Eunosville sold en-bloc for $765 million
By Delicia Lim
/ The Edge Property |
Eunosville, a 330-unit privatised HUDC development has been sold to MCL Land for $765.78 million in a collective sale, according to its marketing agent OrangeTee. This is the second largest collective sale of a privatized HUDC development, after Farrer Court which sold for $1.3388 billion in year 2007.
According to OrangeTee, the sale price for Eunosville works out to a land rate of $909 psf ppr, including an estimated differential premium of $194 million to enhance the site’s gross plot ratio and to top up the remaining lease to a fresh 99 year.
Each owner stands to receive a gross sale price of approximately $2.25 to $2.41 million upon the successful completion of the sale.
Eunosville has a land area of approximately 376,713 sq ft and consists of 10 residential blocks of 6 maisonette blocks and 4 walk-up apartment blocks with a total of 255 maisonettes and 75 apartments.
The new development could potentially yield about 1,399 units with an average size of 70 sqm (753 sq ft).
Mr Marcus Oh, executive director of business solutions at OrangeTee, says: "There were strong interest for Eunosville and the bids received were competitive, given its strong locational attributes, being less than 100 metres from Eunos MRT station.”
Oh also notes that the primary home sales market has also seen marked improvements and developers are starting to make strategic acquisitions of land to position themselves for a recovery of the market.
Recently, Rio Casa, another privatised HUDC estate in Hougang Avenue 7 was sold for $575 million to a consortium comprising KSH Development, Oxley Holdings, Lian Beng Group and Apricot Capital.
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