The city centre remains one of the most sought-after addresses in the local real estate sector. Thus when 2 private residential developments in the city fringes go up for collective sale, the industry pays attention.
River Valley condominium The Regalia asking for $403 million
Consisting of 112 apartments and penthouses, The Regalia sits on a freehold site of about 63,371 square feet. It is situated in prime district 9 and spans 150 metres along River Valley Close and River Valley Road. One of its unique selling points is the “corner dual road frontage”.
It is situated near other residential properties such as Yong An Park, The Morningside and Pacific Mansions. The last was the most recent collective sale site transacted in River Valley in March.
The Regalia site has a plot ratio of up to 3.36 and can potentially yield almost thrice the number of existing units. With a 10 per cent bonus area on balconies, the maximum allowable gross floor area (GFA) is 234,357 sq ft. The site can potentially be redeveloped into a residential development of 302 units over 36 storeys.
The site is zoned “residential” and no development charge is payable up to the existing GFA.
With an en bloc guide price of $403 million, the land price comes up to about $1,814 per square foot per plot ratio (psf ppr), inclusive of the 10 per cent bonus gross floor area for balconies.
City fringe locations popular with developers
Over in Balestier, Kingsley Mansion has just gone en bloc by tender with a reserve price of $45.5 million or $1,132 per sq ft per plot ratio (psf ppr). Should the reserve price be met, each unit could fetch between $2.36 million to $2.57 million.
The development launched for tender on Aug 14 and has a gross plot ratio of 2.8. The 14,350 square foot freehold site occupies a choice spot in Balestier, bound by Toa Payoh, Novena and Potong Pasir.
Kingsley Mansion currently holds 18 units. Akin to The Regalia site, the site can yield up to 53 units in 36 storeys if each apartment averages 753 sq ft.