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

Completed of the procurement by the joint endeavor undergoes a variety of approvals being obtained, consisting of the written approval of 100% of the subsidiary owners of the systems and composed authorization from the President of Singapore as well as the Jurong Town Corporation who are particular the head owner as well as the intermediate owner of the residential property.

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

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 making up CEL Development (40%), Sing-Haiyi Pearl (30%) and also TK 189 Development (30%).

According to Mike Ng, executive supervisor at CEL Development, the firm is excited for the upcoming project, which will have views ignoring Jurong’s Japanese Garden and the Jurong Lake District.

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

Senja Residences Site Plan

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

Park View Mansions is a 160-unit development resting on a land site of regarding 191,974 sq ft with a 99-year leasehold period beginning from Oct 1, 1976. Subject to approval from the authorities, the website can be developed as much as a gross flooring location of 403,145 sq ft.

In different 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 household growth with as much as 440 units.

According to evaluation on EdgeProp LandLens, estimated asking price for the future growth on the Lakeside Apartments website could be around $2,400 psf

Nearby, the $640 million cumulative sale tender for Lakepoint Condominium, a 99-year development located on Lakepoint Drive, closed on June 8 without bids. According to advertising and marketing agent PropNex, its proprietors are currently secretive treaty negotiations with interested events.

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

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

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