KSH Holdings purchase price translates to a land rate of $1,313 psf per plot ratio
Read related article: High Point collective sale for which launched last March will now close on July 28
A consortium of local firms that is headed by property developer KSH Holdings has bought Euro-Asia Apartments at 1037 Serangoon Road for $222.18 million. The sale was facilitated through Low Choon Sin, managing partner of SRI Capital Market.
The 84-unit complex is situated on a 56,476 sq feet site with an area ratio of 2.8 according to the most recent Master Plan. The purchase price amounts to the land value of $1,313 per plot ratio, which includes the bonus balcony area.
According to a press release issued from the developer on the 26th of July the purchase of the land property was done through an indirect company owned by 49% known as KSH Ultra Unity. The other shareholders for the firm are H10 Holdings and SLB Development which have equity interests that is 35% as well as 15% respectively.
Euro-Asia Apartments had been put for sale collectively on June 1 of this year. The development was offered for sale with an estimate that was $218million. The owners of the property also tried an enbloc sale earlier in the year with a price guide that was $200 million.
“The results of the tender are highly regarded and has received a lot of interested developers,” says Low Choon Sin the SRI Capital Markets’ managing director. SRI Capital Markets. The SRI Capital Markets managing partner adds: “The site’s attributes further increase the appeal of the site, allowing the developer to build a renowned high-rise residential project along the renowned Serangoon Road.”
The developers claim that they plan to transform the site into an upcoming residential development that will have approximately 172 units of residential homes.
According to a compendium of similar transactions conducted from EdgeProp Singapore, most of the current properties in the region have approximate resales prices that range from approximately $1,000 per sq ft to $1,800 per sq ft.
The highest price for psf within the region is found in Jui Residences, a 117-unit freehold development by Malaysian developer Selangor Dredging. The project was announced for sale in September of this year and was sold completely by the end of August 2021.