Former HUDC estate Eunosville sold for S$765 million in en-bloc deal

The 330-unit Eunosville comprises 255 maisonettes over six residential blocks and four walk-up apartment blocks with 75 units.
The 330-unit Eunosville comprises 255 maisonettes over six residential blocks and four walk-up apartment blocks with 75 units.PHOTO: ORANGETEE

SINGAPORE - Privatised HUDC estate Eunosville, near the Eunos MRT Station, has been sold for S$765 million to MCL Land in what is the fourth en-bloc deal here this year.

Based on the sale price, it is the second-largest former HUDC estate to be sold collectively after Farrer Court, which was transacted at a record S$1.34 billion in 2007 to CapitaLand.

The price was much higher than the S$643 million to S$653 million the owners had asked for when the site was launched for tender in April.

The deal came on the heels of last week's sale of Rio Casa estate in Hougang and mixed-use development Goh & Goh Building in Upper Bukit Timah Road, and One Tree Hill Gardens in the prime District 10 last month.

Marketing agent OrangeTee said the sale price for Eunosville, with the addition of an estimated differential premium of $194 million, works out to a land cost of S$909 per square foot per plot ratio (psf ppr).

The differential premium is payable to the State to enhance the intensity of the site to a gross plot ratio of 2.8 as well as to top up the remaining lease term to 99 years.

The 330-unit Eunosville comprises 255 maisonettes over six residential blocks and four walk-up apartment blocks with 75 units.

Each owner stands to receive a gross sale price of S$2.25 million to S$2.41 million upon the successful completion of the sale, OrangeTee added.

Built in the late 1980s, the development has a remaining lease of about 71 years. The estate sits on a 376,713 sq ft site, with wide frontage onto Changi Road and Sims Avenue.

The resurgence in the collective sales market that started last year looks to continue its momentum amid rising optimism in the private residential market.

Three projects were successfully sold en-bloc last year: Shunfu Ville for S$638 million, Raintree Gardens for S$334.2 million and Harbour View Gardens for S$33.25 million.