The owners of City Towers, a freehold condo that is located on the Bukit Timah Road, had to face three unsuccessful collective sales for their property so far. But, they are perseverant, continuing to pursue their goal, by launching another collective sale for this particular property, the fourth of this kind. If anyone is interested in the City Towers, then this person must know that the owners set a reserve price that reaches $355 million. How will this sale go? Well, we will just have to wait and see.
The construction for this development ended in the 60s, currently providing a total of 77 relatively spacious units, consisting of maisonettes and apartments alike, plus a penthouse and a unit designated for a shop. The Colliers International Group Inc., which is the company that is in charge with the marketing of this property, promoting it for the collective sale, stated that the reserve price actually contains a charge for development as well, of $3.505 million, so that the future owner of the property will be able to take the most of out the land’s use. According to the managing director of the company, Mr. Tang Wei Leng, City Towers is a property that has a great potential while coming at a great price, considering that property prices have dropped with approximately 20% since 2013 and are about to go up in the years that follow. Thus, if anyone would like to invest in District 10, now it’s the best time to do it.
At the moment, 80% of the property’s owners sent their approvals to launch the collective sale for City Towers. The chairman of the committee in charge with the collective sale of City Towers is confident that the rest of the owners will agree with the tender soon, due to the fact that Colliers manages the sale of the property in a very transparent manner, putting a great importance on communication with everybody involved in this process. If this fourth collective sale is going to be successful, then each owner at City Towers will receive anywhere between $2.45 and $ 10.17 million, a price that depends on the size of the unit owned by each of them.
The Singapore Condo that currently has 17 stories and proudly wears the “Residential” tag could easily be transformed into an apartment building of 24 stories. There should be no problems in getting the needed improvements from local authorities, meaning that the new development will be capable of providing 190 brand new units for anyone looking for a new home. As Mr. Tang added, the future City Towers will appeal a lot to families with children, due to the fact that the property is very close to several exceptional educational institutions. As for adults, they can enjoy the restaurants located nearby and the gorgeous Balmoral Plaza.
http://www.straitstimes.com/business/property/city-towers-in-bukit-timah-next-up-for-collective-sale
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