A prime freehold residential site in Bukit Timah Road, Royalville, is launched for a collective sale by owners for S$368 million. This translates of a rate of S$1,509 per square foot per plot ratio (psf ppr). Including a 10 per cent bonus balcony gross floor area that could incur an estimated development charge of S$1.16 million, the land cost could drop lower to S$1,376 psf ppr.
Royalville comprises 93 residential units and 11 shop units, and sits on a land area of aboutt 16,181.5 sq m(174,112 sq ft). It is located in district 10, with a gross plot ratio of 1.4 under Master Plan 2014.
Located within 260 metres of Sixth Avenue MRT Station, it is close to distinguished schools including Raffles Girls’ Primary School, Methodist Girls’ School (Primary), Nanyang Primary School, Hwa Chong Institution and National Junior College.
The tender closes on Nov 10. Up till today, 16 collective sales year-to-date have clocked over S$5.84 billion in gross proceeds.
The location and its freehold tenure is likely to generate keen interest. Its proximity to the MRT and its large land area allow the developer to design an upscale condominium of up to 323 residential units with comprehensive suite of facilities.
The quantum is affordable for many developer. It is medium-size and should be easier to sell. Thus developers do not have to worry about the five-year deadline to sell out a project to qualify for remission of additional buyer’s stamp duty on land cost.
The breakeven price is estimated to be around $1,900 and the selling price is likely to be in the range of S$2,200.
Mayfair Gardens, a 99 leasehold property, is going to be launch in about 2 week’s time as it has gotten 80 per cent backing from owners for a collective sale.
In Toh Tuck Road, owners of Goodluck Garden has kickstarted the enbloc process after over 60 percent of owners by share value and strata area voted in favour of a collective sale.
In Cashew/ Bukit Panjang area, owners of Cashew Heights also started the enbloc process when more than 60 per cent of owners of both share value and strata area voted in favour of the en bloc process.
Cashew Heights is a 999-year leasehold estate with a land area of about 953,000 sq ft, zoned for residential and has a plot ratio of 2.1 under Master Plan 2014. It comprises of 596 apartments and three shops in 12 blocks.
The 999-year leasehold estate has a land area of about 953,000 sq ft. It is zoned for residential use with 2.1 plot ratio under Master Plan 2014. The estate comprises 596 apartments and three shop lots in 12 blocks.