SINGAPORE, 9 March 2018 – Eunos Mansion, a freehold residential site located in the mature residential estate of Bedok Reservoir Road and Jalan Eunos, has been sold for $220 million to a subsidiary of the Fragrance Group Limited. The existing development comprises 105 units of apartments and 2 penthouses. Cushman & Wakefield who brokered the deal said that depending on the size of the apartment, each unit is expected to receive between $1.48 million to $2.19 million. The penthouses will receive $3.55 million and $4.7 million respectively. The sale price of $220 million translates to a land rate of $1,118 per plot ratio (including a 10% bonus balcony) based on a site area of 111,735 sqft and a plot ratio of 1.6. There are no development charges payable as Eunos Mansion has a high development baseline.
According to Mr Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, Eunos Mansion offers an excellent opportunity for the development of a mid-sized condominium project to complement the up and coming Paya Lebar Regional Centre and the business parks located in the mature estate of Eunos and Bedok Reservoir. There is also an undersupply of freehold apartment units available for sale at this locality which presents a favourable market for the developer.
Ms Christina Sim, Director of Capital Markets at Cushman & Wakefield also added that the Collective Sale Committee together with Kennedys Legal Solutions played an important role in garnering support for the collective sale. The 80% consensus was achieved in just 3 weeks from the date of the Extra-ordinary General Meeting. Mr Marcus Toh, Chairman of the Collective Sale Committee also commented that there was tremendous unity amongst the majority of the Owners, hence the favourable outcome.
The sale is subject to the Vendors obtaining an Order of Sale from the Strata Titles Board or the High Court.
For further information, please contact:
Director, Capital Markets
+65 6317 8333 / +65 9638 8813
Head of Strategic Marketing, Singapore