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Local developer pays S$659M for 2 freehold Singaporean sites

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Local developer pays S$659M for 2 freehold Singaporean sites

Singaporean developer Allgreen Properties Ltd. placed the winning bids to secure the freehold residential sites of Royalville and Crystal Tower in Singapore for S$477.9 million and roughly S$180.7 million, respectively, The (Singapore) Business Times reported.

Edmund Tie & Co., the marketing agent for both sites, said Allgreen outbid eight parties to win the 16,181.5-square-meter Royalville site at Bukit Timah Road and 11 other bidders to secure the 5,619-square-meter Crystal Tower site at Ewe Boon Road. in the city-state's prime District 10.

The victory marks the first time that the local developer was awarded a site since 2011 when it purchased for about S$270.3 million the Upper Serangoon Crescent site that it transformed into the 928-unit Riversails condominium, the paper noted.

Royalville, which was taken to the market with a S$368 million reserve price, comprises 55 apartments, 38 maisonettes and 11 shops. Apartment owners will each reap between approximately S$3.1 million and roughly S$3.8 million from the deal, while the maisonette and shop owners will earn up to S$6.6 million and as much as roughly S$10.4 million, respectively, according to the report.

On the other hand, apartment owners at the 28-unit Crystal Tower condominium, put on the block with a S$138 million price tag, will each get between S$6 million and S$6.6 million from the collective sale of the asset, with the penthouse owner expecting to rake in about S$12.3 million, the paper noted.

According to the Dec. 2 report, Royalville has the capacity to accommodate up to 323 residential units when redeveloped. The Crystal Tower property can yield some 130 units.

Analysts cited by The Business Times tipped that the en-bloc sale of the Royalville site will now set a new benchmark for the ongoing bidding for the roughly 1.9-hectare residential site at Fourth Avenue, which was launched for public tender with a S$448.8 million reserve price. The bidding for the property will close Dec. 5, the publication added.

As of Dec. 1, US$1 was equivalent to S$1.35.