Euro Asia Park relaunched for collective sale at $500 million
Euro Asia Park, a freehold condominium on Woodleigh Close in District 13, will be relaunched for collective sale via public tender on Feb 14 at a guide price of $500 million. The development was previously up for collective sale in September 2K22 at the same price. Orangetee & Tie is the sole exclusive market agent for this.
The low-rise 163-units residential development was completed in 1996 and sits on a land area of approximately 129,793 sq ft. With a gross plot ratio of 2.8 and zoned for residential use, the land has been approved by the Land Transport Authority (LTA) to be redeveloped into 397 new residential units with a maximum size of 915 sq ft per unit. Based on the gross plot ratio, the new development can have a maximum allowable gross floor area (GFA) of 388,860 sq ft after factoring in an additional bonus floor area of 7% for private outdoor spaces, says OrangeTee.
Euro Asia Park is within walking distance to Woodleigh MRT Station and Potong Pasir MRT Station on the North East Line. The three hundred thousand sq ft Woodleigh Mall, which is currently under construction, is located above Woodleigh MRT Station. The development is also a stone’s throw away from the new 10ha Bidadari park, which is slated to be opened in 2023. Schools within a 2km radius include Cedar Primary School, St Andrew’s Junior School, Maris Stella High School and Pei Chun Public School.
“Despite global recessionary risks, we have already seen two successful collective sales in the early part of 2K23. These transactions point to a sustained stable demand for quality residential sites. Euro Asia Park is well-situated in the increasingly popular city-fringe District 13, and offers developers an opportunity to optimise the plot utilisation with a mid-sized residential project,” says Marcus Oh, managing director at OrangeTee Advisory.
March fourteen will be the closing for the tender will close at 3pm.