Eunos Mansion at Jalan Eunos has been launched for collective sale by tender on Jan 22, according to marketing agent Cushman & Wakefield. The reserve price for the freehold redevelopment site is $218 million, or $1,219 psf per plot ratio (ppr).
The buyer would not have to pay development charges for the site even with an additional 10% gross floor area for balconies due to the high existing development baseline, says Cushman and Wakefield.
Built in the mid-1980s, the 11-storey Eunos Mansion comprises 107 residential units and sits on an 111,453 sq ft site. Under the 2014 Master Plan, the site is zoned “Residential” with a plot ratio of 1.6. This translates to a maximum allowable gross floor area of 178,774 sq ft.
(Credit: Cushman & Wakefield)
Christina Sim, director of capital markets at Cushman & Wakefield comments, “Eunos Mansion offers the opportunity to develop a mid-sized condo project to complement the up and coming Paya Lebar Regional Centre and the business parks located in the mature estates of Eunos and Bedok Reservoir.”
The Eunos Mansion site can be redeveloped into a new project of 165 units, assuming each unit is sized at an average of 1,077 sq ft and a building efficiency of 90%.
The tender closes on Mar 7.
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