Yuan Ching Road Condo Former Park View Mansions Enbloc Sold For S$250 Million
The Yuan Ching Road Condo Former Park View mansions enbloc was sold for a total of S$250 million, much less than the original S$320 million asking price. However, that does not mean that the owners have given up on their plans to sell their properties. They are still actively pursuing real estate deals in Singapore, and have lowered their asking price once again.
If you’re looking to buy a new condominium in Singapore, look no further than Yuan Ching Road. This new development is near Lakeside MRT station, and features four 10-storey blocks with 160 units. The developers have already released a brochure that includes a video, gallery, and floorplan. You can also go to a showflat to see what’s on offer.
The new owners of Yuan Ching Road Condo, who previously managed the Park View Mansions enbloc, have announced plans to redevelop the site, creating a new residential development. The developers plan to sell some units, but they’re holding onto most of the property’s value. Construction is expected to start by Q3 2019.
Jurong Lake District
The Park View Mansions enbloc is one of the newest enblocs in Jurong. This enbloc, located along Yuan Ching Road, features a permissible plot ratio of 2.1 and total land area of 17,834 square metres. Last month, the enbloc was put up for collective sale. But the developers failed to secure 80 per cent of the funds needed. Despite this setback, the price of the enbloc has fallen by 30 per cent since then. Still, this represents a premium over selling the units separately.
The Park View Mansions condo is located along the Lakeside, just a short drive from the iconic Boon Lay Place Food Village and the Boon Lay Place hawker centre. It has a good location with access to public transportation, and is close to schools and primary schools. The development is jointly developed by CEL Development and Sing-Haiyi Pearl.
CEL Development Yuan Ching Road Condo is one of the latest developments in Jurong. It is located near the Lake Side MRT station. Its brochure has many features including a gallery, video and floorplan. It also has a showflat that you can visit.
The property is located in the heart of the Central Business District (CBD) and is within easy reach of major transport hubs. It is also near a number of shopping malls and the Tampines MRT station.
A total of 440 units could be created at the former Park View Mansions site, which has been leased to KSH Holdings since 1976. The collective sale Lumina Grand EC is expected to fetch $320 million, or about $1,183 psf ppr. Developers are also expected to invest $157 million to intensify the land, as well as top up the existing 99-year lease.
KSH Holdings’ owner, Chip Eng Seng, owns 50 percent of the company, and he is planning to develop the former Park View Mansions. The total acquisition cost is approximately SG$260 million, which includes a differential premium based on plot ratio. The developers will finance the acquisition from internal funds and external borrowing.
Sing-Haiyi Pearl has a prestigious location in the prime lakeside neighbourhood of Changi. It is within walking distance from the Lakeside MRT Station, and it offers views of Jurong Lake. The development is also close to a variety of food outlets and amenities.
The Sing-Haiyi Pearl is a joint venture between two Singapore-listed companies: CEL Development and Sing-Haiyi Group. Both companies own a 50:50 stake in the property. The joint venture also includes TK 189 Development and Kim Seng Heng Realty. The two companies have worked together on other projects in the past and are confident in the development of this new project.
TK 189 Yuan Ching Road is a new development by KSH Holdings and Chip Eng Seng, two developers in Singapore. The joint venture will have 440 units on a site of 17834.8 sq ft. It is located near the Lakeside MRT station and will have unobstructed views of Jurong Lake. The project will be developed with a 99-year leasehold.
The former Park View Mansions will be redeveloped into a residential complex with 440 units. The development team includes CEL Development, a subsidiary of Chip Eng Seng, and TK 189 Development, a joint venture firm of KSH Holdings. It is situated next to Lakeside Apartments and is zoned for residential use. The project will also benefit from improvements to the Jurong Lake District, which is a new tourism hub.