Park View Mansions has been sold for $260 million to a joint venture comprising CEL Development (40%), Sing-Haiyi Pearl (30%) and TK189 Development (30%) (Picture: Albert Chua/The Edge Singapore)
SINGAPORE (EDGEPROP) - Park View Mansions, a 99-year leasehold condominium located along Yuan Ching Road in Jurong, has been sold for $260 million in a collective sale to a joint venture comprising CEL Development (40%), Sing-Haiyi Pearl (30%) and TK 189 Development (30%).
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) and 33.3% held by Ho Lee Group.
Chip Eng Seng, SingHaiyi and KSH Holdings are also joint-venture partners that were awarded the collective sale tender Peace Centre and Peace Mansion last December for $650 million.
Park View Mansions was launched for collective sale via public tender by marketing agent ERA Realty on June 20 with an asking price of $260 million. The price translates to a land rate of $1,023 psf per plot ratio (psf ppr), inclusive of a differential premium payable to maximise the site’s development plot ratio of 2.1 and to top-up the existing lease to a fresh 99 years, subject to JTC and URA’s planning approval.
Park View Mansions is a 160-unit development sitting on a land site of about 191,974 sq ft with a 99-year leasehold tenure commencing from Oct 1, 1976. Subject to approval from the authorities, the site can be developed up to a gross floor area of 403,145 sq ft.
In separate filings to the Singapore Exchange on July 28, Chip Eng Seng and KSH Holdings state that the joint venture plans to redevelop the site into a residential development with up to 440 units.
According to Michael Ng, executive director at CEL Development, the company is excited for the upcoming project, which will have views overlooking the Japanese Garden and the Jurong Lake Gardens at the Jurong Lake District. "With or without the HSR [High Speed Rail], the Jurong Lake District will be a spectacular location with the unique positioning of lakeside housing, commercial and retail offerings along with the proposed integrated tourism, resort and entertainment development," he adds. "Jurong Lake District is also poised to be the second CBD." (Find Singapore commercial properties with our commercial directory)
Completed of the acquisition by the joint venture is subject to a number of approvals being obtained, including the written consent of 100% of the subsidiary proprietors of the units and written approval from the President of Singapore and the Jurong Town Corporation who are respective the head lessor and the intermediate lessor of the property.
Park View Mansions’ collective sale comes not long after the en bloc sale of Lakeside Apartments — another 99-year leasehold condominium just next to Park View Mansions that also overlooks Jurong Lake Gardens — to Wing Tai Holdings for $273.88 million in May. (See potential condos with en bloc calculator)
Read also: Lakeside Apartments in Jurong sold to Wing Tai Holdings for $273.9 mil
According to analysis on EdgeProp LandLens, estimated selling prices for the future development on the Lakeside Apartments site could be around $2,300 psf.
Nearby, the $640 million collective sale tender for Lakepoint Condominium, a 99-year development located on Lakepoint Drive, closed on June 8 without bids. According to marketing agent PropNex, its owners are currently in private treaty negotiations with interested parties.
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