Royalville and also Crystal Tower, has set a brand-new document cost for land purchases around the Bukit Timah location. Particularly, Royalville which lies at the hip Sixth Method enclave and within walking range from the Sixth Avenue MRT Station was sold at $1,960 psf ppr. This is virtually 30% greater than the asking cost. The land rate is additionally above the present asking price of condominium systems around. Breakeven for the redevelopment project need to be around $2,400 – $2,500 psf, with possible asking price of around $2,750 – $2,900 psf. Crystal Tower was transacted at $1,840 psf ppr, which is simply over 30% more than the asking price. It is provide concerning 12% higher than the current price of nearby Casa Contendere to Tee Land. This exercises to a breakeven price of around $$2,300 – $2,400 psf, and a possible selling price of around $2,650 – $2,800 psf.
Allgreen Properties success in protecting two property sites in the sought after Bukit Timah area in 2 different cumulative sale tenders, acquiring Royalville for S$ 477.94 million and also Crystal Tower for S$ 180.65 million saw an intense competition for both sites as freehold land in Singapore are restricted in supply, with Royalville drawing in a total amount of 9 bids from neighborhood and international developers and Crystal Tower drawing a total of 12 tender quotes. Most of the bids for Royalville, situateded in Bukit Timah near Sixth Opportunity MRT terminal as well as Wallich Residence showflat, were well over the asking rate of S$ 368 million. Its big sprawling premises enables the developer to create a high end condo with approximately 323 residential units as well as extensive suite of facilities. Completed in the mid-1980s, Royalville consists of 55 houses, 38 maisonette and also 11 stores. It rests on a land area of 16,181.5 square metres (174,176 square feet) zoned residential with a gross plot ratio of 1.4.
Each house proprietor at Royalville will certainly receive between S$ 3.09 million as well as S$ 3.76 million, while a maisonette proprietor will certainly get between S$ 5.42 million and also S$ 6.64 million. Shop proprietors are anticipated to obtain S$ 5.67 million to S$ 10.38 million. The market price for Royalville shows a land price of regarding S$ 1,960 each square foot per story proportion (psf ppr). As for the 28-unit Crystal Tower at Ewe Benefit Roadway in prime area 10, the asking price mirrors a land price of S$ 1,840 psf ppr. It was integrated in the 1970s. Subject to the authorities' authorization, Crystal Tower's 5,619.0 sq m (60,482 sq ft) site could be redeveloped right into a condo task with some 130 systems, approximately its existing gross flooring location of 9,121.17 sq m (98,179 sq ft) and reflecting a comparable story proportion of 1.623. No development fee is payable. Based on the sale price, each apartment proprietor at Crystal Tower is anticipated to pocket gross profit of in between S$ 6 million as well as S$ 6.6 million, while the penthouse proprietor will certainly receive about S$ 12.3 million.