Allgreen properties finally made a name in the en bloc hot market. It has acquired Crystal Tower for S$180.65 million, translate to S$1,840 psf ppr which is quite bullish bid by analysts for this freehold property.
The competition was very intense for this freehold site in the Bukit Timah area. It has received total of 12 bids, reported by Edmund Tie & Company, the marketing agent of Crystal Tower.
Allgreen properties won the bidding war and declares as the winner by placing the Right number.
It was bid above the asking price of S$138 million (S$1,406 psf ppr) which makes the owners very happy.
For the Crystal Tower which has 28 units presently, owners of each apartment would be pocketing about S$6 million to S$6.6 million and penthouse owner will be getting about S$12.3 million.
The breakeven price for Crystal Tower will be around S$2,400-S$2,500 psf, for profits to be gain selling price at S$2,650-S$2,800 psf for new launch units.
Crystal Tower at Ewe Boon Road has a land area of 60,482 square feet which could be developed into about 130 units
- The property is freehold which is most wanted by developers
- The freehold site has great potential for redevelopment
- The site is Not attracting any development charge
- Crystal Tower Condo is a stone’s throw away from well known MRTs, including Orchard, Newton and Stevens MRT
- The site is also close to shopping paradise Orchard Road
- The property is near to attraction like Botanic Gardens
- Dempsey Hill is also around
- The property is on high grounds that give a beautiful view of the lands below, including the prestigious Bukit Timah district.
- There are good educational institutions around, including Chinese International School, San Yu Adventist School, St. Joseph Institutional International, Singapore Chinese Girls’ Primary, and Anglo Chinese Schools – both Primary and Junior.
Owners of Crystal Tower Condo know their property’s potential, and having been emboldened by the successful sale of properties like Amber Park, they have priced their property like their counterparts in district 9, so that the land rate exceeds S$1,400 psf ppr.
If this collective sale succeeds at the current asking price, the penthouse owner at Crystal Tower will pocket S$9.2m, while the owners of the other housing units will take away healthy figures between S$4.6m and S$5m each.