Royalgreen: The master stroke in The Bukit Timah Collection
Royalgreen: The master stroke in The Bukit Timah Collection. The third and final of Allgreen Properties’ three new projects in the Bukit Timah enclave this year will be unveiled in mid-October. The freehold, prime condo, priced competitively from $2,600 psf, has been widely anticipated. Allgreen Properties will hold the Royalgreen preview on the weekend of October 5-6. The 285-unit upscale condo is the third and final project in The Bukit Timah Collection. The other two are the 476-unit Fourth Avenue Residences on Ewe Boon Road and the 115-unit Juniper Hill. Meanwhile, Royalgreen is located on Anamalai Road, 250m from the Downtown Line’s Sixth Avenue MRT Station.
Royalgreen is also only 300m from Allgreen Properties’ first project in The Bukit Timah Collection, Fourth Avenue Residences. Fourth Avenue Residences is the collection’s only 99-year leasehold development, having opened in January of this year. To date, 102 units (21.4 percent) have been sold at an average transacted price of $2,407 psf, according to caveats lodged with URA Realis. It is one of the most popular projects in the Core Central Region this year (CCR).
Holding out for freehold
Given the proximity of Royalgreen to Fourth Avenue Residences, Anson Lim, Allgreen’s senior general manager for residential marketing and sales, believes the former will appeal to those seeking a freehold project in the area. Aside from the freehold tenure, Royalgreen is reasonably priced, with units starting at $2,600 psf. At the Royalgreen launch on October 12, Allgreen will also offer a 2% early-bird discount to buyers. The developer intends to sell 108 units in the first phase, with ERA Realty Network, Huttons Asia, OrangeTee & Tie, and Savills Singapore co-marketing the project.
Royalgreen, according to Allgreen’s Lim, is priced at a reasonable premium to Fourth Avenue Residences. “There is typically a 15% price premium for new, freehold developments versus 99-year leasehold projects in the same location,” Lim says. “During certain periods of the property cycle, it could be as high as 20%.”
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