On 12 December, Park View Mansions will relaunch its collective sale tender at $250 million. It originally put up its collective sale tender at $320 million in March 2018. The development is a 99-year leasehold development with 160 units.
KSH and Chip Eng Seng will finance the purchase of Yuan Ching Road Fromer Park View Mansions
The Park View Mansions project has 160 units and is located in Jurong Lake District, the fastest growing area outside the CBD. The Singapore Tourism Board has recently announced plans to develop an integrated tourism district next to Jurong Lake by 2022. The joint venture between KSH and Chip Eng Seng will finance this acquisition through internal funds and external borrowing.
The 99-year leasehold property is four storeys high and features a roof terrace. It is valued at $22 million. The three property plays have previously partnered on a joint project. They have also bid to develop Peace Centre and Peace Mansion together, which will be the largest collective sale in 2021.
KSH and Chip Eng Seng will use external borrowings to cover their contributions
The three property players have worked together before in joint projects, including the bid for the Peace Centre and Peace Mansion development. The collective sale is expected to be the largest in 2021. KSH and Chip Eng Seng will use their internal funds and external borrowings to fund their contributions. Their participation is not expected to have a material impact on their net tangible assets and earnings per share. They will make further announcements after the acquisition is complete.
Park View Mansions has 160 units with a 99-year leasehold tenure
Park View Mansions is a 99-year leasehold condominium in Jurong. Its price is approximately $260 million. It was initially put up for collective sale at $320 million in March 2018. It has 160 units. The development is located near primary schools and has good accessibility. It is also close to major shopping malls, including Jurong East and Taman Jurong.
Park View Mansions is situated on a 191,974-square-foot site. It has 160 units, and its tenants have 99-year leases. It has a future development potential of 403,145 square feet. Eventually, the developer plans to build 440 residential units on the site. The price per unit is expected to be around $2050 psf.
Le Quest sold 70 units on its first day of sales
Le Quest is the latest mixed development project in Bukit Batok, selling over 70 units on its first day of sales. Le Quest is a new mixed-use development consisting of 516 residential units. It will also include commercial units, childcare centres and retail stores. Prices start from S$703,000 for a one-bedroom unit.
The development’s prime location near the Singapore-KL High-Speed Rail terminus and the URA Master Plan is another key selling point. The development has a strong focus on technology and is developing smart home features to ensure a hassle-free experience for residents and visitors. Residents can easily inform security of visitors via an app and avoid lengthy sign-in procedures. It also has Wi-Fi in all communal areas.
Qingjian Realty (South Pacific) Group sold 115 units
The developer, Qingjian Realty (South Pacific), has announced that it has successfully collectively sold Yuan Ching Road Fromer Park View mansions for a total of S$468 million. The project is part of a mixed-development project in Bukit Batok. It is near the Jurong East central business district. Prices for one-bedroom units start at S$703,000.
The Park View Mansions are located on a 191,972-sq-ft site, with a gross plot ratio of 2.1. The development is currently on the Reserve List. The development is subject to Jurong Town Council approval.
Shunfu Ville HUDC estate sold for S$638 million
Shunfu Ville, a HUDC estate on Marymount Road, has been sold for S$638 million to Qingjian Realty. The sale represents the largest collective sale in Singapore since 2007 and is the third highest by quantum. The estate is slated to be converted into a new development with more than 1,000 units. The buyers paid $747 per square foot per plot ratio. The sale was facilitated by JLL.
Traditionally, foreign developers have shied away from the en bloc process, which can be cumbersome and lengthy. However, this year, more Chinese developers have entered the fray and are bidding for prime estates. A Chinese developer, Kingsford Huray Development, acquired the former government housing project Normanton Park for S$830.1 million in February. Another developer, SingHaiyi Properties, bought a government housing estate, Sun Rosier, for S$261 million this month.