Euro Asia Apartment enbloc to KSH Holdings for $222.18m

Euro Asia Apartment – A partnership of local firms headed by the real estate developer KSH Holdings has bought the Euro-Asia Apartments at 1037 Serangoon Road for $222.18 million. Low Choon Sin, of SRI Capital Market, facilitated the collective sale.

In accordance with the most recent Master Plan, the 84-unit construction is situated on a 56,476-square-foot lot with a plot ratio of 2.8. Therefore, the purchase price of Euro Asia Apartment corresponds to a land rate of $1,313 per square foot per plot ratio, inclusive of additional balcony space.

According to a press announcement issued by the developer on July 26, the freehold property was sold collectively via KSH Ultra Unity, a 49 percent-owned affiliated entity. The company’s other shareholders are H10 Holdings and SLB Development, who own a 36% and 15% equity stake, respectively.

In June 1 of this year, the Euro-Asia Apartments were placed up for collective sale with a suggested price of $218 million. In 2018, the owners of the complex tried an enbloc sale with a suggested price of $200 million.

According to Low Choon Sin, managing partner of SRI Capital Markets, the conclusion of the tender has been warmly welcomed by developers, who have shown diverse levels of interest. He adds, “The site’s qualities increase its desirability, allowing the developer to construct an iconic residential high-rise along the famous Serangoon Road.”

The developers propose to rebuild the land into a new residential community with about 172 dwelling units.

The majority of existing homes in the region have estimated selling values in the range of $1,000 to $1,800 per square foot.

Jui Residences, a 117-unit freehold development by Malaysian developer Selangor Dredging, has the highest average psf price in the neighborhood. The selling of the Euro Asia Apartment began in September 2018 and was concluded in August 2021.