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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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Singapore in need of senior housing projects: report

Expecting the ageing population in Singapore to increase to one in four by 2030, the city-state may be in need of private residential developments that cater specifically to seniors.

This comes as “most senior citizens want to live independently and age-in-place rather than move into a nursing home,” said Edmund Tie & Co in a report.

But unlike those living in public housing, who have various options to monetize their homes such as the Lease Buyback Scheme, Silver Housing Bonus Scheme and HDB’s two-room Flexi Flats, private homeowners have fewer options to extract housing equity.

Private home owners will have to downsize or move into HDB dwellings in order that they may unlock their homes’ equity.

And while elderly friendly features will command higher demand over time, the social stigma associated with senior housing may also deter buyers from acquiring units from such projects.

Moreover, building adult communities that provide amenities and space to meet the needs of older residents such as those in the US may not be ideal in land-scarce Singapore, given the high land cost.

“If Singapore were to build such active adult communities vertically, it would only be affordable to individuals who are in middle-upper income bracket. The buyers are likely to come from the retiring private home owners, who tend to have higher expenditure,” it said.

With this, Edmund Tie & Con sees a possible business opportunity in building co-living spaces for the retiring singles, where residents can “tap into amenities such as free internet and maid service, while making new friends and creating new social experiences”.

“With IoT and the shift towards a shared economy, we are likely to see more shared services in co-living arrangements to reduce the cost of living,” it said.

“Notwithstanding, there is a need for the elderly to liquidate their existing property assets to finance such living arrangements and live comfortably.”

 

This article was edited by Keshia Faculin.

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