Silver Tower penthouse sold for $6.12m
31 Aug 2006
THE collective sale of Silver Tower has yet
to be concluded, but a penthouse in the freehold development in
Cairnhill Road was sold yesterday
for $6.12 million at an auction by Colliers International.
The price works out to $1,020 per square
foot based on the 5,995 sq ft strata area of the three-level penthouse
- a price market watchers said reflects a premium for the property's
en bloc potential.
A source suggested that based on its individual
sale value, without factoring in potential for an en bloc deal,
the penthouse could have fetched about $4.5 million or $750 psf.
Silver Tower is about 20 years old.
BT understands the penthouse had been on
the auction circuit for at least three years. It was sold by its
mortgagee, understood to be Hong Leong Finance. Three years ago,
the mortgagee was said to be asking for $3.8 million for the unit.
The buyer is said to be a Chinese individual
from the region. The unit, #08-04, has a private pool and is tenanted
until May 2007 at $4,000 a month.
BT understands that despite paying a hefty
premium for the penthouse, the new owner stands to reap a further
$1 million or so if an en bloc sale of Silver Tower proceeds at
the target price of $168 million. Based on this price, the owner
would be able to collect about $7 million-plus for his unit.
Savills Singapore, which is marketing the
en bloc sale of Silver Tower, declined to comment yesterday except
to say the collective deal is still under negotiation.
Colliers also sold three other properties
at yesterday's auction. One was a single-storey, freehold detached
house with a land area of 6,183 sq ft in Sommerville Road off Upper
Serangoon Road. It fetched $1.7 million. Another was a third-storey
walk-up apartment in Lorong 15 Geylang. The 999,999-year leasehold
property with 1,517 sq ft strata area fetched $310,000.
Colliers also sold a three-storey JTC detached
factory at 6 Woodlands Loop for $4.88 million. The property is on
a site with 30 years' lease starting September 1994 with an option
to renew for 30 years. All four properties sold yesterday were mortgagee
sales.
