SINGAPORE: Two freehold condominiums in Bukit Timah, Royalville and Crystal Tower, have been sold in separate collective sale tenders to local property group Allgreen Properties.
Royalville was sold for S$477.94 million to Sky Top Investments, an entity of Allgreen Properties, surpassing the asking price of S$368 million.
The sale price translates to about S$1,960 per square foot per plot ratio, said marketing agent Edmund Tie and Company on Friday (Dec 1).
This means that each Royalville apartment owner will receive between S$3.09 million and S$3.76 million, while a maisonette owner will get between S$5.42 million and S$6.64 million.
Shop owners are expected to receive S$5.67 million to S$10.38 million.
Located near Sixth Avenue MRT station and with a land area of 16,181.5 sq m, Royalville has 55 apartments, 38 maisonettes and 11 shops.
Under Singapore's Master Plan 2014, the site is zoned for residential use with a gross plot ratio of 1.4. The sprawling grounds allow the developer to build a condominium with up to 323 residential units as well as facilities.
The tender attracted nine bids from local and foreign developers.
CRYSTAL TOWER SOLD FOR S$180.65M
Also located in the Bukit Timah area, near Balmoral Road, freehold residential development Crystal Tower was sold for $180.65 million to Allgreen Properties after receiving 12 bids.
Its sale price reflects a land rate of S$1,840 per square foot per plot ratio.
Located at Ewe Boon Road, the residential development has 28 apartment units and a land area of about 5,619 sq m.
Based on the sale price, each apartment owner is expected to receive gross sale proceeds of between S$6 million and S$6.6 million, while the penthouse owner will receive about S$12.3 million.
The site is zoned for residential use at a gross plot ratio of 1.6 under Master Plan 2014.
It can be redeveloped into a condominium project of about 130 units up to its existing gross floor area of 9,121.17 sq m with no development charge, said Edmund Tie and Company.
Singapore has seen a surge in collective sales this year, prompting the Monetary Authority of Singapore to sound a note of caution on the local property market on Thursday.
The authority said the revival of the en bloc market could bring about risks to the "sustainable conditions" in the local property market, and urged developers, buyers and lenders to "proceed cautiously".
About 20 residential projects have been sold through en bloc transactions so far this year.