Former HUDC estate in Eunos up for sale

This article is more than 12 months old

RACHAEL BOON, THE STRAITS TIMES

Apr 13, 2017 06:00 am

A Housing and Urban Development Company (HUDC) estate in Eunos that had been privatised has gone on the market, just days after a similar estate in Hougang was put up for collective sale.

Owners at Eunosville in Sims Avenue expect offers of between $643 million and $653 million, which translates to about $780 to $790 psf per plot ratio (psf ppr).

That could make the 330-unit Eunosville the largest collective sale in recent years, surpassing the $638 million paid for Shunfu Ville last year, said marketing consultant OrangeTee yesterday.

It would also dwarf Rio Casa in Hougang, which went on sale with expectations of more than $450.8 million, or about $586 psf ppr.

The asking price for Eunosville includes a top-up premium of about $181 million for a new 99-year lease and for intensification of the 376,713 sq ft site, which is less than 100m from Eunos MRT station.

The owners, who reached the requisite 80 per cent consent needed for the collective sale in less than four months, would each get around $1.9 million to just over $2 million.

The annual value of HDB flats and most private residential properties will be raised from Jan 1.

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The estate, which has 70 years left on its lease, has 255 maisonettes in 10 blocks and 75 walk-up apartments across four blocks.

The strata floor area for a maisonette is between 156 and 165 sq m (1,679 to 1,776 sq ft), and apartment sizes are from 152 to 160 sq m.

A redevelopment could yield about 1,035 units with an average size of 90 sq m each.

Mr Alex Oh, OrangeTee's director of business solutions, said selling prices would be in the region of $1,450 psf for a new condominium, with a break-even level of about $1,250 psf.

OrangeTee's executive director of business solutions, Mr Marcus Oh, said: "The recent tweak to the cooling measures has injected some optimism into the residential market... Strong sales results at recent launches such as Grandeur Park Residences... show buyers are still keen to invest in projects with strong locational attributes such as proximity to MRT stations."