Eunosville put up for en bloc sale

Former HUDC estate Eunosville has been put up for collective sale, with the owners expecting offers of between $643 million and $653 million...

The owners are expecting offers of up to $653 million, which would make the estate the biggest en bloc sale in recent years. 

Former Housing and Urban Development Company (HUDC) estate Eunosville has been put up for collective sale, with the owners expecting offers of between $643 million and $653 million, reported the Straits Times.

The asking price for the 330-unit development dwarfs that of Rio Casa in Hougang, which went on sale just days ago with expectations of over $450.8 million. It would also surpass the $638 million paid for Shunfu Ville in 2016 – making the estate in Sims Avenue the biggest en bloc sale in recent years, said marketing agent OrangeTee.

This includes a top-up premium of around $181 million for a fresh 99-year lease as well as for the 376,713 sq ft site’s intensification. Eunosville is situated less than 100m away from the Eunos MRT station.

“The recent tweak to the cooling measures has injected some optimism into the residential market… Strong sales results at recent launches such as Grandeur Park Residences… show buyers are still keen to invest in projects with strong locational attributes such as proximity to MRT stations,” said Marcus Oh, Executive Director of Business Solutions at OrangeTee.

With 70 years left on its lease, Eunosville comprises 75 walk-up apartments in four blocks and 255 maisonettes spread across 10 blocks.

The maisonettes have a strata floor area of between 1,697 sq ft and 1,776 sq ft, while apartment sizes range from 1,636 sq ft to 1,722 sq ft.

The future development could yield around 1,035 units, with an average size of 969 sq ft.

The selling price for the new condominium could be in the range of $1,450 psf, with a break-even price of around $1,250 psf, said Alex Oh, Director of Business Solutions at OrangeTee.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg