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 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 awarded the cumulative sale tender Peace Centre and Peace Mansion last December for $650 million.

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

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

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

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

Park View Mansions was launched for collective sale by means of public tender by advertising and marketing agent ERA Realty on June 20 with an asking cost of $260 million. The rate translates to a land rate of $1,023 psf per story proportion (psf ppr), comprehensive of a differential premium payable to increase the site’s advancement plot ratio of 2.1 as well as to top-up the existing lease to a fresh 99 years, subject to JTC and also URA’s planning authorization.

Marina Gardens Lane Residences Location

Completed of the acquisition by the joint venture goes through a variety of authorizations being gotten, consisting of the created consent of 100% of the subsidiary owners of the systems as well as composed approval from the President of Singapore and also the Jurong Town Corporation who are corresponding the head lessor and also the intermediate owner of the property.

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

In different filings to the Singapore Exchange on July 28, Chip Eng Seng as well as KSH Holdings state that the joint endeavor strategies to redevelop the website right into a residential advancement with approximately 440 units.

According to analysis on EdgeProp LandLens, estimated asking price for the future growth on the Lakeside Apartments site could be about $2,400 psf

Close by, the $640 million cumulative sale tender for Lakepoint Condominium, a 99-year advancement located on Lakepoint Drive, closed on June 8 without proposals. According to marketing representative PropNex, its owners are presently secretive treaty settlements with interested parties.

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

Map and overview Park View Mansions. The growth (revealed in grey) is located next to Lakeside Apartments (revealed in orange), which was offered en bloc in May to Wing Tai Holdings

Analysis on EdgeProp LandLens reveals the launch prices for the future development at Lakeside Apartments site could be around $2,400 psf.