Li Ka-shing unit is buyer of City Towers

City Towers sold for S$401.9m in latest en bloc sale

07 FEBRUARY, 2018


SINGAPORE — City Towers became the latest development to be successfully sold on the red hot en bloc market, fetching about S$401.9 million — or more than 13 per cent higher than the owners’ asking price.

The sale price works out to about S$1,847 per square foot per plot ratio (psf ppr), after factoring in a development charge of S$3.5 million, said marketing agent Colliers International on Wednesday (Feb 7).

City Towers, a 17-storey freehold development along Bukit Timah Road, launched its collective sale tender on Jan 4. In total, seven bids were received. Colliers International did not disclose the name of the buyer.

Last November, the nearby Crystal Tower — which is located at Ewe Boon Road — was sold for about S$180.7 million, which was more than 30 per cent above its asking price and translated to S$1,840 psf ppr.

Colliers International managing director Tang Wei Leng said: “Despite several competing collective sale tenders in District 10, City Towers still attracted strong interest from developers.”

She added that the site will “provide a good opportunity for the successful bidder to take advantage of opportunities in a residential market that is on the cusp of a sustained recovery”.

City Towers has a land area of about 104,531 sq ft. 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 sq ft, Colliers International said.

City Towers comprises 77 units. Depending on the size of their property, each residential owner stands to receive between S$2.78 million and S$11.5 million from the en bloc sale.

Mr M Singh, who chairs the collective sale committee, said: “There are many collective sale projects on the market and competition is intense… The entire collective sale process was conducted professionally and speedily, which made a key difference in today’s crowded en bloc market.” This was City Towers’ fourth en bloc attempt, and the committee garnered more than the requisite 80 per cent approval from owners within three months.

City Towers sold for $401.9m

Feb 8, 2018


Sale price more than 13% above reserve price; each residential owner could get $2.78m to $11.5m

City Towers, a freehold development in prime District 10, has been sold for $401.9 million.

Depending on the size of their property, each residential owner stands to receive $2.78 million to $11.5 million.

The development comprises 77 units of apartments and maisonettes, a penthouse unit and a shop unit. The sale price - which is over 13 per cent above the owners' reserve price - works out to a land rate of about $1,847 per square foot per plot ratio (psf ppr), after factoring in a $3.5 million development charge.

The land rate for the 17-storey City Towers is a tad higher than the $1,840 psf ppr achieved for the collective sale of nearby Crystal Tower last November.

ZACD Group executive director Nicholas Mak termed the winning bid as aggressive.

The City Towers collective sale tender, which was launched on Jan 4 and closed at 3pm yesterday, attracted seven competitive bids, said marketing agent Colliers International. It did not disclose the identity of the winning bidder.

"Despite several competing collective sale tenders in District 10, City Towers still attracted strong interest from developers, owing to its prime location near renowned schools, a wide range of amenities, and the Newton and Stevens MRT stations," said Colliers International managing director Tang Wei Leng in a statement.

"The site will provide a good opportunity for the successful bidder to take advantage of opportunities in a residential market that is on the cusp of a sustained recovery."

City Towers, which is in Bukit Timah Road, has a land area of 104,531 sq ft, with a proposed total gross floor area of 219,516 sq ft.

Under the Master Plan 2014, it is zoned residential and has a plot ratio of 2.1. The site can potentially be redeveloped to a 24-storey residential block offering about 190 new units, at an average size of 1,098 sq ft.

The site is not subject to the pre-application feasibility study on traffic impact, which is required if a redeveloped site proposes a significant increase in the number of dwelling units over the existing ones.

City Towers collective sale committee chairman M. Singh said: "There are many collective sale projects on the market and competition is intense.

"Therefore, we are very pleased that Colliers International and Dentons Rodyk managed to garner such a great outcome for the owners, despite the stiff competition from numerous sites that were launched for collective sale recently, particularly in Districts 9 and 10."

Said Ms Tang: "Amid a price recovery in the high-end residential segment, the developer can adjust the size of the units offered to ensure that homes remain relatively affordable, with an average selling price of about $3 million - a very competitive price point for an apartment in prime District 10."

Li Ka-shing unit is buyer of City Towers

Japura Development, linked to HK tycoon's Cheung Kong empire, beat six other contenders in the race to bag the Bukit Timah Road residential development

Fri, Feb 23, 2018

http://www.businesstimes.com.sg/site...?itok=LJQE4Ue-

JAPURA Development, linked to Hong Kong tycoon Li Ka-shing's Cheung Kong empire, is the party that clinched City Towers in Bukit Timah Road through a collective sale this month, The Business Times understands.

The award of the freehold collective sale site was announced by its marketing agent Colliers International late on Feb 7, hours after the tender for the en bloc sale had closed, but the buyer's identity was not disclosed.

This marks the Cheung Kong group's first acquisition in the ongoing wave of collective sales in Singapore that began last year.

Market watchers noted that the last time a unit in the Cheung Kong stable clinched a site here was in 2014, when the group bagged a 99-year leasehold site in Upper Serangoon Road in a state tender. It has since developed the mixed-use site into the Stars of Kovan.

Japura's S$401.9 million purchase price for the City Towers site, which was more than 13 per cent above the owners' reserve price, worked out to a land rate of about S$1,847 per square foot per plot ratio (psf ppr), after factoring in a development charge of S$3.5 million.

The prime District 10 site has a land area of 104,531 sq ft and is zoned for residential use with a 2.1 gross plot ratio. This means it can be redeveloped into a new condo project with about 219,516 sq ft gross floor area.

The tender drew seven competitive bids, Colliers had said in its Feb 7 announcement.

City Towers now comprises 77 units of apartments and maisonettes, a penthouse unit and a shop unit. Depending on the size of their unit, each residential owner stands to receive between S$2.78 million and S$11.5 million from the successful sale of the development.

Mr Li's earlier residential projects in Singapore include Thomson Grand in Upper Thomson Road, The Vision in the West Coast, Cairnhill Crest and Costa del Sol condo in Bayshore Road.