Euro-Asia and Bartley Grove Apartments up for collective sale

Two freehold developments, Euro-Asia Apartments and Bartley Grove Apartments, have been put up for collective sale by public tender.

Euro-Asia Apartments, a 56,476 square feet (sq ft) development along Serangoon Road, has a price tag of $142 million.

It also has an estimated development charge of about $339,000 or about $899 per square foot per plot ratio (psf ppr).

The property comprises of 85 units ranging from 78 square metres (sq m) to 227 sq m each.

If the sale is successful, owners are expected to bag between $1.09 million and $2.6 million each.

The new project on the land plot is expected to have a breakeven selling price of about $1,250 per square foot (psf), says its marketing agent Urban Front Real Estate.

It adds that Euro-Asia Apartments may be redeveloped into a 140-unit residential project with an average size of 1,130 square feet per unit.

Euro-Asia Apartments is zoned for residential development and the public tender will close on January 25 next year.

Bartley Grove Apartments is also up for public tender.

The site, located along Bartley Road, has a land area of 55,287 sq ft and a plot ratio of 1.4.

Owners of the 25 units at Bartley Grove Apartments are asking for $70 million or about $906 psf ppr.

With unit sizes ranging from 99 sqm to 351 sqm, owners may receive between $1.38 million and $3.59 million each.

The site is zoned for residential development and is located at the fringe of the landed enclave, said Urban Front Real Estate.

It is easily accessible from major expressways and is a walking distance to Bartley MRT Station and the Nex Mall at Serangoon Central, says the marketing agent.

The marketing agent adds that the site may be redeveloped into a 80-unit residential project with an average size of 1,000 sq ft per unit.

The prospective developer may also achieve a breakeven selling price of about $1,250 psf for the new development, says Urban Front Real Estate.

The closing date for the public tender is on 26 January 2011.

Both collective sale projects will need to file applications for a Sale Order from the Strata Titles Board.

Source : Channel NewsAsia – 13 Dec 2010

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