{"id":57185,"date":"2022-07-27T11:13:03","date_gmt":"2022-07-27T03:13:03","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=57185"},"modified":"2022-08-22T11:20:07","modified_gmt":"2022-08-22T03:20:07","slug":"euroasia-apartments-sold","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/euroasia-apartments-sold\/","title":{"rendered":"Euro-Asia Apartments at Serangoon Road sold for S$222.18 million"},"content":{"rendered":"
<\/div>\r\n

Freehold condo\u00a0<\/span>Euro-Asia Apartments<\/span><\/a>\u00a0has been sold for S$222,180,000 via public tender, almost 2% above its guide price of S$218 million.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

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.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

This is the condo\u2019s fifth and final attempt at a collective sale, with its last attempt occurring in 2018 at a guide price of S$200 million.\u00a0\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Euro-Asia Apartments<\/span><\/strong><\/h2>\r\n\r\n\r\n\r\n

Located in District 12 of Kallang, Euro-Asia Apartments sits along Serangoon Road and St Barnabas Lane and has 80 units.<\/span><\/p>\r\n\r\n\r\n\r\n

The 32-year-old development sits on a site spanning 56,475 sqft with a gross plot ratio of 2.8 under URA\u2019s Master Plan 2019<\/a>. This gives it a maximum permissible gross floor area (GFA) of 158,132 sqft.<\/span><\/p>\r\n\r\n\r\n\r\n

Developers have redevelopment plans to build 172 units with an average of 915 sqft each \u2013 more than two times its current number of units.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

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.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Replenishing land banks\u00a0<\/span><\/strong><\/h2>\r\n\r\n\r\n\r\n

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.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

\u201cThe 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.\u201d says Low.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Attractive development<\/span><\/strong><\/h2>\r\n\r\n\r\n\r\n

Low Choon Sin<\/span><\/strong>,\u00a0<\/span>Managing Partner of SRI Capital Market<\/span><\/em>, 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.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

\u201cThe site\u2019s 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.\u201d<\/span><\/p>\r\n\r\n\r\n\r\n

Connectivity<\/span><\/strong><\/h3>\r\n\r\n\r\n\r\n

Located just 380 metres from\u00a0<\/span>Boon Keng MRT Station<\/span><\/a>\u00a0on the Downtown Line, residents can get to Clarke Quay in just four stops.\u00a0\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

The Pan Island Expressway is a 2-minute commute via Serangoon Road<\/span>, and the shopping belt of Orchard Road is just an 8-minute drive away.<\/p>\r\n\r\n\r\n\r\n

Schools<\/span><\/strong><\/h3>\r\n\r\n\r\n\r\n

There are many schools in the vicinity of the site, such as Bendemeer Primary School, Bendemeer Secondary School, Hong Wen School, St. Andrew\u2019s Junior School and St. Andrew\u2019s Secondary School.\u00a0<\/span><\/p>\r\n\r\n\r\n

\r\n\r\n\r\n

Which condo do you think will be up next for collective sale? Let us know in the comments section below.\u00a0<\/strong><\/h2>\r\n\r\n\r\n\r\n

If you found this article helpful, check out\u00a0What determines the value of an en-bloc property?<\/a>\u00a0and\u00a07 reasons why a collective sale tender fails<\/a>.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Freehold condo\u00a0Euro-Asia Apartments\u00a0has been sold for S$222,180,000 via public tender, almost 2% above its guide price of S$218 million.\u00a0 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.\u00a0 This is the condo\u2019s fifth…<\/p>\n","protected":false},"author":123,"featured_media":57187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"no","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53601,57131,53984],"tags":[57186,53960,55378,53941,54762],"persona":[57126,57128],"class_list":{"2":"type-post","17":"entry","18":"has-post-thumbnail"},"acf":[],"yoast_head":"\nEuro-Asia 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