Euro-Asia Apartments on Serangoon Road will likely be launched for collective sale in April next year, reported The Straits Times.
According to William Gan Realty, the agency marketing the property, around 60 percent of owners have so far consented to the sale. The signing of the collective sale agreement is still in progress; consent from at least 80 percent of owners is needed before the sale of the property can proceed.
Situated opposite Bendemeer Primary School, the property has a reserve price of between S$140 million and S$142 million. If the tender is launched and the property’s sale price is achieved, each owner may get a 28 percent premium over what they could get if they sell the units individually, said Willian Gan, founder of William Gan Realty.
The 84-unit Euro-Asia Apartments is situated on a 56,476 sq ft site and has a plot ratio of 2.9. When redeveloped, the property can yield up to 210 housing units. Since it is on a freehold site, the developer will not have to pay a development charge.
Gan said that the consultants are currently in talks with three or four developers. “We think we stand a good chance to find a buyer for the development, as the investment quantum is reasonable and it is a freehold site,” he said.
Cheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email cheryl@propertyguru.com.sg
