Euro-Asia Apartments sold en bloc for $222m, above guide price of $218m

by Albert02

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. A related business of Singapore-listed real estate giant KSH Holdings purchased the 84-unit Euro-Asia Apartments complex in a collective sale tender for $222.18 million, which is more than its $218 million estimate price.

H10 Holdings, a subsidiary of Ho Lee Group and SLB Development, whose parent firm is Lian Beng Group, also owns the affiliated company, KSH Ultra Unity. Equity interests in H10 Holdings and SLB Development are 36% and 15%, respectively.

Owners of the freehold condominium units, which range in size from 840 square feet to 2,443 square feet, will each earn between $1.76 million and $3.97 million, according to Mr. Low Choon Sin, managing partner of the marketing company SRI Capital Market. On Tuesday night, he announced it to The Straits Times (July 26). Euro-Asia Apartments has made an effort to sell all of its properties at once more than four times, notably in 2010, when it was placed for sale at $142 million. The most recent attempt was conducted in 2018, and it cost $200 million.

The maximum authorized gross floor space of the 56,476 square foot (sq ft) freehold site is approximately 158,132 sq ft, and a plot ratio of 2.8 is permitted. The 10-story Euro-Asia Apartments building, which was finished in 1990, has apartments with sizes ranging from 840 to 2,443 square feet.

The transaction, which was arranged by SRI Capital Market, results in a land rate of S$1,313 per square foot per plot ratio (psf ppr), including extra balcony area. There is no development fee involved. According to KSH, KSHUU plans to rebuild the site into a brand-new residential community with roughly 172 residential units.

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Source: 
https://www.straitstimes.com/business/property/euro-asia-apartments-sold-en-bloc-for-222m-above-guide-price-of-218m



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