KSH developers claim a planned residential development with about 172 residential dwellings

A group of local businesses led by property developer KSH Holdings has purchased Euro-Asia Apartments at 1037 Serangoon Road for $222.18 million. The sale was handled by Low Choon Sin who is the director of SRI Capital Market.

Lentor Hills Residences Guocoland Hong Leong has a total site area of about 17,100 square metres (sq m) with a maximum Gross Floor Area (GFA) of 60,480 sq m.

The complex of 84 units is located on a 56.476 square feet site with an area ratio of 2.8 in accordance with the most current master Plan. The cost of purchase is the value of land at $1,313 for each plot, and includes the bonus balcony space.

In a news statement issued by the developer on the 26th July, the purchase of the property property was made through an indirect corporation which is owned by 49% of the company, which is known as KSH Ultra Unity. The other shareholders of the company include H10 Holdings and SLB Development with equity interests which is 35% and 15% respectively.

Euro-Asia Apartments had been put up for sale in a group auction on June 1st of this year. The property was put up to the market with an estimate of $218 million. Owners of the property also attempted an enbloc sale earlier the year, with a price guideline of $200 million.

“The result of the competition is highly respected, and have attracted a number of interest from developers,” says Low Choon Sin the SRI Capital Markets’ managing director. SRI Capital Markets. The SRI Capital Markets managing partner says: “The site’s attributes further enhance the appeal of the site and will allow the developer to construct a well-known high-rise residential development along the famous Serangoon Road. ”

Based on a compilation of similar transactions compiled by EdgeProp Singapore, most of the present properties within the area have approximate resales rates which range from about $1,000 per square foot to $1,800 for a square foot.

The most expensive PSF in the region is located at Jui Residences, a 117-unit freehold development owned by Malaysian developer Selangor Dredging. The development was launched to be sold in September of the year. It was then completed sale at the end of August 2021.