Crystal Tower was transacted at $1,840 psf ppr, which is just over 30% higher than the asking price. It is also about 12% higher than the recent sale price of nearby Casa Contendere to Tee Land. This works out to a breakeven price of around $$2,300 - $2,400 psf, and a potential selling price of around $2,650 - $2,800 psf.
Most of the bids for Royalville, nestled in Bukit Timah near Sixth Avenue MRT station, were well above the asking price of S$368 million. Its large sprawling grounds allows the developer to design an upscale condominium with up to 323 residential units and comprehensive suite of facilities.
Each apartment owner at Royalville will receive between S$3.09 million and S$3.76 million, while a maisonette owner will receive between S$5.42 million and S$6.64 million. Shop owners are expected to receive S$5.67 million to S$10.38 million.
As for the 28-unit Crystal Tower at Ewe Boon Road in prime district 10, the selling price reflects a land rate of S$1,840 psf ppr. It was built in the 1970s.
Subject to the authorities' approval, Crystal Tower's 5,619.0 sq m (60,482 sq ft) site can be redeveloped into a condominium project with some 130 units, up to its existing gross floor area of 9,121.17 sq m (98,179 sq ft) and reflecting an equivalent plot ratio of 1.623. No development charge is payable.
Based on the sale price, each apartment owner at Crystal Tower is expected to pocket gross profit of between S$6 million and S$6.6 million, while the penthouse owner will receive about S$12.3 million.