Euro Asia Park relaunched for collective sale at $500 mil
By Felicia Tan
/ EdgeProp Singapore |
Euro Asia Park, a freehold condominium on Woodleigh Close in District 13, will be relaunched for collective sale via public tender on Feb 14. Photo: OrangeTee Advisory
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SINGAPORE (EDGEPROP) - Euro Asia Park, a freehold condominium on Woodleigh Close in District 13, will be relaunched for collective sale via public tender on Feb 14 at a guide price of $500 million. The development was previously up for collective sale in September 2022 at the same price.
There are 48 condo/apartment developments totalling 6,300 units within 1KM of Euro Asia Park: EdgeProp LandLens
OrangeTee Advisory is the exclusive marketing agent for the sale.
The 163-unit, low-rise residential development was completed in 1996 and sits on a land area of approximately 129,793 sq ft. It has a gross plot ratio of 2.8 and is zoned for residential use.
The land has been approved by the Land Transport Authority (LTA) to be redeveloped into 397 new residential units with a maximum size of 915 sq ft per unit. Based on the gross plot ratio, the new development can have a maximum allowable gross floor area (GFA) of 388,860 sq ft after factoring in an additional bonus floor area of 7% for private outdoor spaces, says OrangeTee.
The maximum allowable GFA translates to a land rate of $1,558 psf per plot ratio after including an estimated land betterment charge of $105.65 million.
Euro Asia Park is a 10-minute walk from Woodleigh MRT Station and Potong Pasir MRT Station on the North East Line. The 300,000 sq ft Woodleigh Mall, which is currently under construction, is located above Woodleigh MRT Station.
The development is also a stone’s throw away from the new 10ha Bidadari park, which is slated to be opened in 2023.
Schools within a 2km radius include Cedar Primary School, St Andrew’s Junior School, Maris Stella High School and Pei Chun Public School.
“Despite global recessionary risks, we have already seen two successful collective sales in the early part of 2023. These transactions point to a sustained stable demand for quality residential sites. Euro Asia Park is well-situated in the increasingly popular city-fringe District 13, and offers developers an opportunity to optimise the plot utilisation with a mid-sized residential project,” says Marcus Oh, managing director at OrangeTee Advisory.
“With the limited land supply of land parcels in the Rest of Central region, this site should appeal to developers looking to replenish their fast-depleting land banks,” Oh adds.
The tender will close at 3pm on March 14.
Check out the latest listings near Euro Asia Park, Woodleigh Close, Woodleigh MRT Station, Cedar Primary School, Maris Stella High School, Pei Chun Public School
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