Built in the 1980s, Royalville comprises 93 apartments and 11 shops. (Photo: Edmund Tie & Company)
The en bloc frenzy continues after Royalville at Bukit Timah Road became the latest project to be put up for sale on Thursday (12 October).
The freehold condominium in District 10 joins a growing list of ageing properties in prime districts that are trying their luck at a collective sale. This includes Cairnhill Mansions along Cairnhill Road which has an indicative price of $362 million, and Tai Wah Building along Killiney Road at $81 million.
Built in the 1980s, Royalville comprises 93 apartments and 11 shops and sits on a sprawling site measuring 174,176 sq ft.
The owners are asking for $368 million, which works out to a land rate of $1,509 psf per plot ratio. No development charge is payable.
Under the 2014 Master Plan, the site is zoned residential with a gross plot ratio of 1.4.
“There has not been any freehold site of this size available for sale at Bukit Timah in the last 10 years,” said Swee Shou Fern, senior director, investment advisory at marketing agent Edmund Tie & Co.
The agency expects keen interest for the property, with the successful developer likely to redevelop the site into a luxury condominium of up to 323 units.
Royalville is a short walk from Sixth Avenue MRT station, and is also close to shops and eateries at The Grand Stand, Holland Village and Dempsey Hill.
The future project will appeal to families as various schools are in the vicinity including Raffles Girls’ Primary School, Hwa Chong Institution and National Junior College.
The tender exercise will close on 10 November 2017.