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Euro-Asia Apartments up for en bloc sale from $200 mil

angela.teo@bizedge.com

The 84-unit Euro-Asia Apartments at Serangoon Road has been launched for en bloc sale. The property sits on a freehold site of 56,477 sq ft.

The reserve price is said to be $200 million, which translates to a land rate of $1,160 psf per plot ratio, based on the existing gross floor area and plot ratio of 3.053.

Developers may build up to the 3.053 plot ratio, instead of the 2.8 plot ratio under the 2014 Master Plan, subject to the Pre-Application Feasibility Study and other approval from authorities, says William Gan, the marketing agent for the property.

Gan estimates that the new project could have 219 units, assuming an average size of 753 sq ft each.

Euro-Asia Apartments was completed in 1990, with unit sizes ranging from 753 to 2,357 sq ft. If the en bloc is successful, owners could pocket $1.59 million to $3.58 million each.

The tender for Euro-Asia Apartments closes on April 19.

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