Royalville condo relaunched for sale by tender

Source : Channel NewsAsia - 7 Apr 2008

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

Opinion:

Royalville, a 174,176-sq ft freehold residential property located along Bukit Timah Road, will be put up jointly with an 8,420-sq ft drainage reserve for collective sale. The combined indicative asking price is S$305 million. Including a development charge (DC) of S$6 million, the price works out to S$1,106 per sq ft per plot ratio (ppr), which is 10 to 15 per cent lower than the previous indicative.