Allgreen Properties has acquired the freehold sites of Royalville and Crystal Tower, announced Edmund Tie & Company (ET & Co.).
Allgreen was awarded the tender for the en bloc sale of Royalville at $477.94 million (about $1,960 psf per plot ratio). The tender was highly competitive and attracted nine bids from local and foreign buyers, says ET & Co. Most of the bids were well above the $368 million asking price, says Swee Shou Fern, senior director of investment advisory at ET & Co.
(Credit: ET & Co.)
Located on Bukit Timah Road, Royalville sits on a 174,176 sq ft site and comprises 55 apartment units, 38 maisonettes, and 11 shops. It is zoned residential with a gross plot ratio of 1.4 under the 2014 Master Plan. The redeveloped site may comprise up to 323 units, says ET & Co.
Each owner is expected to receive up to $3.76 million, while a maisonette owner will receive up to $6.64 million. Shop owners are expected to receive $5.67 to $10.38 million.
Crystal Tower was sold for $180.65 million ($1,840 psf ppr) via collective sale. The tender was hotly contested and attracted 12 bids, says ET & Co.
The property is on an elevated 60,482 sq ft site on Ewe Boon Road, and has 28 apartment units. It is zoned for residential use at a gross plot ratio of 1.6. According to ET & Co., the site can be redeveloped into a condo project of about 130 units, up to its existing gross floor area of 98,179 sq ft, reflecting an equivalent gross plot ratio of 1.623. No development charge is payable.
Each apartment owner is expected to receive up to $6.6 million, while the penthouse owner will receive about $12.3 million.
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