Completed in 1982, Eunos Mansion comprises 105 apartments and two penthouses. (Photo: Cushman & Wakefield)
The freehold Eunos Mansion has been sold collectively to a subsidiary of Fragrance Group for $220 million, according to Cushman & Wakefield which brokered the deal. This is slightly higher than the reserve price of $218 million.
Located in the Bedok Reservoir Road and Jalan Eunos area, the development was completed in 1982 and comprises 105 apartment units and two penthouses.
The sale price translates to a land rate of $1,118 psf per plot ratio inclusive of a 10 percent bonus balcony space, based on a site area of 111,735 sq ft and a plot ratio of 1.6. No development charge is payable due to the high development baseline.
Depending on the apartment sizes, each unit is expected to receive between $1.48 million and $2.19 million. The penthouses could fetch $3.55 million and $4.7 million respectively.
Shaun Poh, executive director of capital markets at Cushman & Wakefield, said the development of a mid-sized condominium would complement the up and coming Paya Lebar Regional Centre and business parks within the vicinity.
“There is also an under-supply of freehold apartment units available for sale at this locality which presents a favourable market for the developer,” he noted.
Meanwhile, the robust en bloc activity is expected to continue with the sale of Toho Mansion along Holland Road to Koh Brothers for $120.4 million. Recently, the owners of Mandarin Gardens along East Coast revived hopes for a collective sale.