The FINANCIAL -- Eunos Mansion, a prime freehold residential site located along Bedok Reservoir Road and Jalan Eunos, has been put up for collective sale.
Cushman & Wakefield, the exclusive marketing agent for the property, has secured the 80% mandate to launch the site for public tender.
Eunos Mansion comprises an 11-storey strata-titled development built in the mid-1980s with a total of 107 residential apartment units. Occupying a site area of 10,380.4 sq m (111,453 sq ft), the property is zoned “Residential” with a plot ratio of 1.6 and is subject to a building height control of up to 12-storeys under the current Master Plan 2014. This translates to an allowable maximum gross floor area (GFA) of 16,608.64 sq m (178,774 sq ft). No development charge is payable even if the additional 10 percent GFA for balconies is included, as the development baseline of the existing development is higher than the maximum allowable intensity in the current Master Plan. Assuming a building efficiency of 90%, the site can be redeveloped into a residential development comprising of about 165 units, assuming an average unit size of 100 sq m per unit.
According to Ms Christina Sim, Director of Capital Markets at Cushman & Wakefield, Eunos Mansion offers an excellent opportunity for the development of a mid-sized condominium 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 colourful heritage towns of Katong and East Coast Park are also accessible via a 10-minute drive.
The reserve price for Eunos Mansion is $218 million, translating to a land rate of $1,219 psf per plot ratio.
The tender will close on 7 March 2018 (Wednesday) at 3.00pm, according to Cushman & Wakefield.