<article>In a big-ticket real estate deal in Singapore, prominent building City Towers in Bukit Timah has been sold to undisclosed buyers in a block sale for $303.1 million (SGD401.9 million).</article>

In a big-ticket real estate deal in Singapore, prominent building City Towers in Bukit Timah has been sold to undisclosed buyers in a block sale for $303.1 million (SGD401.9 million).
The sale bid was launched in early January.
The property &#8211; that comprises 77 units of apartments and maisonettes, a penthouse unit and a shop unit &#8211; will fetch each residential owner $2.09 million (SGD 2.78 million) to $8.67 million (SGD11.5 million) depending on the unit size, an announcement from <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/people-pimco-has-new-asia-ex-japan-head-thai-scb-gets-digital-ventures-head-colliers-make-senior-asia-hire-70632/" target="_blank" rel="noopener">Colliers International </a>said on Wednesday.
The property has a land area of 9,711.3 sq m with a proposed total gross floor area of 20,393.7 sq m, is zoned ‘Residential’ and has a Gross Plot Ratio of 2.1.
The sale price is 13 per cent over the owners’ reserve price after factoring in a development charge of $2.6 million (SGD 3.505 million).
&#8220;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,&#8221; said Tang Wei Leng, Managing Director at Colliers International.
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.
The property transaction follows a string of deals in the recent days including property developer Oxley Holdings&#8217; arm Oxley Pearl announcing that is was buying a property in Geylang for $9.80 (SGD13) million from Huang Shi Zong Hui Singapore, earlier this week.
Prior to that, in December, Frasers Property Ltd acquired a residential site near the Singapore River for $727 million and according to reports CEO Panote Sirivadhanabhakdi had said that the firm is still looking for more land in the city.
In a separate report by Colliers, it has estimated that real estate investments in Singapore should grow by 10-20 per cent year on year to $44 billion-$48 billion this year, following the 55 per cent growth in 2017.
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Freehold development City Towers in Singapore's Bukit Timah has been sold in a block sale by owners for $303.1 million (SGD401.9 million).

City Towers in Singapore's Bukit Timah sold for $303m

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City Towers in Singapore's Bukit Timah sold for $303m

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