Euro-Asia Apartments up for en bloc sale at S$218m guide price

Jun 01, 2022



THE 84-unit Euro-Asia Apartments, a District 12 freehold residential development on Serangoon Road, has been put up for collective sale via public tender at a guide price of S$218 million.

Completed in 1990, Euro-Asia Apartments is a 10-storey block of apartments comprising units ranging from 840 to 2,443 square feet (sq ft) in size.

According to sole marketing agent SRI Capital Market, the guide price works out to a land rate of about S$1,288 per square foot per plot ratio, inclusive of bonus balcony area, with no development charge payable.

Euro-Asia Apartments was previously put up for en bloc sale in 2018 by another agent, at a lower reserve price of S$200 million.

The 56,476 sq ft site is zoned for residential use under the 2019 Master Plan, with an allowable plot ratio of 2.8. The maximum permissible gross floor area is approximately 158,132 sq ft, which could potentially yield 173 new dwelling units based on the latest URA guidelines and subject to the relevant authorities’ approval, said SRI Capital Market.

Noting that Euro-Asia Apartments is situated within the mature estates of Boon Keng and Bendemeer and not far from “the growing catchment” of Farrer Park, Low Choon Sin, SRI Capital Market’s managing partner, expects interest from developers to be strong. It is also in a sweet spot in terms of both a palatable price quantum and potential number of new residential units that can be built, he said.

“There is limited supply of land sale opportunities in District 12 and recent new launches in the Rest of Core Region have shown the growing confidence in the buyers’ market, with healthy take-up rates of new sales during the various projects’ weekend launches,” he said. “The launch of Euro-Asia Apartments is timely to enable developers to replenish their land bank.”

Located along the main arterial road, Serangoon Road, off Boon Keng, Euro-Asia Apartments is approximately 380 metres from the Boon Keng MRT station. Within a 5-minute drive are amenities including Bendemeer Shopping Mall, Bendemeer Market & Food Centre, City Square Shopping Mall, Connexion at Farrer Park and Mustafa Centre.

Schools within 1 km include St Andrew Junior School, Hong Wen School and Bendemeer Primary School. The site is also close to the Pan Island Expressway and Central Expressway, while the Central Business District is a 15-minute drive away.

The tender exercise for Euro-Asia Apartments will close on Jul 25 at 2.30 pm.

https://www.businesstimes.com.sg/rea...8m-guide-price