Tag Archives: $658mil

2 projects sold en bloc for over $658mil

Royalville attracted a total of nine bids which surpassed the $ 368m asking price. (Photo: Edmund Tie & Co)

Marketing agent Edmund Tie & Co announced on Friday (1 December) that it successfully sold two existing developments via collective sale for a total of $ 658.59 million.

In particular, Royalville in Bukit Timah Road received nine bids. Allgreen Properties’s unit Sky Top Investments submitted the highest price of $ 477.94 million or $ 1,960 psf per plot ratio (ppr), surpassing the asking price of $ 368 million.

Built in the mid-1980s, the development consists of 11 shops, 38 maisonettes and 55 apartments. Apartment owners will get between $ 3.09 million and $ 3.76 million, maisonette owners will receive $ 5.42 million to $ 6.64 million, while those with shops will obtain $ 5.67 million to $ 10.38 million.

Under the 2014 Master Plan, the 174,176 sq ft freehold site located near the Sixth Avenue MRT station is zoned for residential use with a gross plot ratio of 1.4. The winning bidder can redevelop it into a luxury condominium with up to 323 units.

Crystal Tower

A view of Crystal Tower which occupies a prime District 10 freehold site. (Photo: Edmund Tie & Co)

Meanwhile, Crystal Tower at Ewe Boon Road attracted 12 bids, with Allgreen Properties clinching the residential project for $ 180.65 million or $ 1,840 psf ppr.

Completed in the 1970s, Crystal Tower comprises 28 apartments. Each apartment owner will get $ 6.0 million to $ 6.6 million, while the penthouse owner will receive around $ 12.3 million.

Under the Master Plan, the 60,482 sq ft freehold plot is intended for residential use at a gross plot ratio of 1.6. Subject to the government’s approval, it can be redeveloped into a 130-unit condominium up to its existing gross floor area of 98,179 sq ft. No development charge is payable.

With these two en bloc transactions, Edmund Tie & Co has brokered the sale of eight development sites collectively worth $ 1.6 billion so far this year.

 

This article was edited by Keshia Faculin.

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