The low-rise residential complex, which has 163 flats and condos overall, was completed in 1996.
The freehold condominium DISTRICT 13 Euro-Asia Park will be put up for collective sale via public tender on Tuesday (September 13), with a suggested price of S$500 million, according to a Monday announcement from the exclusive marketing agent OrangeTee Advisory. Tuesday will be the day of this sale.
The low-rise residential complex, which has 163 flats and condos overall, was completed in 1996. According to the Urban Redevelopment Authority Master Plan for 2019, it has a land area of approximately 129,793 square feet (sq ft) and is authorized for residential use with a gross plot ratio of 2.8.
Developers may raise the maximum permitted gross floor space by up to 338,860 square feet. This amount includes an additional 7% of floor space that can be utilised for personal outdoor areas. When the expected land improvement charge of S$71.5 million is taken into account, this yields a land rate and plot ratio of S$1,520 per square foot.
The landowner will be compelled to pay a fee to the Singapore Land Authority in accordance with the new land improvement charge, which went into effect on August 1st, if the proposed development will boost the value of the land. A differential premium, a development fee, and a temporary development tax were once levied against property owners whose planning applications increased the value of their land. These three taxes will be replaced by this new tax.
If the land were to be renovated, it may result in the construction of 397 more homes, however this is dependent on getting approval from the relevant authorities. This is the reason, according to OrangeTee, that a pre-application feasibility assessment is currently being carried out.
The Woodleigh MRT station and the Potong Pasir MRT station are both about a ten-minute walk from the house, which is situated along Woodleigh Close. When it ultimately opens in 2023, inhabitants will also have access to the nearby Bidadari park.
Marcus Oh, the managing director of OrangeTee Advisory, says that Euro-Asia Park is a great place to build a medium-sized residential area along the increasingly popular District 13. Given the restricted supply of land parcels in the rest of the central region, Oh believes the launch will be tempting to developers eager to replenish their land stock. “Euro-Asia Park provides a fantastic chance to construct a mid-sized residential development along the incredibly popular District 13,” Oh said.
The author claims that the site’s “freehold status, good transit linkages, and easy access to infrastructure are additional draws for a future acquisition.” These are all additional benefits that the property might provide.
Taking into account the Enbloc activities’ restart In the upcoming years, it is anticipated that the cost of real estate in Singapore would keep rising. Why not have a look at the developments that are launching soon, Lentor Hills Residences, The Reserve Residemces and Tenet EC?