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Colliers closes S$401.9M Singapore condominium sale to CK Asset affiliate

Colliers International Group Inc. closed the S$401.9 million collective sale of the City Towers freehold development in Bukit Timah Road, Singapore, to an entity affiliated with Hong Kong tycoon Li Ka-shing's CK Asset Holdings Ltd.

Completion of the transaction comes after the city-state's High Court issued a sale order for the deal in May, according to the marketing agent. The transaction was earlier in limbo after two unit owners filed objections to the property's sale.

The 17-story City Towers has a land area of 9,711.3 square meters and a proposed gross floor area of 20,393.7 square meters. It comprises 77 units consisting of apartments, maisonettes, a penthouse and a shop. The property can be redeveloped into a 24-story apartment building with 190 units, according to an earlier report.

As of Aug. 28, US$1 was equivalent to S$1.39.