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