Crystal Tower, a residential tower at Ewe Boon Road was put up for collective sale by a tender that will close on 28 November 2017.
The site is already at max development baseline so developers don’t have to pay the developmental charge for the next redevelopment. This will appeal to many developers.
Another advantage of buying Crystal Towers is that there is limited stock and pipeline supply in the neighboring vicinity. A new project will be able to attract the pent up demand there.
Crystal Towers was built in the 1970s and houses about 28 apartment units. Sitting on elevated ground, the site occupies a 60,482 sqft of land.
The en-bloc tender of former Crystal Towers attracted an aggressive 12 bids. Allgreen Properties won the tender at $180.65 million. This translates to around $1,840 per square feet per plot ratio.
Based on allowable limits, the developer can redevelop the former Crystal Towers into a new condo housing around 130 apartments based on maximum permissible of 1.6 plot ratio or 98,179 sqft of gross floor area.
Allgreen has decided to name the new condominium Juniper Hill for the former Crystal Towers redevelopment. Juniper Hill is the second project launch among its three projected launch under its luxurious Bukit Timah Collection. The other projects are Fourth Avenue Residences and the former Royalville site.
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