Eunos Mansion sold en bloc for $220m

The owners of its two penthouses will receive $3.55m and $4.7m.

Eunos Mansion, a freehold residential site located in the mature residential estate of Bedok Reservoir Road and Jalan Eunos, has been sold for $220m to a subsidiary of the Fragrance Group Limited.

According to Cushman & Wakefield, the existing development comprises 105 units of apartments and two penthouses. C&W said each unit owner is expected to receive between $1.48m to $2.19m. The penthouse owners will receive $3.55m and $4.7m, respectively.

The land rate of $1,118 per plot ratio is based on a site area of 111,735 sqft and a plot ratio of 1.6. There are no development charges payable as Eunos Mansion has a high development baseline.

C&W Capital Markets executive director Shaun Poh said, “Eunos Mansion offers an excellent opportunity for the development of a mid-sized condominium project to complement the up and coming Paya Lebar Regional Centre and the business parks located in the mature estate of Eunos and Bedok Reservoir. There is also an undersupply of freehold apartment units available for sale at this locality which presents a favourable market for the developer.”

C&W Capital Markets director Christina Sim added that the Collective Sale Committee played an important role in garnering support for the collective sale. “The 80% consensus was achieved in just three weeks from the date of the Extraordinary General Meeting,” she said. 

This en bloc sale closely followed another, which was Toho Mansion's for $120.4m. This frequency of sales still reflect an en bloc hype that was amplified in 2017, but some analysts think it could be slowing down as recent deals were sold through a private treaty after an unsuccessful public tender.