SINGAPORE – Freehold condominium Euro-Asia Park along Woodleigh Close will be put up for collective sale via public tender on Tuesday with a guide price of $500 million, said exclusive marketing agent OrangeTee Advisory on Monday.
The low-rise development was built in 1996 and has a total of 163 units. It has a land area of about 129,793 sq ft and is zoned for residential use with a gross plot ratio of 2.8 under the Urban Redevelopment Authority Master Plan 2019.
Developers can expand up to its maximum allowable gross floor area of 338,860 sq ft – which includes an additional 7 per cent bonus floor area for private outdoor spaces. This will bring the land rate per square foot per plot ratio to $1,520, taking into account an estimated land betterment charge of $71.5 million.
The new land betterment charge, which was put in place on Aug 1, requires landowners to pay a fee to the Singapore Land Authority if the proposed development results in an increase in land value. It replaces the earlier differential premium, development charge and temporary development levy that property owners had to pay if their planning application resulted in an increase in land value.
Upon redevelopment, the site could potentially yield up to 397 new units, subject to approval from the relevant authorities. A pre-application feasibility study is currently being conducted for this purpose, said OrangeTee.
The site is a 10-minute walk from Woodleigh and Potong Pasir MRT stations. Owners will also enjoy access to the nearby Bidadari park, slated to open in 2023.
“Euro-Asia Park offers a great opportunity to build a mid-sized residential development along the increasingly popular District 13,” said Mr Marcus Oh, managing director at OrangeTee Advisory, who believed the launch could be attractive to developers looking to replenish their land stock, given the limited supply of land parcels in the rest of central region.
“The site’s freehold status, excellent transport connectivity and easy access to amenities are added attractions to the potential acquirer.” THE BUSINESS TIMES