The former Park View Mansions condominium is up for sale. It has a 99-year lease starting on October 1, 1976 and currently fetches S$1,023 psf ppr, plus a difference premium based on plot ratio. However, before purchasing, prospective buyers will have to obtain the necessary planning permission from the Urban Redevelopment Authority and JTC. KSH, on the other hand, has already concluded two residential en bloc deals with partners, and there are other developments in the pipeline. The recent robust performance of condo launches is helping to boost the enbloc market.
Approximately 50 percent of the Park View Mansions site is up for sale. The property is zoned for residential use and sits on 191,974 square feet. Its gross plot ratio is 2.1. It is expected to yield up to 440 dwelling units. The developers plan to invest $157 million to intensify the site and top up the 99-year leasehold.
The partners plan to build a 440-unit residential complex on the site, with a minimum of fourteen storeys. The purchase price is comparable to the reserve price of the 1998 enbloc. This amount corresponds to a land rate of S$1,023 per square foot per plot ratio, or S$645 per square foot of accommodation.
The developers are cautious, however, given the new property curbs. They are likely to continue land banking this year and next, despite the cooling measures in place. Nonetheless, the developers’ efforts to restock their land banks will likely slow down as unsold inventory levels rise.
Chip Eng Seng Corporation
Three developers in Singapore are stepping up their land banking via the collective sale market. They have recently purchased Park View Mansions on Yuan Ching Road for $260 million. However, they have cited several reasons for not pursuing enbloc land banking. These include higher costs, construction delays, supply disruptions, and macroeconomic uncertainties like the potential for a spike in interest rates. Therefore, they say it is more prudent to find partners for joint ventures.
The transaction is being financed through internal funds and external borrowings. This will not affect the company’s net tangible assets and profit per share. The two companies have previously worked together on high-profile transactions, including the $650 million acquisition of the Peace Centre/Peace Mansion in December. The other parties involved in the transaction include Ho Lee Group and KSH.
The property has 53 years remaining on its 99-year lease, which started in 1976. ERA Realty estimates the sale price at S$1,023 psf ppr (per plot ratio). The sale price is subject to planning permission from the JTC and the Urban Redevelopment Authority.
Three Singapore developers are stepping up their land banking efforts via the collective sale market. These include KSH Holdings, Sing-Haiyi Pearl, and TK 189 Complex. Together, they plan to develop 440 units on the site, which is adjacent to the Jurong Lake Gardens. The area is poised to become Singapore’s future CBD, and is also home to an integrated tourism hub.
The former Park View Mansions Enbloc, which was completed in the 1970s, is no longer in the market. The property was sold to a joint venture between KSH Holdings and SingHaiyi Group for a combined S$260 million. KSH Holdings said that the enbloc, which comprises 440 units, will be transformed into a new development.
The development will be a greener and safer area for the surrounding area. The property is on a hill overlooking a lake. The area was previously a popular picnic destination for Johannesburgers. In addition to the lake, the property is located in the town of Selborne, which is also home to the East Rand Motor Works.
The en bloc sale of Park View Mansions in Jurong is expected to fetch a price of approximately $260 million. The project comprises 160 units and is under a 99-year leasehold. The project is jointly owned by CEL Development (40%) and Sing-Haiyi Pearl (30%) and is expected to be sold through a collective sale tender. The sale price is subject to the approval of the Urban Redevelopment Authority (URA) and JTC.
The site of Park View Mansions has a gross plot ratio of 2.1, which means that it could yield about 440 dwelling units. If the enbloc sale goes through, the owners are hoping to receive $320 million for the collective sale, equivalent to $1,183 psf ppr. In addition, the owners plan to spend about $157 million to intensify the land and top up the 99-year lease.
The former Park View Mansions site is currently being transformed into a mid-sized development with approximately 440 units. It is located next to Jurong Lake Gardens and District 12, which is poised to become the city’s CBD and integrated tourism hub.