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Property News08 Aug 2018

The Regalia in River Valley put up for sale at $403m

ST 20180808 BIZJQREGALIA08 4194476

The Regalia, a freehold condo located at 2 River Valley Close, has been put up for public tender.

The District 9 property sits on a freehold site of 63,371 sq ft 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 collective sale.

The owners have indicated a guide price of $403 million, reflecting a land price of $1,892 per sq ft per plot ratio (psf ppr).

Taking into consideration the 10 per cent bonus gross floor area for balconies, the land price will be $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) Master Plan.

Based on URA's gross floor area (GFA) verification, the site's existing GFA is higher at 213,052 sq ft, or equivalent to a plot ratio of 3.36.

This means no development charge is payable if a new development is built up to the existing GFA, including bonus area, 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 said 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 in March to a tripartite joint venture among GuocoLand (Singapore), Intrepid Investments and Hong Realty for $980 million.

This translates to $1,987 psf ppr before taking into account the bonus area for balconies.

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