Published December 14, 2010
Euro-Asia, Bartley Grove up for collective sale
TWO more properties - Euro-Asia Apartments along Serangoon Road and Bartley Grove Apartments along Bartley Road - have been put up for collective sale.
Both properties are freehold. The owners of the 84-unit Euro-Asia Apartments are asking for $142 million. Including an estimated development charge of about $339,000, the price works out to about $899 per square foot per plot ratio (psf ppr).
The property has a land area of about 56,476 sq ft and a 2.8 plot ratio, giving it a potential gross floor area of 158,133 sq ft.
The site may be redeveloped into a 140-unit residential project with an average size of 1,130 sq ft, said Urban Front Real Estate, which is the marketing agent. The firm estimates that any new project that comes up on the site will have a breakeven price of about $1,250 psf.
The existing owners stand to bag between $1.09 million and $2.6 million for each unit if the sale is successful.
The second property, the 25-unit Bartley Grove Apartments, comes with a $70 million price tag. This works out to about $904 psf ppr. There is no development charge payable.
Urban Front Real Estate estimates that the site may be redeveloped into a 80-unit residential project with an average size of 1,000 sq ft per unit. The breakeven price of the project is estimated to be around $1,250 psf.
Bartley Grove Apartments has a land area of about 55,287 sq ft and a 1.4 plot ratio. The property has a potential gross floor area of 77,402 sq ft.
The owners of the 25 units stand to receive between $1.38 million and $3.59 million each if the collective sale is successful.
The tenders for Euro-Asia Apartments and Bartley Grove Apartments close on Jan 25 and 26 next year respectively
Source: www.businesstimes.com.sg
