KSH Holdings-led consortium purchases Euro-Asia Apartments enbloc for $222.18 million

A contrast of typical market price of nearby condominiums around Euro-Asia Apartments.

Based on a compilation of neighboring purchase data by EdgeProp Singapore, the majority of the existing buildings in the location have actually tape-recorded approximate resale rates that vary from about $1,000 psf to $1,800 psf.

The Reserve Residences Site Plan

According to a media release by the designer on July 26, the collective sale of the freehold property was through an indirect 49%- owned linked company called KSH Ultra Unity. The other owners of the firm are H10 Holdings as well as SLB Development that hold an equity rate of interest of 36% and also 15% specifically.

” The outcome of tender is well obtained with various interest from developers,” claims Low Choon Sin, managing companion of SRI Capital Markets. He includes: “The website’s characteristics even more enhance the good looks to enable the developer to develop a legendary highrise property development along the popular Serangoon Road.”

A consortium of neighborhood companies led by residential or commercial property developer KSH Holdings has actually gotten Euro-Asia Apartments at 1037 Serangoon Road for $222.18 million. The cumulative sale was brokered by Low Choon Sin, handling partner of SRI Capital Market.

The 84-unit advancement sits on a 56,476 sq ft site that has a plot proportion of 2.8 under the latest Master Plan. Thus, the purchase price converts to a land rate of $1,313 psf per plot proportion, inclusive of benefit porch area.

Euro-Asia Apartments had been put up for cumulative sale on June 1 this year, as well as it had a guide rate of $218 million. The owners of the advancement had also tried an enbloc sale in 2018 with a guide cost of $200 million at the time.

The highest ordinary psf price around originates from Jui Residences, a 117-unit estate project by Malaysian programmer Selangor Dredging. The project was launched available for sale in September 2018 as well as was totally offered by August 2021.

The designers claim that they intend to redevelop the site into a brand-new property growth with about 172 household devices.