Agent.sg / Property news / Happy ending for S$401.9m collective sale of City Towers in Bukit Timah

Happy ending for S$401.9m collective sale of City Towers in Bukit Timah

The sale of City Towers in Bukit Timah has finally been completed at its fourth en bloc attempt and after a pair of sibling owners initially attempted to block the deal.

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Sale of the District 10 freehold site for S$401.9 million to a unit-linked to Hong Kong tycoon Li Ka-Shing was completed on Aug 27, real estate firm Colliers International announced in a press statement on Wednesday.

Depending on the size of their unit, each residential owner stands to receive S$2.78 million to S$11.5 million from the successful sale. The sale price - which is more than 13 per cent above the owners' reserve price - works out to a land rate of about S$1,847 per square foot per plot ratio (psf ppr), after factoring in a development charge of S$3.5 million.

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