Owners Endure and Waited for Almost 20 months, their Nightmares its Finally Over!
The en bloc sale of the City Towers along Bukit Timah Road has been successful completed, according to Colliers International the marketing agent of the sale.
The deal was brought to fruition on August 27th after a sale order had been obtained from the High Court in May of this year.
This freehold development property was sold at a staggering price of S$401.9 million that worked out to around S$1,847 psf ppr, after factoring in the S$3.5 million developmental charge.
Each of the unit owners stands to receive an amount ranging from S$2.78 million to S$11.5 million according to the size of each unit. The sale price is around 13% more of the reserve price set by the owners.
The initial en bloc sale was launched on the 4th of January last year and it attracted around 7 bidders.
The top bidder, then, was Japura Development that is associated with Mr. Li’s Cheung Kong’s empire.
This collective tender, however, encountered at the onset a snag when two of the unit owners who are siblings raised to the high court their objections.
Nevertheless, the said siblings withdrew their objections afterward, paving the way for the passage of the sale order for the collective sale of the property.
City Towers is a 17-storey building that comprises around 77 apartment units and maisonettes along with a shop unit and a penthouse unit.
Its total lot area is 104.531 square feet or 9,711.3 square meters. This freehold property is near the Stevens and the Newton MRT stations.
It is also strategically located in an area surrounded by landed housing estates and private residential apartments within District 10.
Ms. Tang Wei Leng, Colliers International’s Managing Director, expressed her delight at the successfully concluded en bloc sale.
She remarked that the success of this fourth attempt at collective sale is indeed a happy result.
On the other hand, Mr. M Singh the City Towers’ collective sale committee chairman, stated that the collective sale journey may seem to be lengthy and complicated.
Nevertheless, the owners are glad that the sale finally pushed through. He also added that the owners are truly delighted about how Colliers performed its mandate from the owners.
He further remarked that the owners are also doubly delighted that the sale achieved a premium that is way over the reserve price.
Lastly, he was grateful to all parties who made the sale possible for their support, patience, and professionalism.