Aerial view of The Regalia condominium at River Valley Close. (Photo: CBRE)
The Regalia, a freehold condo in District 9, has been put up for en bloc sale with a guide price of $403 million.
The price works out to a land rate of $1,892 psf per plot ratio (psf ppr) or a lower $1,814 psf ppr after taking into account the 10 percent bonus balcony area.
More: Developers’ En Bloc Appetite Diminishing: RHB
Located at 2 River Valley Close, The Regalia comprises 112 apartments and four penthouses. It sits on a 63,371 sq ft site zoned residential under the 2014 Master Plan with a plot ratio of 2.8 and height limit of up to 36 storeys.
“Based on URA’s Gross Floor Area (GFA) verification, the site’s existing GFA is higher at approximately 213,052 sq ft, or equivalent to a plot ratio of approximately 3.36, and no development charge is payable up to the existing GFA,” said marketing agent CBRE.
It noted that the site could yield 302 residential units when redeveloped.
Just 300m from the upcoming Great World MRT station on the Thomson-East Coast Line, the freehold condo is a short walk from Somerset MRT station and Orchard Road.
It is also near various schools including River Valley Primary School, Anglo-Chinese School (Junior), Alexandra Primary School, Zhangde Primary School and St. Margaret’s Primary School.
Meanwhile, the redevelopment of “the former Zouk site on Jiak Kim Street into a mixed-use development, as well as major refurbishment works at Great World City” is expected to enhance the value of real estate within the area, said CBRE capital markets director Sammi Lim.
“Such sites with strong attributes will continue to appeal to developers who take a long-term view of prime residential demand in Singapore,” she said. “We expect both local and foreign developers to be keen to evaluate this site as it offers them the unique opportunity to present an iconic landmark development to add to the central Singapore skyline.”
The tender for The Regalia closes on 25 September.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
