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Allgreen snaps up two freehold sites in Bukit Timah in collective sales
ALLGREEN Properties has secured 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.
Marketing agent Edmund Tie & Company said that competition for both sites were intense, 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, said Swee Shou Fern, senior director for investment advisory at Edmund Tie & Company.
"Its large sprawling grounds allows the developer to design an upscale condominium with up to 323 residential units and comprehensive suite of facilities," she added.
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.
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.