Allgreen’s purchase of 2 freehold collective sales sites – Royalville and Crystal Tower, has set a new record price for land transactions around the Bukit Timah area. In particular, Royalville which is located at the hip Sixth Avenue enclave and within walking distance from the Sixth Avenue MRT Station was sold at $1,960 psf ppr. This is almost 30% higher than the asking price. The land price is also higher than the current selling prices of condo units in the vicinity. Breakeven for the redevelopment project should be around $2,400 - $2,500 psf, with possible selling price of around $2,750 - $2,900 psf.
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 $$2,300 - $2,400 psf, and a potential selling price of around $2,650 - $2,800 psf.
Crystal Tower was transacted at $1,840 psf ppr, which is just over 30% higher than the asking price. It is also about 12% higher than the recent sale price of nearby Casa Contendere to Tee Land. This works out to a breakeven price of around $$2,300 - $2,400 psf, and a potential selling price of around $2,650 - $2,800 psf.
Completed in 1980s, Royalville has 55 apartments, 38 maisonette & 11 shops. PHOTO: EDMUND TIE & CO
Allgreen Properties victory in securing two freehold sites in the coveted Bukit Timah area in two separate collective sale tenders, acquiring Royalville for S$477.94 million and Crystal Tower for S$180.65 million saw an intense competition for both sites as freehold land in Singapore are limited in supply, with Royalville attracting a total of nine bids from local and foreign developers and Crystal Tower drawing a total of 12 tender bids.
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.
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.
Crystal Tower can be redeveloped into a condominium with some 130 units. PHOTO: EDMUND TIE & COMPANY
Completed in the mid-1980s, Royalville comprises 55 apartments, 38 maisonette and 11 shops. It sits on a land area of 16,181.5 square metres (174,176 square feet) zoned residential with a gross plot ratio of 1.4.
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.
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.
Gramercy Park is a beautiful freehold project at Grange Road, minutes walk to Orchard MRT Station
The selling price for Royalville reflects a land rate of about S$1,960 per square foot per plot ratio (psf ppr).
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.
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.
GOODWOOD GRAND is a quality freehold project in District 10 along Balmoral Road near Newton MRT
Just last week, we saw a record enbloc deal at How Sun Park where the SingHaiyi Group paid $81.09 million for the freehold estate comprising a three-storey development of 20 townhouses. Owners will get about $4.05 million per unit - slightly more than twice what they would have received had their units been sold individually. The most recent transaction in that development was three months ago, at just under $1.9 million.
Straits Times Article: 'Allgreen snaps up two freehold sites in Bukit Timah in collective sales' on 1 Dec 2017
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