Freehold condo Euro-Asia Apartments has been sold for S$222,180,000 via public tender, almost 2% above its guide price of S$218 million.
Brokered by exclusive marketing agent SRI Capital Market, the project was sold to KSH Ultra Unity Pte Ltd, owned by KSH Holdings Limited, H10 Holdings Pte Ltd and SLB Development Ltd.
This is the condo’s fifth and final attempt at a collective sale, with its last attempt occurring in 2018 at a guide price of S$200 million.
Euro-Asia Apartments
Located in District 12 of Kallang, Euro-Asia Apartments sits along Serangoon Road and St Barnabas Lane and has 80 units.
The 32-year-old development sits on a site spanning 56,475 sqft with a gross plot ratio of 2.8 under URA’s Master Plan 2019. This gives it a maximum permissible gross floor area (GFA) of 158,132 sqft.
Developers have redevelopment plans to build 172 units with an average of 915 sqft each – more than two times its current number of units.
At its S$222.18 million price tag and no development charge payable, it translates to a land rate of S$1,313 psf ppr, which includes a bonus balcony add-on.
Replenishing land banks
With the balance inventory of new residential housing units within District 12 and its surrounding vicinity running low, developers are eyeing new sites on sale.
“The sale of Euro-Asia Apartments is timely to allow developers an opportunity to replenish their land bank and inject new housing units to meet the rising demand from the market.” says Low.
Attractive development
Low Choon Sin, Managing Partner of SRI Capital Market, said the project attracted keen interest from various developers thanks to its attractive city-fringe location, proximity to an MRT station and a plethora of amenities due to it being in a well-established mature estate.
“The site’s attributes further enhance the attractiveness to allow the developer to build an iconic high-rise residential development along the prominent Serangoon Road that connects the city and north-eastern region of the island.”
Connectivity
Located just 380 metres from Boon Keng MRT Station on the Downtown Line, residents can get to Clarke Quay in just four stops.
The Pan Island Expressway is a 2-minute commute via Serangoon Road, and the shopping belt of Orchard Road is just an 8-minute drive away.
Schools
There are many schools in the vicinity of the site, such as Bendemeer Primary School, Bendemeer Secondary School, Hong Wen School, St. Andrew’s Junior School, St. Andrew’s Secondary School and CHIJ Katong Convent.
Which condo do you think will be up next for collective sale? Let us know in the comments section below.
If you found this article helpful, check out What determines the value of an en-bloc property? and 7 reasons why a collective sale tender fails.
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