Euro-Asia Apartments Enbloc To KSH Holdings-led consortium

On 26 July 2022 media release, it was announced that the freehold 84-residential units Euro-Asia Apartments enbloc sale is successfully acquired by KSH-led group of local companies comprising KSH Ultra Unity, H10 Holdings and SLB Development. They hold shares in the proportion 49%, 36% and 15% respectively.

Euro-Asia Apartments Enbloc Tender Price vs Reserve Price

The reserve price of S$218 million was posted in the market on 1 June 2022. An enbloc sale had also been attempted in 2018 with a guide price of $200 million. KSH consortium’s highest offer of S$222.18 million won other bid offers. SRI Capital is the marketing agent for this collective sale.

Project Details

Euro-Asia Apartments is located at 1037 Serangoon Road on a 56,476 sqft land site. Plot ratio is 2.8 thus working out to a land price of around S$1,313 per square foot per plot ratio (psf ppr). This price includes bonus balcony area.

Situated prominently along Serangoon Road, the developer intends to build a landmark residential tower comprising 172 new condo units.

Euro-Asia Apartments Enbloc Site:

credit:srx

There is a 117-unit freehold project by Malaysian developer Selangor Dredging Berhad with the highest average price per square foot in the vicinity, Jui Residences. Sales started in September 2018 and ended in August 2021.

From the above map, there are no new condo launches in the vicinity. Hence, Euro-Asia Apartments en bloc comes in at the appropriate time to fill this void. It is just a few minutes walk to the nearest MRT station, Boon Keng. Adjacent to the mrt station, a large market and food centre fills the people with gastronomical food.

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Source:https://www.straitstimes.com/business/property/euro-asia-apartments-sold-en-bloc-for-222m-above-guide-price-of-218m