The En Bloc market continues to look good for owners of freehold property aspiring to sell around this time, as Fragrance Group grabs Eunos Mansion to boost its land bank.
The group, through one of its subsidiaries, won the tender by bidding S$220 million, S$2 million above the owners’ asking price. The news was broken by Cushman & Wakefield, the firm that brokered the sales deal.
It had initially seemed like developers were solely eyeing the prime districts, but with the appetite for new residential houses rising, it is clear any freehold property anywhere in the country will attract the attention of developers as long as its price is reasonable.
Recently there was revived hope that the 1006-apartment Mandarin Gardens on East Coast Road could attract a buyer willing to part with a clean S$2 billion.
Eunos Mansion is a 36-yr old property comprising 107 housing units, two of which are penthouses. It is located in the Jalan Eunos area along Bedok Reservoir Road.
According to Cushman & Wakefield’s capital markets executive director, Shaun Poh, there is an under-supply of housing apartments with freehold ownership in the area, and that is to the developer’s advantage.
It means selling the new units once completed could be relatively easy. Poh also noted that with the Paya Lebar Regional Centre and business parks set to come up soon, a mid-size condominium that Fragrance is likely to put up would be a welcome complement.
The size of the Euno Mansion site is 111,735 sq ft, and it has a plot ratio of 1.6. This means the new development could have a gross floor area of 196,653.6 sq ft inclusive of the bonus balcony area of 10%.
As such, based on the price at which the Fragrance Group bought the property, the site’s land rate is effectively S$1118 per sq ft per plot ratio (psf ppr). The developer will have the advantage of not paying a development charge since the area has a high development baseline.
As for the owners’ yield, every individual apartment and penthouse owner will receive amounts ranging from S$1.48m – S$2.19m and S$3.55m – S$4.7m respectively.
- It’s an attractive freehold site near Paya Lebar Commercial Hub
- 2 MRT stations located near to the Condo are Kaki Bukit and Ubi MRT, which is around 10 -15 mins walk from the freehold site
- Eunos mansion is close to several industrial and Business Park Namely Kaki Bukit Industrial, Eunos Techpark, Ubi Techpark and others. These are important as it will attract many property investors
- Many Bus services can be found outside the condo
- Paya Lebar Central, soon will become a bustling commercial hub and best thing is that its only 2 stops from Ubi MRT. Its important for investors as new tenants can be found easily
- One of the main attractions Bedok reservoir Park, is only 5 bus stops away
- Schools that are near to new launch condo site is important as Home buyer with families busy hunting for it. Eunos mansion has several schools nearby which are Eunos Primary, Maha Bodhi and Telok Kurau Primary. These schools are only walking distance away. Others schools that are located close by are Manjusri Secondary and Bedok North Secondary School
- Restaurants, eateries, coffee shops are sprawled across the area. Supermarkets are conveniently located within the area too