2 projects sold en bloc for over $658mil

http://www.propertyguru.com.sg/property-management-news/2017/12/165943/2-projects-sold-en-bloc-for-over-658mil

This post was originally posted on Property Guru Property Market News Section

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.