Crystal Court on the market for $115 million
A five-storey mixed-use development Crystal Court which is located on River Valley Road in prime locale District 10, and an adjoining plot of private land are up for sale by tender, according to an Oct 17 media conference by Edmund Tie & Co.
Crystal Court is located at the corner of River Valley Road and Nathan Road with a land area of 16,729 square feet and a total road frontage of 90m. Completed in the 1980s, it consists of a basement car park, a commercial unit on the ground floor, and 16 apartment units on the upper floors ranging between 1,109 and 2,637 square feet.
The adjoining land plot, which lies between Crystal Court and River Valley Road, has an area of 4,058 square feet and serves as a private service road with surface car park lots. Under the Master Plan 2K19, the two plots are zoned for commercial and residential use.
Crystal Court has a estimate indicative price of $115 million, which works out to a land rate of about $2,456 psf per plot ratio, according to Edmund Tie. For those who are interested in the building, they are welcome to apply for individual tender bids for each property, it adds. No indicative price was specified for the adjoining land plot.
Swee Shou Fern, head of investment advisory at Edmund Tie, says that mixed-use sites near the Orchard Road area are a rare opportunity. “Taking in account that Crystal Court’s strategic location, incorporate with its palatable absolute price tag, this is an excellent potential which provides an alluring factor for developers to enlarge their presence in one of Singapore’s most premium address,” she adds.
The properties reflecting a plot ratio of 2.8, can be amalgamated and reconstructed into a five-storey, boutique integrated development with a total gross floor area of 58,200 square feet. Another option will be the purchasers can toyed around various uses for the site subject to approval from the authorities, including serviced residences, co-living residences, hotel or post-partum care centre.
“Creative developers who are into sustainable urban renewal can also explore retrofitting the existing building and space, by sprucing it a new purpose such as co-living or postpartum care centre. This is especially so, on the back of the traction gained by the co-living sector in Singapore and the growing popularity of postpartum care centres for mothers in recent years,” comments Swee.
The tender for Crystal Court and the adjoining plot of private land will close on Nov 20 at 3pm.
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