Royalville, a condominium built in the 1980s will be making its third collective sale attempt. The existing development contains 93 condominium units and 11 shops sitting on a freehold site of 174,176 sq ft. Under the URA Master Plan 2014, the site has a plot ratio of 1.4, and has the potential to be redeveloped into a new private condominium with 323 units.
Credit: Edmund Tie & Co.
Located along prime Bukit Timah Road, Royalville has been launched for sale by tender with an asking price of $368 million, which translates to a land rate of $1,509 psf per plot ratio (ppr). No development charge is payable for the site. However, if an additional 10% bonus balcony space and development charge of $1.16 million is included, the land rate works out to $1,376 psf ppr.
Royalville has been put up for sale by tender with Edmund Tie & Co. (ET&Co) as the marketing agent. The tender will close on Friday, Nov 10.
The site is located just 260m from the Sixth Avenue MRT station, with lifestyle destinations such as The Grand Stand, Holland Village, Demmsey Hill and Singapore Botanic Gardens just a short drive away. In its vicinity are top schools such as Raffles Girls’ Primary School, Methodist Girls’ School and Nanyang Primary School.
According to Swee Shou Fern, ET&Co’s senior director of investment advisory, the last time a freehold site of this size along Bukit Timah was sold en bloc was more than 10 years ago when GuocoLand purchased Casa Rosita in 2006, which has since been redeveloped into luxury condo Goodwood Residence. As such, Royalville is expected to see a lot of interest. And it could be third time lucky in its collective sale attempt.