Chief Editor July 31 2022

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Park View Mansions en bloc sale to Chip Eng Seng, SingHaiyi and KSH for S$260M

Park View Mansions has been en bloc successfully to joint tenderer Chip Eng Seng, SingHaiyi and KSH at a collective sale price of S$260 million.

Park View Mansions consists of four 10-storeys residential blocks with a total of 160 apartment units.

The condominium has a tenure of 99 years leasehold from 1 October 1976. Hence, the remaining lease is only 53 years.

Park View Mansions occupies a decent land size of 17,834.8 square metres with a permissible plot ratio of 2.1. The maximum permissible gross floor area is 37,453.08 square metres.

Chip Eng Seng, SingHaiyi and KSH are planning to redevelop the property into a residential development with up to 440 residential units and not less than 14 storeys.

The collective sale price of S$260M translates to a land rate of S$1,023 per square foot per plot ratio.

Park View Mansions is located at Yuan Ching Road, adjacent to the Jurong Lake Gardens and within the Jurong Lake District.

As mentioned in the Urban Redevelopment Authority (URA) circular, the Jurong Lake District is set to become the largest business district outside the Central Business District.

Moreover, Singapore Tourism Board (STB) has announced in March 2022 of a proposed integrated tourism development at a site next to Jurong Lake to be completed from 2028.

The joint tenderers have a good mix of experience in property development and construction works in Singapore. They could leverage on each other’s expertise and experience to execute an enbloc acquisition. They also won the tender for Peace Centre / Peace Mansion collective sale.

ERA Realty Network is the marketing agent for the en bloc sale of Park View Mansions