The Regalia attempts collective sale with $403 mil price tag
By Timothy Tay
/ EdgeProp |
The Regalia in prime district 9 is attempting a collective sale with a guide price of $403 million, announced CBRE, the marketing agent. The freehold condominium sits on a 63,371 sq ft site, and the guide price reflects a land rate of about $1,892 psf per plot ratio (ppr). Including the 10% bonus balcony area, the land price will be about $1,814 psf ppr.
Located along River Valley Close, The Regalia comprises 112 apartments and four penthouses. The condo has an existing gross floor area (GFA) of about 213,052 sq ft, which translates into a plot ratio of about 3.36.
The site is zoned “residential” with a plot ratio of 2.8, and a height control of up to 36 storeys. No development charge is payable up to the existing GFA. The site can be redeveloped to a maximum allowable GFA of 234,357 sq ft, and the new development could comprise 302 units.
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The Regalia, on River Valley Close, is attempting a collective sale for $403 mil ($1,892 psf ppr) (Picture: CBRE)
The Regalia is beside the 290-unit Pacific Mansion, which was sold for $980 million ($1,806 psf ppr) to a joint venture between developers GuocoLand and Hong Leong Holdings.
The Regalia has attractive attributes such as its freehold tenure, prime River Valley address, as well as its proximity to Orchard Road and the CBD. Rejuvenation of the area is underway with the redevelopment of the Jiak Kim Street site, as well as refurbishment works at the nearby Great World City, says Sammi Lim, director of capital markets at CBRE.
The tender closes on Sept 25
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