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 and also 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 KSH Holdings are likewise joint-venture companions that were granted the cumulative sale tender Peace Centre and also Peace Mansion last December for $650 million.
Park View Mansions was introduced for cumulative sale using public tender by advertising and marketing agent ERA Realty on June 20 with an asking price of $260 million. The cost translates to a land price of $1,023 psf per plot proportion (psf ppr), comprehensive of a differential costs payable to maximise the website’s advancement plot proportion of 2.1 as well as to top-up the existing lease to a fresh 99 years, based on JTC and also URA’s preparation approval.
Park View Mansions’ cumulative sale comes not long after the en bloc sale of Lakeside Apartments– an additional 99-year leasehold condominium simply alongside Park View Mansions that additionally neglects Jurong Lake Gardens– to Wing Tai Holdings for $273.88 million in May.
Finished of the procurement by the joint venture goes through a number of approvals being acquired, including the created consent of 100% of the subsidiary owners of the systems and written approval from the President of Singapore and the Jurong Town Corporation who are corresponding the head lessor as well as the intermediate lessor of the home.
The Reserve Residences Site Plan
According to Mike Ng, executive supervisor at CEL Development, the business is delighted for the upcoming task, which will certainly have sights overlooking Jurong’s Japanese Garden and the Jurong Lake District.
Park View Mansions is a 160-unit advancement remaining on a land website of concerning 191,974 sq ft with a 99-year leasehold period beginning from Oct 1, 1976. Subject to authorization from the authorities, the website can be established approximately a gross flooring location of 403,145 sq ft.
In different filings to the Singapore Exchange on July 28, Chip Eng Seng and KSH Holdings state that the joint endeavor strategies to redevelop the site into a domestic advancement with approximately 440 systems.
Park View Mansions, a 99-year leasehold condominium situated along Yuan Ching Road in Jurong, has been sold for $260 million in a collective sale to a joint endeavor making up CEL Development (40%), Sing-Haiyi Pearl (30%) as well as TK 189 Development (30%).
Map as well as review Park View Mansions. The growth (received gray) lies alongside Lakeside Apartments (received orange), which was sold en bloc in May to Wing Tai Holdings
According to evaluation on EdgeProp LandLens, approximated asking price for the future growth on the Lakeside Apartments site could be around $2,400 psf
Park View Mansions is a 160-unit advancement resting on a land site of about 191,974 sq ft with a 99-year leasehold period 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.
Map and overview Park View MansionsSight The growth (shown in grey) is located next to Lakeside Apartments (revealed in orange), which was offered en bloc in May to Wing Tai Holdings
Close by, the $640 million collective sale tender for Lakepoint Condominium, a 99-year advancement located on Lakepoint Drive, closed on June 8 without proposals. According to marketing agent PropNex, its owners are currently in private treaty arrangements with interested celebrations.
Evaluation on EdgeProp LandLens shows the launch costs for the future advancement at Lakeside Apartments site could be around $2,400 psf.
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