Euro-Asia Apartments sold en bloc for $222m, above guide price of $218m
Euro-Asia Apartments sold en bloc for $222m, above guide price of $218m. The 84-unit Euro-Asia Apartments complex was acquired by a subsidiary of Singapore-listed real estate behemoth KSH Holdings for $222.18 million, surpassing its $218 million projected price.
KSH Ultra Unity is a subsidiary of H10 Holdings, a company that is also owned by Ho Lee Group, SLB Development, and Lian Beng Group. H10 Holdings and SLB Development each have equity stakes of 36% and 15%, respectively.
According to Mr. Low Choon Sin, managing partner of marketing firm SRI Capital Market, owners of the freehold condominium units, which range in size from 840 square feet to 2,443 square feet, will each receive between $1.76 million and $3.97 million. He made the announcement to The Straits Times on Tuesday night (July 26). More than four times, including in 2010, when it was listed for sale at $142 million, Euro-Asia Apartments has attempted to sell its properties collectively. The most current attempt, for $200 million, was made in 2018.
The 56,476 square foot (sq ft) freehold site’s maximum approved gross floor space is roughly 158,132 sq ft, and a plot ratio of 2.8 is allowed. Apartments in the 1990-completed, ten-story Euro-Asia Apartments complex range in size from 840 to 2,443 square feet.
A land rate of S$1,313 per square foot per plot ratio (psf ppr) is the result of the sale, which was organized by SRI Capital Market and includes additional balcony space. There is no associated development fee. KSH claims that KSHUU intends to rebuild the area into a completely new residential neighborhood with about 172 homes.
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