Chuan Park Condominium relaunched for tender at $938 mil

By Nadine Yong / EdgeProp Singapore | March 14, 2022 11:21 PM SGT
Existing Chuan Park Condo with 444 residential units and two commercial units (Photo: The Edge Singapore)
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SINGAPORE (EDGEPROP) - Chuan Park Condominium, a 99-year leasehold private condo has been relaunched for sale at $938 million via public tender by marketing agency, ERA Realty. The property located at 240 to 250 Lorong Chuan was built in 1984 and has a 99-year lease from 1980. (Discover all Singapore new launch condos in 2022)
The existing development has 444 condominium units and two commercial units. It sits on a land area of 400,588 sq ft with a plot ratio of 2.1. Under the URA Master Plan 2019, this means that the site can be redeveloped into a new condominium with a gross floor area (GFA) of 841,236 sq ft. This translates to about 900 residential units, subject to URA and Land Transport Authority approval. (Find Singapore commercial properties with our commercial directory)
LANDLENS CHUAN PARK - EDGEPROP SINGAPORE
Source: EdgeProp LandLens
The last time Chuan Park was put up for tender at the same price of $938 million was on Oct 5, 2021. The tender closed on Nov 18, followed by 10 weeks of private treaty negotiations.
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This is the second collective sale attempt by the owners of Chuan Park. The first collective sale attempt was in 2018, with the price tag of $900 million then.
SURROUNDING CONDOS - EDGEPROP SINGAPORE
Source: EdgeProp Landlens
Based on the guide price of $938 million, the land rate works out to $1,256 psf per plot ratio after taking into consideration the differential premium of $192.62 million to top up the lease to a fresh 99-years. No development charge is payable due to the existing high baseline, according to Stanley Khoo, division director of ERA, who is handling the sale.
Located in an established private residential estate in District 19, Chuan Park Condo is conveniently located right in front of the Lorong Chuan MRT station on the Circle Line. It’s also near top schools such as CHIJ Our Lady of Good Counsel, Maris Stella High School and Raffles Girls’ School (Secondary).
The tender for Chuan Park Condo closes on April 26.
COMPARABLES - EDGEPROP SINGAPORE
Source: EdgeProp
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