Crystal Tower up for collective sale at $138 mil
By Timothy Tay
/ EdgeProp |
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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 Master Plan. 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 sq ft, says Swee Shou Fern, senior director of 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 Girls' School.
The tender exercise will close on Nov 28.
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