Euro-Asia Apartments on Serangoon Road up for collective sale at $218 mil

SINGAPORE (EDGEPROP) -Euro-Asia Apartments, a freehold residential development at Serangoon Road, has been put up for collective sale via public tender exercise with a guide price of $218 million.

According to SRI Capital Market, which has been appointed the sole marketing agent for the property, the guide price works out to a land rate of about $1,288 psf per plot ratio. This is inclusive of the 7% bonus balcony space, with no development charge payable.

Owners of the apartment had previously made a collective sale attempt in 2018, with a reserve price of $200 million.

Euro-Asia Apartments is a 10-storey development that was completed in 1990. It has a total of 84 units with sizes between 840 sq ft and 2,443 sq ft. The development sits on a 56,476 sq site zoned for residential use with an allowable plot ratio of 2.8. This translates to a maximum permissible gross floor area (GFA) of around 158,132 sq ft. Subject to approval by the relevant authorities, a new residential development could potentially yield 173 new dwelling units, according to SRI.

The apartment is located within walking distance to the Boon Keng MRT station on the North-East line and is also serviced by major bus routes that run through Serangoon Road. Amenities including the Bendemeer Market & Food Centre, City Square Mall and Mustafa Centre are all within a five-minute drive.

Low Choon Sin, managing partner at SRI Capital Market, believes the site will garner strong interest from developers given its location, price quantum and size. “Euro-Asia Apartments is prominently situated within the matured estate of Boon Keng and Bendemeer and within proximity to the growing catchment of Farrer Park, the site will provide an excellent opportunity for a new iconic landmark along the main Serangoon Road,” he explains.

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