The reservation price for the former Park View Mansions is now $1,050,000, and the enbloc market is a bit quieter. There are only a handful of properties left at this price. For more information, read our articles on TK 189, CEL Development, and Sing-Haiyi Pearl.
The former Park View Mansions in Jurong, Singapore, were bought by a joint venture consisting of CEL Development and TK 189 Development. Each owns a 40 percent stake in the project. The joint venture is funded by a combination of internal and external borrowing. The project’s location will offer unobstructed views of Jurong Lake.
The former Park View Mansions are slated for a major redevelopment. The site, which has a gross plot ratio of 2.1, is expected to yield up to 440 dwelling units. The developer has committed to invest $157 million for intensification. The new development will be located near the Jurong Lake Gardens.
Developers are focusing on a residential development in Jurong Lake District. The proposed development will feature four 10-storey residential blocks with a total of 160 units. The project will feature unobstructed views of Jurong Lake and be located next to the Lakeside MRT station.
Located within close proximity to the MRT station, CEL Development’s new Park View Mansions condominium will be a great place for families to call home. With 160 units, the project is being developed on a 99-year leasehold basis. As part of the joint venture, CEL owns a 40% stake and TK 189 Development owns the remaining 30%. Both firms are controlled by Gordon and Celine Tang.
The site is well-connected with the nearby MRT station and is accessed via the nearby Thanggam LRT station. It also has easy access to the Tampines Expressway. It is also close to the Sengkang Riverside Park and Sengkang Sports and Recreation Centre. The development is also near the Greenwich V Shopping Centre, as well as a number of elite schools.
ERA Realty Network’s Tay Liam Hiap, managing director of investment sales, has advised the owners of the Park View Mansions on the sale of their properties. Sing-Haiyi Pearl is located next to Lakeside MRT station and features unobstructed views of Jurong Lake. The project is expected to have up to 440 units.
Developers such as KSH and Chip Eng Seng have started the development process. They have signed two residential en bloc deals with partners this year, and have transacted 10 projects in the first half of the year. Recent developments such as Liv@MB, AMO Residence, and Piccadilly Grand have experienced strong take-up. The developers have been ramping up land acquisition activities to replenish their depleted land banks.
The development team behind Sing-Haiyi Pearl has a track record of delivering quality residential projects. The project is backed by the Sin Soon Lee Group. With a total land area of 191,974 square feet, it is expected to yield up to 403,145 square feet of GFA upon redevelopment.
The Sing-Haiyi Corporation is the owner of Lakeside MRT Station, which is close to the former Park View Mansions Enbloc. The corporation recently sold four 10-storey residential blocks with 160 units to developers, including Chip Eng Seng. They plan to redevelop the land to provide unobstructed views of the Jurong Lake. The project is expected to be completed by 2020.
The former Park View Mansions enbloc is located at a residential-use zoned site, with a gross plot ratio of 2.1. It is expected to yield 403,145 sq ft of GFA, with a 99-year lease. The developers have said that the new development will target HDB upgraders and people who value an eco-friendly environment.
Three developers in Singapore are making their way into the land banking market by buying up the former Park View Mansions in Yuan Ching Road. These developers are working with KSH Holdings and TK 189 Development to turn the mansions into a residential complex. According to the developers, they have decided to buy up the en bloc because of the high prices of new private houses, high supply and labour shortages, and other macro-economic uncertainties, including inflation and spiked interest rates. As a result, they believe that it is prudent to partner with developers who are able to deliver a quality product to the public.
The price is reduced due to the quieter enbloc market. The en bloc price has dropped from $320 million to $274 million. The price reflects the cost of the development as well as a differential premium for optimizing the plot ratio. Additionally, the price of the property includes topping-up the existing lease to 99 years.