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

Park View Mansions was introduced for cumulative sale using public tender by marketing representative ERA Realty on June 20 with an asking price of $260 million. The rate translates to a land rate of $1,023 psf per plot ratio (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, subject to JTC as well as URA’s planning authorization.

Park View Mansions, a 99-year leasehold condominium situated along Yuan Ching Road in Jurong, has 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%).

Map as well as summary Park View Mansions. The advancement (shown in gray) lies beside Lakeside Apartments (received orange), which was offered en bloc in May to Wing Tai Holdings

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

Finished of the acquisition by the joint endeavor goes through a variety of approvals being acquired, including the written permission of 100% of the subsidiary owners of the devices and also composed authorization from the President of Singapore and also the Jurong Town Corporation that are corresponding the head lessor as well as the intermediate owner of the residential property.

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

Park View Mansions is a 160-unit growth sitting on a land site of concerning 191,974 sq ft with a 99-year leasehold period starting from Oct 1, 1976. Based on authorization from the authorities, the site can be established as much as a gross flooring location of 403,145 sq ft.

Sant Ritz Distribution

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

In different filings to the Singapore Exchange on July 28, Chip Eng Seng as well as KSH Holdings state that the joint venture plans to redevelop the site right into a domestic growth with up to 440 units.

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

Evaluation on EdgeProp LandLens shows the launch costs for the future advancement at Lakeside Apartments site could be about $2,400 psf.

Park View Mansions is a 160-unit growth sitting on a land website of about 191,974 sq feet with a 99-year leasehold period starting from Oct 1, 1976. Topic to approval from the authorities, the website can be developed up to a gross flooring location of 403,145 sq ft.

Nearby, the $640 million collective sale tender for Lakepoint Condominium, a 99-year development located on Lakepoint Drive, closed on June 8 without quotes. According to advertising representative PropNex, its owners are presently secretive treaty negotiations with interested celebrations.

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

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