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 in between SingHaiyi Group and also Haiyi Holdings, while TK 189 Development is 66.7% held by Kim Seng Heng Realty (an associated business of KSH Holdings) and 33.3% held by Ho Lee Group.
Chip Eng Seng, SingHaiyi and also KSH Holdings are likewise joint-venture partners that were granted the collective sale tender Peace Centre and Peace Mansion last December for $650 million.

Completed of the purchase by the joint endeavor goes through a number of approvals being gotten, consisting of the written approval of 100% of the subsidiary owners of the devices and composed authorization from the President of Singapore and also the Jurong Town Corporation that are corresponding the head lessor and the intermediate owner of the property.

Park View Mansions was released for cumulative sale by means of public tender by advertising representative ERA Realty on June 20 with an asking price of $260 million. The price translates to a land rate of $1,023 psf per story ratio (psf ppr), comprehensive of a differential costs payable to increase the website’s growth story proportion of 2.1 as well as to top-up the existing lease to a fresh 99 years, based on JTC and URA’s planning authorization.

Park View Mansions is a 160-unit advancement remaining on a land site of regarding 191,974 sq ft with a 99-year leasehold period commencing from Oct 1, 1976. Subject to approval from the authorities, the website can be established approximately a gross flooring area of 403,145 sq ft.

In separate filings to the Singapore Exchange on July 28, Chip Eng Seng as well as KSH Holdings state that the joint endeavor plans to redevelop the website into a domestic advancement with up to 440 systems.

Park View Mansions, a 99-year leasehold condo situated along Yuan Ching Road in Jurong, has been cost $260 million in a collective sale to a joint endeavor making up CEL Development (40%), Sing-Haiyi Pearl (30%) and also TK 189 Development (30%).

Map and review Park View Mansions. The development (received grey) lies beside Lakeside Apartments (displayed in orange), which was offered en bloc in May to Wing Tai Holdings

Copen Grand EC

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

Park View Mansions’ collective sale comes not long after the en bloc sale of Lakeside Apartments– an additional 99-year leasehold condo simply beside Park View Mansions that likewise neglects Jurong Lake Gardens– to Wing Tai Holdings for $273.88 million in May.

According to evaluation on EdgeProp LandLens, estimated selling prices for the future development on the Lakeside Apartments website could be around $2,400 psf

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

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

Analysis on EdgeProp LandLens reveals the launch rates for the future growth at Lakeside Apartments site could be about $2,400 psf.

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

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