Park West condo up for third collective sale attempt with expected price of $750 mil

By EdgeProp Singapore / EdgeProp | August 22, 2017 3:09 PM SGT
Image source: Huttons Asia
Park West condominium is making its third collective sale attempt, with an expected selling price of $750 million.
Including an estimated $339 million in differential premium and lease upgrading premium (LUP), the land rate for Park West site is estimated to be $818 psf per plot ratio, according to marketing agent Huttons Asia.
Park West condominium is located about 600m from Clementi MRT Station and close to Nan Hua Primary School. It has 432 apartments and four shop units on a 633,644 sq ft site. The site has about 64 years remaining on its lease and is zoned residential with a gross plot ratio of 2.1 under the 2014 Master Plan.
Gross sale proceeds are estimated to be around a $1.25 million to $2.1 million for apartment unit owners, and around $1.1 million to $1.5 million for shop unit owners.
The current expected selling price is lower than the indicative price of $803 million during its 2011 en bloc tender, which received no bids. An earlier attempt in 2007 did not achieve the requisite 80 per cent consensus among owners.