SINGAPORE (EDGEPROP) - Over the weekend of Oct 12-13, property developer Allgreen Properties sold 33 out of 108 units released at the 285-unit Royalgreen. This translates to about 31% of the units released, and 12% of the total number of units in the development.
Average price of the units sold worked out to $2,750 psf or $2.5 million per unit. Units at Royalgreen were offered for sale by placement, while contested units were sold by ballot.
According to Anson Lim, Allgreen’s senior general manager for residential marketing and sales, all the two- to four-bedroom unit types, with sizes ranging from 635 to 1,475 sq ft, were well-received.
The four-bedroom premium units, in particular, saw strong take-up, notes Lim. There are only 18 such premium units within Royalgreen. Sized from 1,431 sq ft, these units have an average selling price of $4 million or $2,808 psf. Of 14 premium units released over the weekend, five units or 36% were snapped up.
About 70% of the buyers are Singaporeans, with the remaining 30%, a mix of Singapore permanent residents and foreigners, according to Allgreen. The majority of the buyers purchased the units for their own use, while some bought them for their potential as a long-term investment.
After all, the development has a freehold tenure, is located in the prime Bukit Timah area in District 10. Situated on Anamalai Avenue, it’s just 250m from the Sixth Avenue MRT station on the Downtown Line. Top schools in the vicinity include Hwa Chong International School, Nanyang Primary School and Raffles Girls’ Primary School.
Close to 80% of the buyers are said to be existing residents in prime Districts 9, 10 and 11 as well as those in the city fringe areas of Districts 5 (Dover, Buona Vista and Clementi area) and 21 (Upper Bukit Timah area).
“We are encouraged by the strong support of our buyers who appreciate the value of this prestigious freehold development,” says Allgreen’s Lim.
Royalgreen is the last of the Bukit Timah Collection, Allgreen Properties’ three high-end projects in the prime Bukit Timah neighbourhood that were launched this year.
Fourth Avenue Residences, the first of the three projects, was launched in January this year. It’s located just two streets away from Royalgreen. The 475-unit, 99-year leasehold condo is located directly in front of the Sixth Avenue MRT station and will be linked to it in the future.
As such, Fourth Avenue Residences has also seen renewed interest with the launch of Royalgreen. Last weekend, when Royalgreen previewed, two units were sold at Fourth Avenue Residences; this weekend, a 1,485 sq ft, four-bedroom-plus-study apartment at the latter was sold for over $3.6 million ($2,432 psf).