New Century Real Estate is also the developer for 8Rodyk condominium.
Grand Tower is a freehold development with a site area of 21,742 sqft. The site can potentially accommodate a new high rise residential development with a maximum permissible Gross Floor Area of approximately 64,310sqft.
The site can potentially be redeveloped into a residential development comprising more than 70 apartments averaging 800sqft each.
Savills said the breakeven cost is estimated between $1,900 to $2,000psf.
The existing development comprises 28 apartments with an area of about 1,873sqft each.
Savills said each owner can potentially receive approximately $3.16 million, or $1,688psf on strata area. This is higher than the $1,000 to $1,100psf if the apartments were to be sold individually in the secondary market.
Grand Tower is Savills' fourth collective sale for the year following Newton View at $147.6 million in March.
Source: Channel News Asia