Built in the mid-1980s, Eunos Mansion features 107 apartments. (Photo: Cushman & Wakefield)
The freehold Eunos Mansion development has been put up for collective sale with a reserve price of $218 million, which works out to $1,219 psf per plot ratio, revealed marketing agent Cushman & Wakefield.
Situated along Bedok Reservoir Road and Jalan Eunos, the 11-storey strata-titled development was built in the mid-1980s and features 107 apartments. It is nestled on a 10,380.4 sq m (111,453 sq ft) site, which is zoned for residential use with a plot ratio of 1.6 and subject to building height control of up to 12-storeys under the 2014 Master Plan.
Cushman & Wakefield revealed that no development charge is payable for the site even if the additional 10 percent gross floor area for balconies is included.
This comes as the “development baseline of the existing development is higher than the maximum allowable intensity in the current Master Plan”.
Assuming a 90 percent building efficiency, the site can be redeveloped into a 165-unit development with an average size of 100 sq m per unit, it added.
Cushman & Wakefield capital markets director Christina Sim noted that 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 tender for the site will close on 7 March.