OWNERS of 330-unit Eunosville, a former HUDC estate, has put up the estate for collective sale – the third such launch this year.
Based on its asking price of S$643 million-S$653 million, Eunosville stands to be the largest former HUDC estate to be collectively sold in a decade after Farrer Court was sold for a record S$1.34 billion in 2007.
As a sign that the en-bloc market is stirring to life, the launch of Eunosville came on the heels of the launch of Rio Casa, another privatised HUDC estate in Hougang, this week and One Tree Hill Gardens earlier this year.
Eunosville consists of 10 residential blocks of six maisonette blocks and four walk-up apartment blocks with a total of 255 maisonettes and 75 apartments. It was built in the late 1980s with a balance lease of about 70 years.
Its asking price excludes the differential premium of about S$181 million to be paid to the government for topping up the lease from about 70 years to a fresh 99-year lease and the intensification of the site to a gross plot ratio of 2.8.
Including the differential premium, the per square foot cost for the developer works out to be S$780 to S$790 per square foot per plot ratio (psf ppr), according to OrangeTee.com, the sole marketing agent for the tender.
This translates to an estimated break-even pricing of S$1,250 psf for the developer.
“With the recent successful launches of the two nearby projects at Park Place Residences and Grandeur Park Residences, a developer can expect to fetch selling prices in the region of S$1,450 psf for a new condominium on site,” said OrangeTee director of business solutions Alex Oh.
“We believe Eunosville will generate good interest from developers given its excellent connectivity being right next to the Eunos MRT Station and to major expressways. The site offers a developer an opportunity to acquire a site just one station from Paya Lebar Central which is set to become a vibrant commercial hub,” Mr Oh added.