Aerial view of the Eunosville site. (Photo: OrangeTee)
Eunosville, a 330-unit privatised HUDC development near Eunos MRT station, has been sold en-bloc for $765.78 million ($909 psf per plot ratio) to Singapore-listed MCL Land, said marketing agent OrangeTee.
The sale price is significantly higher than what the owners previously expected, which was in the range of $643 million to $653 million. Built in the late 1980s, the approximately 376,713 sq ft site has a remaining lease term of about 71 years.
This is the second largest collective sale of this type of property following the sale of Farrer Court for $1.3388 billion in 2007.
Eunosville consists of 10 residential blocks with a total of 255 maisonettes and 75 apartments. More than 80 percent of the owners consented to the deal.
According to OrangeTee, each owner stands to gain about $2.25 million to $2.41 million upon the successful completion of the sale, which is subject to several conditions.
The site is almost rectangular with wide frontage onto Changi Road and Sims Avenue. It is zoned residential with a gross plot ratio of 2.8 under the 2014 Master Plan.
The future project could yield about 1,399 units with an average size of 753 sq ft.
“There was strong interest for Eunosville and the bids received were competitive, given its strong locational attributes,” revealed Marcus Oh, Executive Director of Business Solutions at OrangeTee.
“The primary home sales market has also seen marked improvements and developers are starting to make strategic acquisitions of land to position themselves for a recovery of the market.”
The Business Times reported that other bidders for the Eunosville site included Qingjian Realty, Keppel Land and City Developments Limited.
The collective sales market has been heating up in recent weeks following the sale of Goh & Goh Building in Upper Bukit Timah Road for $101.5 million, Rio Casa in Hougang for $575 million, and One Tree Hill Gardens off Orchard Boulevard for $65 million.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
