Euro-Asia Apartment

A consortium led by KSH Holdings has snapped up the Euro-Asia Apartments along Singapore's Serangoon Road for S$222.18 million.

The 1984-vintage property can be redeveloped into a luxury tower of up to 36 floors high covering 276,298 square feet of floor area. “The site’s attributes further enhance the attractiveness to allow the developer to build an iconic high-rise residential development along the prominent Serangoon Road that connects the city and north-eastern region of the island,” Low said. Separate data from Cushman and Wakefield showed there were eight residential en bloc sites sold between January and mid-July at a combined value of S$1.4 billion. The owners had tried again in 2018 at a reported S$200 million. The successful sale of the Euro-Asia complex after four earlier attempts, is seen by advisors active in the market as an indicator of ongoing demand for new homes and developer confidence in taking on new projects. The deal for the project in District 12 was announced just over one week after Kingsford Development and MCC Land struck a S$890 million deal to buy the Chuan Park condo complex in Serangoon District, as developers snatch up sites to quench Singapore’s thirst for new homes.