Euro-Asia Park offered for en bloc sale at S$500m

Sep 12, 2022



The freehold condominium known as Euro-Asia Park in District 13 is going to be made available for collective sale by public tender on Tuesday (September 13), as announced by the exclusive marketing firm OrangeTee Advisory on Monday. The suggested selling price for the condominium is S$500 million.

The low-rise housing complex was finished in 1996 and contains a total of 163 apartments or condos. According to the Urban Redevelopment Authority Master Plan 2019, it has a gross plot ratio of 2.8 and a land area that is allocated for residential use. The land size comes in at roughly 129,793 square feet (sq ft).

There is a maximum permissible gross floor size of 388,860 square feet that can be expanded upon by developers. This figure takes into account an additional 7% of bonus floor area that can be used for private outdoor spaces. Taking into consideration an expected land improvement fee of S$71.5 million, this will result in the land rate per square foot per plot ratio increasing to S$1,520.

If the proposed development would result in an increase in the property's value, then the proprietors will be required to pay a fee to the Singapore Land Authority in accordance with the new land improvement charge, which went into effect on August 1st. If a property owner's planning application led to a rise in land value, they were previously required to pay a difference premium, a development charge, and a temporary development levy. This new tax takes the place of the previous fees.

If the land is redeveloped, it has the potential to produce as many as 397 additional dwelling units, however this is contingent on receiving consent from the appropriate authorities. According to OrangeTee, a pre-application feasibility study is now being carried out for the aim of achieving this goal.

The facility can be reached on foot from both the Woodleigh MRT station and the Potong Pasir MRT station within ten minutes thanks to its location along Woodleigh Close. In addition, homeowners will have access to the neighbouring Bidadari park, which is not expected to open until 2023.

According to Marcus Oh, managing director at OrangeTee Advisory, "Euro-Asia Park offers a great opportunity to build a mid-sized residential development along the increasingly popular District 13." Oh thinks the launch could be appealing to developers looking to replenish their land stock, given the limited supply of land parcels in the rest of the central region. "Euro-Asia Park offers a great opportunity to build a mid-sized residential development along the increasingly popular District 13," Oh said.

The possible buyer is interested in acquiring the property because of its freehold status, great transit links, and easy access to services.