Thursday, July 7, 2011

Crystal Tower, Daisy Apts up for collective sale

THE tender for the collective sale of Laguna Park at an asking price of $1.33 billion has closed. Its marketing agent Knight Frank was quoted by Channel News Asia (CNA) as saying it was negotiating with an interested party.

It has another 10 weeks to finalise a sale or negotiate a private treaty before the en bloc sale process collapses. If the sale goes through this time, residents could pocket about $2.2 million each.

Elsewhere, two residential properties - Crystal Tower at Ewe Boon Road and Daisy Apartments near Serangoon Gardens - have been put up for collective sale.

Crystal Tower carries an indicative price of $155 million, CNA reported yesterday. The 28- unit, 11-storey residential development sits on a 60,482 sq ft freehold site with a gross plot ratio of 1.6.

The breakeven price for Crystal Tower is estimated to be in the region of $2,200-2,300 per square foot (psf). There may be no development charge. Based on the indicative pricing of $1,600 psf per plot ratio (ppr), current owners at Crystal Tower can expect to receive between $5 million and $10 million each from the sale proceeds.

Daisy Apartments sits on a 13,000 sq ft site at Daisy Road. The expected en bloc price is above $14.5 million. The land is zoned for residential use at a plot ratio of 1.4 and an allowable height of up to five storeys.

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