The market is powering ahead as a result of the sale of HUDC estate called Eunosville for the soaring amount of $765 million. This is the second highest price for a property like this. Built in the 1980s this 330 units of Eunosville could result in 1,399 units of planned new and fresh project. The site is purchased by Jardine Matheson Group and by MCL Land. However, the property is sold at a price which is above expectations. This sale is the maximum when looking at the cumulative sales of the year. I helped in recovering sentiment and create positive emotions over the residential property.
Eunosville Enbloc Next to Eunos MRT Station
The price of Eunosville is next to the Farrer court, sold for $1.34 billion in 2007, stated by marketing Agent Orange tee. This was estate second try after they failed first time in the year 2013. The owner has asked for premium of over 17 per cent which amounts to more than $643 million to $653 million when the site tender was started in April. The 17 percent premium is represented by the price.
According to Mr. Marcus oh, who is the executive director of business solution of Orange Tee, there is an improvement in the initial home sales market and developers have started to acquit land to recover their position in the market. The tender for 376,713 sq ft site at SIMS road resulted in bids from multiple bidders, claimed Mr. Oh. The final sale price comes out at $909 per sq ft for every plot ratio after including the estimated $194 million government charges. The charges need to be paid to government for intensifying usage of the land to a plot ratio of 2.8 and to freshen up the lease for 99 years.
Eunosville Redevelopment by MCL Land
During the years 1980s, there were 71 years left in the lease. The project had four apartment blocks with 75 units and 255 maisonettes spread over six astounding residential blocks. According to orange tee every owner will get around $2.25 million to @2.241 million when the deal will be completed. Although, sales condition will also be considered.
Ben Ong resident of Eunosville for past 17 years is emotional for leaving it but he understands that the old estate urgently needs renewal. Mr. Ong a 60 year old engineer says, “it is as for him as this is the place where they spent their childhood and the place is very convenient. He may buy and rent a unit after the development is completed”.
1399 Units at New Eunosville HUDC Development
The site can be developed into 1,399 units with an approximate size of the apartments as 70 sq m. Consultancy CBRE speculate about the price of new unit around $1700 to $1,750 psf.
“There is a clear opportunity for cumulative sales and government sites are less in number. The En bloc projects ready to submit their tender in next 3 to months are expected to get good response. “ stated Mr. Galven Tan, director of the Capoyal Markets at CBRE.
The last week’s earning of Rio Casa estate located at Hougang and mixed use development Goh and Goh Building located in the upper bukit timah Road, and one tree Hill Garden, beautifully positioned in the Prime district 10 for the previous 10 months led to emergence of latest deals past month.