Happy ending for S$401.9m collective sale of City Towers in Bukit Timah

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THE sale of City Towers in Bukit Timah has finally been completed at its fourth en bloc attempt and after a pair of sibling owners initially attempted to block the deal. Read more at The Business Times.

after the siblings, who owed two units at City Towers, filed their objections to the High Court. The duo, however, withdrew their objections and the sale order approving the collective sale was issued in May this year.reported then that the siblings' objections had affected their mother, who also owned a unit in City Towers and had already bought a new home.The 17-storey development comprises 77 units of apartments and maisonettes, a penthouse unit and a shop unit.

City Towers, which is near the Newton and Stevens MRT stations, is located in an enclave of private residential apartments and landed housing estates in District 10. Tang Wei Leng, managing director at Colliers, said:"We are happy to have successfully concluded this collective sale for the owners. This is their fourth attempt and the success is a happy outcome."

M Singh, chairman of the City Towers collective sale committee, added:"Collective sale journeys tend to be long and complex, and the owners are heartened that the sale is finally completed. We are delighted that Colliers has more than delivered on the mandate from owners, achieving a premium above the reserve price. In addition, we would like to thank all parties involved in this deal particularly our lawyers for their professionalism and the owners for their support and patience.

 

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