ under the 2014 Masterplan. The site has a plot ratio of 1.6 but, subject to authorities’ approval, can redeveloped up to its existing gross floor area of 98,179 sq ft, reflecting an equivalent plot ratio of 1.623.

The property can be redeveloped to fit about 130 units sized from 753.2 sq ft, says Swee Shou Fern senior director, investment advisory at ET & Co. The asking price is $138 million, or $1,406 psf per plot ratio, based on the existing gross floor area. No development charge is payable.

Located on Ewe Boon Road in prime District 10, the 28-unit Crystal Tower is served by the Stevens and Newton MRT stations. It is about 500m to Anglo-Chinese School (Primary) and Singapore Chinese Girl’s School.

The tender exercise will close on Nov 28.

[reporter2]

Crystal Tower in Bukit Timah up for collective sale

Oct 27, 2017

Grace Leong


Another prime District 10 freehold site in the Bukit Timah enclave has been put up for collective sale yesterday with an asking price of $138 million.

Owners at Crystal Tower will each get between $4.6 million and $5 million if the sale goes through, while the penthouse owner will reap about $9.2 million.

The site is within walking distance of Stevens and Newton MRT stations, and is also near Orchard Road, the Botanic Gardens and Dempsey Hill.

"Crystal Tower is well located in a mature residential precinct where there are not many redevelopment sites left within the vicinity. We are expecting strong interest given its prime location and ideal size," said Ms Swee Shou Fern, senior director for investment advisory at Edmund Tie & Company, the estate's marketing agent.

The asking price reflects a land rate of $1,406 per sq ft per plot ratio (psf ppr) based on the existing gross floor area. No development charge is payable.

Built in the 1970s, the 28-unit property in Ewe Boon Road has a gross plot ratio of 1.6 and could yield about 130 units with an average size of 70 sq m.

The 60,482 sq ft site can be redeveloped up to its existing gross floor area of 98,179 sq ft.

"Most of the projects in districts 9, 10, 11 and 15 are a bit older and have more potential for redevelopment," said Edmund Tie & Company research head Lee Nai Jia.

District 10 ranks second in terms of the total number of non-landed homes with about 25,457 units, after District 15's 28,848 units, he said, citing Urban Redevelopment Authority data.

Other developments in the area that are in various stages of being sold en bloc include Royalville, Villa D'Este and Spring Grove. Jervois Gardens was sold last month to a subsidiary of SC Global for $72 million.

"Since the en bloc fever began, there have been a number of former HUDC estates sold. Now, it's the prime districts' turn," noted ZACD Group's executive director Nicholas Mak.

"The owners, depending on their tenure and specific location within prime districts 9 and 10, are now emboldened to ask for higher land prices that translate to land rates of more than $1,400 to $1,500 psf ppr, after Amber Park snagged a land rate of $1,515 psf ppr."

The tender for Crystal Tower closes at 3pm on Nov 28.

[reporter2]

Crystal Tower up for en bloc sale at S$138m

It is within the Bukit Timah enclave in District 10, where projects have experienced brisk sales in recent months

Fri, Oct 27, 2017

Lee Meixian


CRYSTAL Tower, a freehold residential site at Ewe Boon Road, has been put up for collective sale by tender, joining the swelling pool of hopefuls in the en bloc market.

Owners are asking for S$138 million, which reflects a land rate of S$1,406 per square foot per plot ratio (psf ppr) based on its existing gross floor area.

Built in the 1970s, the 28-unit development sits on a land area of about 60,482 sq ft and is zoned for residential use with a gross plot ratio of 1.6 under the Master Plan 2014.

Marketing agent Edmund Tie & Company (SEA) said that subject to authorities' approval, it can be redeveloped up to its existing gross floor area of 98,179 sq ft, reflecting an equivalent plot ratio of 1.623.

The development is located within the Bukit Timah enclave in prime District 10, and within a short drive away from the Orchard Road shopping belt as well as lifestyle destinations such as the Singapore Botanic Gardens and Dempsey Hill. It is also within one kilometre of Anglo-Chinese School (Primary) and Singapore Chinese Girls' School.

Swee Shou Fern, senior director of investment advisory at ET&Co, noted that Crystal Tower is located in a mature residential precinct where there are not many redevelopment sites left. She envisages that the development can be rebuilt into an upscale boutique residential project of around 130 units, assuming an average apartment size of 70 square metres.

"Projects in the area have experienced brisk sales in recent months. With limited remaining stock and pipeline supply in the immediate vicinity, it is timely for a new condominium project in the near future."

Data shows that three nearby condominiums - Goodwood Grand, One Balmoral and Three Balmoral - sold about 80 units altogether from May to October this year at an average selling price of S$2,320 psf.

As Crystal Tower has a high development baseline, no development charge is payable. Consultants say the asking price translates to a breakeven price of S$1,900 to S$2,050 psf.

Earlier this week, Dunearn Court, which is located fairly nearby, was sold to a wholly-owned unit of Roxy-Pacific Holdings for S$36.3 million, or S$1,371 psf ppr. This is quite close to Crystal Tower's asking price. Both sit on freehold land.

Within the vicinity, Mayfair Gardens off Dunearn Road was also launched for collective sale this week with a reserve price of S$265 million, or S$1,058 psf ppr, including an additional lease top-up premium of S$43.7 million to the state for a fresh 99-year lease.

The tender exercise for Crystal Tower closes on Nov 28 at 3pm.