Enbloc News #2: St Patrick's Garden & Crystal Tower

The collective sales for St. Patrick’s Garden (located near the Kembangan MRT station) and Crystal Tower (at Ewe Boon Road, near Newton MRT station), will be re-launched. Marketing agent Colliers International said that both properties do not have an indicative price. Both are zoned for residential use.

“We have decided to let the market tell us how much it is willing to pay. We will then go to the owners with the bids,” said Tang Wei Leng, executive director of investment services at Colliers International.

The freehold, 98-unit St Patrick’s Garden previously had an indicative price of $188 million (in June), or $888psf ppr. It sits on a 137,559sqft land parcel, and has allowable gross plot ratio of 1.4. No development charge is payable up to a plot ratio of 1.54, which takes into consideration an additional 10% balcony space, said Colliers.

Crystal Tower, also a freehold property, is a 28-unit, 11-storey residential development that sits on a 60,482sqft site with a gross plot ratio of 1.6. A development charge of $5.2 million is payable up to the plot ratio of 1.76, which takes into consideration an additional 10% balcony space.

It previously had an indicative price of $155 million (in July), or $1,600psf ppr.

The tender for St Patrick’s Gardens closes on Nov 1 at 12pm, while that for Crystal Tower closes on Nov 14 at 12pm.

Source: The Business Times

Click on link below to read our previous post about the Crystal Tower en bloc:
http://sgproptalk.blogspot.com/2011/07/enbloc-news-2.html

.