SINGAPORE - The Regalia, a freehold condo located at 2 River Valley Close, has been put up for public tender.
Located in prime District 9, The Regalia sits on a freehold site of about 63,371 square feet and commands "prominent corner dual road frontages" of about 150m along River Valley Close and River Valley Road, according to CBRE, the exclusive and sole marketing agent for The Regalia.
The Regalia has an en bloc guide price of $403 million, reflecting a land price of about $1,892 per square foot per plot ratio (psf ppr). Taking into consideration the 10 per cent bonus gross floor area for balconies, the land price will be about $1,814 psf ppr, said CBRE.
The site is zoned "residential" with a plot ratio of 2.8 and height control of up to 36 storeys, going by the 2014 Urban Redevelopment Authority (URA) Masterplan. Based on URA's Gross Floor Area (GFA) verification, the site's existing GFA is higher, at about 213,052 sq ft, or equivalent to a plot ratio of about 3.36, and no development charge is payable up to the existing GFA, CBRE added.
The maximum allowable GFA, after taking into account the 10 per cent bonus area on balconies, is 234,357 sq ft. The site can potentially be redeveloped into a residential development of 302 units. The Regalia currently has 112 apartments and four penthouses.
CBRE added that the most recent collective sale site transacted in River Valley was Pacific Mansion in March. Located next to The Regalia, Pacific Mansion was sold by CBRE to a tripartite joint venture between GuocoLand (Singapore), Intrepid Investments and Hong Realty for $980 million. This translates to $1,987 psf ppr before balconies.
