Park View Mansions sold for $260 mil to Chip Eng Seng-led joint venture

CEL Development is a wholly-owned subsidiary of Chip Eng Seng Corp. Sing-Haiyi Pearl is a 50:50 joint venture between SingHaiyi Group as well as Haiyi Holdings, while TK 189 Development is 66.7% held by Kim Seng Heng Realty (a linked firm of KSH Holdings) and also 33.3% held by Ho Lee Group.
Chip Eng Seng, SingHaiyi and also KSH Holdings are additionally joint-venture companions that were awarded the cumulative sale tender Peace Centre and also Peace Mansion last December for $650 million.

Park View Mansions, a 99-year leasehold condo situated along Yuan Ching Road in Jurong, has actually been sold for $260 million in a cumulative sale to a joint endeavor comprising CEL Development (40%), Sing-Haiyi Pearl (30%) as well as TK 189 Development (30%).

Completed of the procurement by the joint venture is subject to a number of authorizations being gotten, consisting of the created permission of 100% of the subsidiary owners of the units as well as composed authorization from the President of Singapore and the Jurong Town Corporation who are particular the head owner and the intermediate lessor of the property.

Map and also summary Park View Mansions. The growth (displayed in grey) is located alongside Lakeside Apartments (shown in orange), which was sold en bloc in May to Wing Tai Holdings

According to Mike Ng, executive director at CEL Development, the business is excited for the upcoming job, which will have sights neglecting Jurong’s Japanese Garden and also the Jurong Lake District.

Park View Mansions is a 160-unit advancement resting on a land website of about 191,974 sq ft with a 99-year leasehold period commencing from Oct 1, 1976. Based on authorization from the authorities, the website can be created approximately a gross floor area of 403,145 sq ft.

Park View Mansions was introduced for collective sale through public tender by marketing representative ERA Realty on June 20 with an asking rate of $260 million. The rate converts to a land rate of $1,023 psf per story ratio (psf ppr), comprehensive of a differential costs payable to increase the site’s growth plot proportion of 2.1 as well as to top-up the existing lease to a fresh 99 years, subject to JTC and also URA’s planning approval.

The Estuary

Park View Mansions’ cumulative sale comes not long after the en bloc sale of Lakeside Apartments– one more 99-year leasehold condominium just alongside Park View Mansions that likewise forgets Jurong Lake Gardens– to Wing Tai Holdings for $273.88 million in May.

In separate filings to the Singapore Exchange on July 28, Chip Eng Seng as well as KSH Holdings state that the joint endeavor strategies to redevelop the site into a residential development with up to 440 devices.

According to analysis on EdgeProp LandLens, approximated market price for the future advancement on the Lakeside Apartments site could be about $2,400 psf

Close by, the $640 million cumulative sale tender for Lakepoint Condominium, a 99-year growth located on Lakepoint Drive, closed on June 8 without quotes. According to advertising agent PropNex, its owners are presently in private treaty settlements with interested events.

Park View Mansions is a 160-unit growth sitting on a land website of regarding 191,974 sq ft with a 99-year leasehold tenure commencing from Oct 1, 1976. Topic to approval from the authorities, the website can be created up to a gross floor location of 403,145 sq ft.

Analysis on EdgeProp LandLens reveals the launch rates for the future advancement at Lakeside Apartments website could be around $2,400 psf.

Map and overview Park View MansionsSight The advancement (shown in gray) is situated next to Lakeside Apartments (shown in orange), which was offered en bloc in May to Wing Tai Holdings