The Regalia, a freehold condo at 2 River Valley Close, has been put up for public tender.
The property has 112 apartments and four penthouses, sits on a 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 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).
Consideing 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. 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.
CBRE said the most recent collective sale site transacted in River Valley was Pacific Mansion in March for $980 million.
This translates to $1,987 psf ppr before taking into account the bonus area for balconies.