Embassy Bosa's "The Royal" half sold despite sluggish sales

Posted by Justin Havre. on Wednesday, September 23rd, 2015 at 2:38pm.

The Royal, a new 34-storey high rise condo tower project holding court in the south west community of Connaught, is more than 55 per cent sold after just six months on the market.

Ground was broken in a shovel-turning ceremony in September on the multi-use building located just north of the iconic Devenish Block. Designed and built by Embassy Bosa, a B.C. company which is also active in Calgary’s East Village and Currie Barracks redevelopment, The Royal offers 212 units priced from the mid - $300,000s. Penthouses and sub-penthouses are also an integral part of The Royal offering.

Embassy Bosa’s president, Ryan Bosa, told the Calgary Herald that he is excited about the sales volume so far, which he believes speaks to the quality of the site at 16 Ave between 8St and 9 St SW.

Bosa released sales results at a time when activity in the Calgary real estate market has eased considerably. New construction condos and resale condominium sales are down significantly, with new condo sales dropped 61% in the first quarter of 2015. Condominiums in the resale segment slumped 30 per cent in the first three quarters of 2015 over the same time last year.

The encouraging numbers for The Royal suggest buyers are choosing the premium location, close to shopping, restaurants and within walking distance of downtown. The building is just one block off Calgary’s infamous “Red Mile” on 17 Ave SW. It is immediately west of Mount Royal Village, one of Calgary’s most upscale shopping districts.

The first three floors of the building will be commercial and retail space. Residents will enjoy having a Canadian Tire right downstairs, along with an Urban Fare location. Urban Fare is a specialty grocery store, part of B.C.’s Overwaite chain. Above this, from the second to the 25
th

floor, condo units in various floor plans offer 800 to 1,500 square feet of living space. Luxury space above that in units as large as 8,000 square feet with eye-popping views and quality finishings is available for the discerning condo owner.

Buyers can choose from two colour schemes. Units feature Bosch appliances, laminate floors, spacious decks and outdoor social space. Building amenities include a fitness centre, racquet courts and a 24-hour concierge. Construction on The Royal is expected to be concluded in 2018.

The sales office for Connaught’s newest skyscraper is open at 16 Ave and 9 St SW. Hours are noon to 5 pm daily, except Fridays.

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