Former Park View Mansions Enbloc in Chip Eng Seng Yuan Ching Road to Be Sold
The owners of the former Park View Mansions Enbloc in Chip Eng Seng Yuan Ching Road are looking to dispose of the property, which still has 53 years left on a 99-year lease that started on October 1, 1976. According to marketing firm ERA Realty, the price for the land, including the difference premium for the plot ratio, is S$1,023 per square foot (ppr). The sale is subject to planning approval from the Urban Redevelopment Konsortium and JTC.
160-unit growth
Chip Eng Seng has announced that it will acquire the former Park View Mansions en bloc. The property has a 99-year leasehold and consists of 160 units. The company plans to develop the site into residential properties. It will invest more than SG$260 million in the project. The company will finance the acquisition through internal funds and external borrowing.
The former Park View Mansions site is situated near the Lakeside MRT station. The new development will have unobstructed views of Jurong Lake. A recent EdgeProp LandLens report estimates the launch cost at $2,400 per square foot.
The joint venture comprises Chip Eng Seng Corporation, SingHaiyi Group, and KSH Holdings. They were awarded the collective sale tender for the Peace Centre and the Peace Mansions last December. The joint venture will develop the former Park View Mansions site. Its total asking price is $260 million. This equates to $1,023 per square foot per plot ratio (ppr). It will also include a top-up lease of up to 99 years.
99-year leasehold tenure
The 99-year leasehold tenure of the former Park View Mansions Enbloc in Chip Eng Seng Road will be extended for another 99 years. The site has a gross plot ratio of 2.1 and potential for up to 440 dwelling units. Its owners are expecting to receive $320 million in collective sales at a price of $1,183 psf ppr. They are also spending an additional $157 million to intensify the site and extend its existing 99-year tenure.
The Park View Mansions Enbloc comprises 160 units and has a 99-year leasehold tenure. The developers plan to develop the site to 403,145 sq ft of gross floor area. The site is located adjacent to the Jurong Lake Gardens.
The property is located in Jurong and is within easy reach of MRT stations. It also has connectivity to the one-north and Jurong regional hubs. It is also within 10-15 minutes’ drive of major highways and educational institutions. Rulang Primary School is located nearby the site. It has a plot ratio of 2.1 and a total land area of 17,834.8 square meters. It will be developed into 440 residential units.
Land rate
The Park View Mansions enbloc is one of the most recent enblocs in Jurong. Its total land area is 17,834 square metres, with a permissible plot ratio of 2.1. The developer is planning to redevelop the enbloc into a new residential development with unobstructed views of Jurong Lake and near Lakeside MRT station.
The Park View Mansions are subject to a 99-year lease which began on October 1, 1976. The owners are not seeking an extension of the lease, as it requires permission from the Urban Redevelopment Konsortium and JTC. Nonetheless, developers can redevelop the site at S$1,023 psf ppr if they are able to get the required planning permissions.
The property’s former owner, the Chip Eng Seng family, plans to develop the property with 440 units. The developer is partnering with TK 189 Development and CEL Development. They each own 40 percent of the property and will develop the site as a residential complex.
Joint tenderers
The joint tenderers have been chosen to develop the former Park View Mansions on Yuan Ching Road. The site is currently an empty lot, and the joint tenderers are planning to build a residential development on the land. It is expected to have up to 440 units. The winning bidders are Chip Eng Seng, KSH Holdings, and SingHaiyi Group.
The project’s location will allow it to provide easy access to public transport such as the MRT and bus terminal. It will also include a public park, cycle paths, and community farmways. It will be near several schools and will be BCA Gold Plus-certified.
The site will be located near a number of public transportation hubs and some of Singapore’s most prestigious schools. The estimated price range of the new development is between $241.2 million and $261 million. The project is expected to start in June 2022.
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