The new development will be the largest enbloc in Jurong and is set to offer 440 units for sale. It is located near Jurong Lake District and Lakeside MRT station. It is also close to major highways and educational institutions. The site has a permissible plot ratio of 2.1. It is expected to have a gross floor area of up to 403,145 square feet.
The developers are CEL Development, a wholly-owned subsidiary of mainboard listed developer Chip Eng Seng. Other partners include Haiyi Holdings and SingHaiyi Group. The project is expected to cost more than SG$260 million. The developers will finance the project with internal funds and external borrowing.
The new development is a new one in Yuan Ching Road. It is set to be completed in 2019. It is located near Lake Side MRT station. It is also close to iconic hawker centres, including Boon Lay Place Food Village.
KSH Holdings has acquired the former Park View Mansions Enbloc in Jurong Lake District. The property comprises four 10-storey residential blocks, which will be redeveloped into a new residential complex. The project will feature unobstructed views of Jurong Lake and is located just a short walk from the Lakeside MRT station.
According to KSH Holdings’ filing to the Singapore Exchange, the development will have 440 units. However, the joint venture must first obtain approvals from different authorities. These include the President of Singapore and Jurong Town Corporation.
The project’s joint venture will include CEL Development, TK 189 Development and Haiyi Holdings. They each have a 40% stake, which they plan to use for development. The project is located in Jurong Lake District, near Lakeside MRT station, and is zoned for residential use. It will have a gross floor area of about 403,145 square feet.
The property’s gross plot ratio (GPR) is 2.1, meaning it has enough room for up to 440 dwelling units. The developers are expecting to fetch $320 million from the collective sale. This would translate to a ppr of $1,183. This is a considerable amount of money, as it will be used to intensify the land and extend the 99-year lease.
The former Park View Mansions are undergoing a transformation from a high-rise to a condominium. The new owners, Sing Haiyi Group and Chip Eng Seng Corporation, are teaming up to convert the tenement block into a residential complex. The joint venture between these two developers is expected to cost about S$260 million and will be financed by internal funds and external borrowings.
SingHaiyi Yuan Chong Road Condo is located near the Lakeside MRT station. The condo is near many popular eateries and hawker centres, as well as the signature Boon Lay Place food village.
EdgeProps expects strong demand for the Park View Mansions project given the prime location of the site, the rare shape of the site, and the unobstructed view of Jurong Lake. However, Ching Eng Seng cautions that there are uncertainties in the market due to rising interest rates, supply disruptions, and geopolitical tensions. Hence, it is prudent for developers to collaborate with suitable partners.
Chip Eng Seng
CEL Development, a Singapore-based property developer, is in the process of redeveloping the former Park View Mansions Enbloc. The company holds a 40% stake in the joint venture and the three other developers each hold 30% stake. The partnership has successfully completed two residential en bloc deals. Once completed, the project is expected to offer up to 440 residential units at S$1,023 per square foot (PSF) price. The total land value is expected to be about $1083 million, including differential premiums for optimizing plot ratios and topping up 99-year leases.
The former Park View Mansions is located close to the Jurong Lake Gardens. It has a 99-year leasehold tenure and is located on a 191,974-square-foot plot. Its land rate is $1,023 per sq ft. Its maximum gross floor area is 403,141 square feet. Moreover, it will be in close proximity to public transport hubs like Lakeside MRT station.
The Park View Mansions site is subject to a 99-year lease that started on October 1, 1976. The marketing firm ERA Realty has estimated the price at S$1,023 psf ppr (provisional price per square foot). The price includes difference premium owing to the site’s plot ratio. The owners will need to seek permission from Urban Redevelopment Authority and JTC to extend the current lease period. As a result, it is an excellent opportunity for developers to replenish their land bank.