Crystal Court on the market for $115 mil

October 17, 2023

Crystal Court, a five-storey mixed-use development on River Valley Road in District 10, and an adjoining plot of private land are up for sale by tender, according to an Oct 17 press release by Edmund Tie & Co.

Crystal Court is situated at the corner of River Valley Road and Nathan Road. It has a land area of 16,729 sq ft and a total road frontage of 90m. Built in the 1980s, it comprises 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 sq ft.

The adjoining land plot, which lies between Crystal Court and River Valley Road, has an area of 4,058 sq ft and serves as a private service road with surface car park lots. Under the Master Plan 2019, the two plots are zoned for commercial and residential use.

Crystal Court has a guide price of $115 million, which works out to a land rate of about $2,456 psf per plot ratio, according to Edmund Tie. Interested parties are to submit separate tender bids for each property, it adds. No guide 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 “hard to come by”. “Considering Crystal Court’s strategic location, coupled with its bite-sized quantum, this is an exceptional opportunity which offers an enticing proposition for developers to expand their presence in one of Singapore’s most coveted districts,” she adds.

The properties can be amalgamated and redeveloped into a five-storey, boutique mixed-use development with a total gross floor area of 58,200 sq ft, reflecting a plot ratio of 2.8. Alternatively, the buyer can explore alternative 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 repurposing the existing building and space, giving 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.

More at: https://www.edgeprop.sg/property-new...market-115-mil