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FACILITIES SITE PLAN and FLOOR PLANS E-BROCHURE

The Facilities and Site Plan of the 3 New Condos in Ewe Boon Road and Bukit Timah Road are currently seeking approval from relevant authorities.

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PRICE TRENDS FOR DEVELOPMENTS

ALLGREEN PROPERTIES WON TOP BID FOR CONDO SITE AT ROYALVILLE FOR REDEVELOPMENT

1) Royalville was sold for S$477.94 million to Sky Top Investments, an entity of Allgreen Properties, surpassing the asking price of S$368 million.

The sale price translates to about S$1,960 per square foot per plot ratio, said marketing agent Edmund Tie and Company on Friday (Dec 1).

This means that each Royalville apartment owner will receive between S$3.09 million and S$3.76 million, while a maisonette owner will get 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.

Located near Sixth Avenue MRT station and with a land area of 16,181.5 sq m, Royalville has 55 apartments, 38 maisonettes and 11 shops.

Under Singapore's Master Plan 2014, the site is zoned for residential use with a gross plot ratio of 1.4. The sprawling grounds allow the developer to build a condominium with up to 323 residential units as well as facilities.

The tender attracted nine bids from local and foreign developers.

ALLGREEN WON TOP BID FOR LAND PARCEL SITE IN CRYSTAL TOWERS

2) Located in the Bukit Timah area, near Balmoral Road, freehold residential development Crystal Tower was sold for $180.65 million to Allgreen Properties after receiving 12 bids.

Its sale price reflects a land rate of S$1,840 per square foot per plot ratio.

Located at Ewe Boon Road, the residential development has 28 apartment units and a land area of about 5,619 sq m. 

Based on the sale price, each apartment owner is expected to receive gross sale proceeds of between S$6 million and S$6.6 million, while the penthouse owner will receive about S$12.3 million.

The site is zoned for residential use at a gross plot ratio of 1.6 under Master Plan 2014.

It can be redeveloped into a condominium project of about 130 units up to its existing gross floor area of 9,121.17 sq m with no development charge, said Edmund Tie and Company.

WON TOP BID FOR LAND PARCEL SITE IN CITY TOWERS

3) SINGAPORE — City Towers became the latest development to be successfully sold on the red hot en bloc market, fetching about S$401.9 million — or more than 13 per cent higher than the owners’ asking price.

The sale price works out to about S$1,847 per square foot per plot ratio (psf ppr), after factoring in a development charge of S$3.5 million, said marketing agent Colliers International on Wednesday (Feb 7).

City Towers, a 17-storey freehold development along Bukit Timah Road, launched its collective sale tender on Jan 4. In total, seven bids were received. Colliers International did not disclose the name of the buyer.

Last November, the nearby Crystal Tower — which is located at Ewe Boon Road — was sold for about S$180.7 million, which was more than 30 per cent above its asking price and translated to S$1,840 psf ppr.

Colliers International managing director Tang Wei Leng said: “Despite several competing collective sale tenders in District 10, City Towers still attracted strong interest from developers.”

She added that the site will “provide a good opportunity for the successful bidder to take advantage of opportunities in a residential market that is on the cusp of a sustained recovery”.

City Towers has a land area of about 104,531 sq ft. Subject to relevant approvals from the authorities, the site can potentially be redeveloped to a 24-storey residential block offering about 190 new units – at an average size of 1,098 sq ft, Colliers International said.

City Towers comprises 77 units. Depending on the size of their property, each residential owner stands to receive between S$2.78 million and S$11.5 million from the en bloc sale.

Singapore’s collective sales fever shows no signs of abating with City Towers being the latest development to be successfully sold en bloc, reported the Business Times.

Launched on 4 January, the collective sale tender for the freehold development attracted seven competitive bids when it closed on 7 February. It was sold for $401.9 million to an undisclosed buyer, or 13 percent higher than the owners’ reserve price.

Marketing agent Colliers International revealed that the sale price translates to a land rate of around $1,847 psf per plot ratio (psf ppr), after factoring in the $3.5 million development charge.

Located along Bukit Timah Road, City Towers has a land area of about 104,532 sq ft and a proposed gross floor area of around 219,516 sq ft. It is zoned for residential use under the 2014 Master Plan with a gross plot ratio of 2.1.

The development currently features 77 units of apartments and maisonettes, a shop unit and a penthouse. Each residential owner stands to gain between $2.78 million to $11.5 million from the sale, depending on the size of their units.

“Despite several competing collective sale tenders in District 10, City Towers still attracted strong interest from developers, owing to its prime location near renowned schools, a wide range of amenities and the Newton and Stevens MRT stations. The site will provide a good opportunity for the successful bidder to take advantage of opportunities in a residential market that is on the cusp of a sustained recovery,” said Colliers International managing director Tang Wei Leng.

The site can be redeveloped into a 24-storey residential tower comprising about 190 units measuring 1,098 sq ft on average, subject to the relevant authorities’ approval.

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