KSH Holdings-led consortium purchases Euro-Asia Apartments enbloc for $222.18 million

KSH Holdings-led consortium purchases Euro-Asia Apartments enbloc for $222.18 million

July 26, 2022

A consortium of local companies led by property developer KSH Holdings has acquired Euro-Asia Apartments at 1037 Serangoon Road for $222.18 million. The collective sale was brokered by Low Choon Sin, managing partner of SRI Capital Market.

The 84-unit development sits on a 56,476 sq ft site that has a plot ratio of 2.8 under the latest Master Plan. Thus, the purchase price translates to a land rate of $1,313 psf per plot ratio, inclusive of bonus balcony area.

According to a media release by the developer on July 26, the collective sale of the freehold property was through an indirect 49%-owned associated company called KSH Ultra Unity. The other owners of the company are H10 Holdings and SLB Development who hold an equity interest of 36% and 15% respectively.

Euro-Asia Apartments had been put up for collective sale on June 1 this year, and it had a guide price of $218 million. The owners of the development had also attempted an enbloc sale in 2018 with a guide price of $200 million at the time.

“The outcome of tender is well received with various interest from developers,” says Low Choon Sin, managing partner of SRI Capital Markets. He adds: “The site’s attributes further enhance the attractiveness to allow the developer to build an iconic highrise residential development along the prominent Serangoon Road.”

Read more at: https://www.edgeprop.sg/property-new...-22218-million