Royalville condo relaunched for sale by tender

Royalville condo relaunched for sale by tender

By Cheryl Lim, Channel NewsAsia | Posted: 07 April 2008 2334 hrs


SINGAPORE: The owners of Royalville, a freehold mixed development along Bukit Timah Road, are giving the collective sale market another try.

They have relaunched the property for sale by tender, with an asking price of S$305 million. Including a development charge of S$6 million, this works out to a land rate of about S$1,106 per square foot of gross floor area.

Royalville is made up of 93 residential units and 11 shop units. Some 85 per cent of the owners had agreed to the collective sale before new laws on such sales took effect in October 2007.

Royalville has a land area of 174,176 square feet. Based on the 2003 Master Plan, the site is zoned for residential use, with a gross plot ratio of 1.4. The new development can be up to five storeys high.

The winning developer may incorporate an adjoining drainage reserve of about 8,420 square feet into the site, enlarging the land area to 182,596 square feet.

The drainage reserve is currently under the charge of the official receiver who has also appointed Credo Real Estate to act in the sale.

The new development on site could accommodate a condominium project with a gross floor area of 281,198 square feet. This will yield 140 apartment units with an average size of 2,000 square feet each.

The tender closes on 9 May. - CNA/vm

Oh well ... maybe Bravo can make a bid for this one, since it appears to be losing Tulip Gardens.

most welcome since many of the owners can do with extra $100,000 for their all expenses paid trip to the Carribean. Not a bad deal at all if you think about how much 100K can do for you. That's like having 8k salary for doing nothing for a year. Bravo

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Originally Posted by Unregistered

most welcome since many of the owners can do with extra $100,000 for their all expenses paid trip to the Carribean. Not a bad deal at all if you think about how much 100K can do for you. That's like having 8k salary for doing nothing for a year. Bravo

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some owner may have bought properties at the peak in anticipating the cash they will receive by June 2008. These owners will suffer very big loss as the market is start to slide. 100K is peanut when you compare it the stress and financial loss these owners may have to put themself thru in the coming days.

Published April 8, 2008

Royalville back with lower en bloc price tag

New asking price of $1,106 psf per plot ratio is 10-15% less than before

By KALPANA RASHIWALA


ANOTHER en bloc sale property is back on the market with a lower asking price.

Royalville in Bukit Timah, off Sixth Avenue, has been relaunched - this time with a 10-15 per cent lower asking price than in October last year.

However, the property is still being launched based on last year's collective sale agreement signed under the old rules and the reserve price is believed to be the same.

Last year, Royalville's asking price was $330-350 million, which worked out to $1,235 to $1,305 per square foot (psf) of potential gross floor area, including development charges (DC) at the time.

This time, the 174,176 sq ft freehold Royalville site is being packaged with an 8,420 sq ft adjoining drainage reserve being sold by the Official Receiver.

The two properties, which are being marketed by Credo Real Estate, have a combined asking price of about $305 million.

This reflects a unit land price of $1,106 psf per plot ratio inclusive of $6 million DC for the two sites.

The site can be developed into a new condominium with about 140 units of an average size of 2,000 sq ft each.

Based on a land price of $1,106 psf ppr, the breakeven cost for a new condo on the site should be about $1,700 psf, Credo said.

'New residential developments nearby such as Duchess Residences are transacting in the price range of above $2,000 psf,' it added.

Last week, Jones Lang LaSalle relaunched Pinetree Condominium located in the Balmoral area at an indicative price of about $1,700 psf ppr, about 20 per cent lower than the previous indicative price of $2,100 psf ppr seven months ago.

Would anyone buy in this gloomy market?

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Originally Posted by Unregistered

Would anyone buy in this gloomy market?

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Why not? A lot of speculators here who keep talking up the market will buy it.