District 12 has released a 28-yr old freehold property into the market, and the owners have fixed their reserve price at S$200 million.
The development, Euro-Asia Apartments, whose public tender closes on April 19, was built in 1990, and it is seated on a 56,477 sq ft expanse. The site’s current gross plot ratio is 2.8.
Currently the gross floor area (GFA) is 158,135.6 sq ft, but that could increase with the new development to 172,424.3 sq ft, since according to the 2014 Master Plan the maximum allowed gross plot ratio is 3.053.
The new developer could build up to around 219 units with a total GFA of 172,424.3 sq ft, if the unit sizes range from 753 – 2,357 square feet. The resultant land rate would then be S$1,160 per sq ft per plot ratio (psf ppr).
This was disclosed by the marketing agent for Euro-Asia Apartments, William Gan, who also pointed out the presumption that necessary approvals will be given by the relevant authorities.
At the property reserve price, owners are set to take home between S$1.59 – S$3.58 million for their respective units.
The location of the 84-unit property is appealing to prospective buyers because:
- It is situated along Serangoon Road, less than half a kilometre from the NE9 Boon Keng MRT station.
- The DT24 Geylang Bahru MRT station is within a kilometre range.
- Just outside the condo, there are many bus services
There are Schools around Euro-Asia Apartments
- Bendemeer Primary is just across the road
- Bendemeer Secondary school is 0.38km away
- Cedar Girls’ Secondary School is 0.79km away.