Euro-Asia Apartments Sold En Bloc To Consortium For $222.18 million
Euro-Asia Apartments, a freehold redevelopment site in district 12, has sold en bloc for $222.18 million.
It was sold for more than the reserve price of S$218 million. The tender was launched in June this year and closed on July 25.
The consortium formed by KSH Ultra Unity, H10 Holdings, and SLB Development has successfully purchased the site. This is according to SRI Capital Market, the marketing agent of Euro-Asia Apartments.
H10 Holdings and SLB Development hold an equity interest of 36% and 15%, respectively, while KSH Ultra Unity has the largest share.
It was reported that the deal was sealed by Low Choon Sin, who is a managing partner of SRI Capital Market.
Based on the sale price with the additional bonus balcony included, the land rate works out to around $1,313 psf ppr. There is no development fee involved.
Owners of the freehold condominium units, which range in size from 840 square feet to 2,443 square feet, will each receive between $1.76 million and $3.97 million.
According to Mr. Low, the site’s tender attracts strong interest due to its city’s periphery position, MRT connectivity, and availability of services inside the established neighborhood.
“There are not many new dwelling units available in District 12 and the surrounding area.” The developer will be able to refill its landbank and satisfy rising demand thanks to this en bloc sale, ” he added.
The purchase site will be redeveloped into a new luxury 172-unit residential development, KSH said to the Singapore Exchange on Tuesday.
Euro-Asia Apartments Sale Site Information
Euro-Asia Apartments, the freehold enbloc site is located at 1037 Serangoon Road, in district 12 of Singapore.
The redevelopment site has a land area of 56,476 square feet and is designated for residential development.
Its gross plot ratio is 2.8 and its permitted gross floor area is around 158,132 square feet.
The developers picked up Euro-Asia Apartments site due to huge array of amenities proximity to the site.
Two MRT stations close to the site are Boon Keng station and Geylang Bahru. There are many bus services that also serve the area.
City Square Shopping Mall, Bendemeer Shopping Mall, Connexion at Farrer Park, Bendemeer Market & Food Centre, and Mustafa Centre can all be reached within 5 minutes by car.
Bendemeer Primary, Hong Wen School, and St Andrew Junior are among the schools within one kilometer.
The Central Expressway and Pan Island Expressway are both nearby, and the Central Business District is a 15-minute drive from the location.
Euro-Asia Apartments’ owners have attempted a collective sale more than 4 times, including in 2010, when it was listed for sale at $142 million.
They tried again in 2018 at $200 million but without success.
This year in 2022, they were successful due to hungry-land developers, timely launch, the attractiveness of the site, and the buoyant residential market.
Euro-Asia Apartments En Bloc All Details
