Park View Mansions in Jurong goes en bloc, sold for $260 million

PHOTO: Google Maps

On June 20, Park View Mansions in Jurong was launched for collective sale by public tender. The asking price?

$260 million.

Just over a month has passed and the condo has been snapped up by Chip Eng Seng Corporation, KSH Holdings and SingHaiyi in a joint venture, reported The Business Times.

This was announced today (July 28). 

The plan is for this site to be spruced into a residential development with up to 440 residential units. It currently has 160 units.

Once the acquisition is complete, the companies will make further announcements on this purchase.

Located right next to the Jurong Lake Gardens on Yuan Ching Road, the condo has a 99-year leasehold tenure starting from Oct 1, 1976.

Park View Mansions sits on a land site of roughly 191,974 sq ft and this translates to a land rate of $1,023 per sq ft per plot ratio, according to marketing agent ERA Realty.

The maximum permissible gross floor area (GFA) based on the permissible plot ratio of 2.1 is 403,141 sq ft.

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What factors are necessary for a possible en bloc or collective sale?
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ERA's group division director told EdgeProps: "We expect a strong market demand for the new project at the Park View Mansions site, given its prime location and rare land shape which commands unblocked views of Jurong Lake Gardens, Lakeside Garden and Jurong Lake.”

With rising interest and inflation rates as well as geopolitical tensions, Ching Eng Seng and KSH Holding are "mindful" of "prolonged challenges" potentially presenting themselves in the form of delays in construction works and disruptions in the delivery of supplies.

However, filings from both companies explain that the tender was made with "familiar parties" who have built good working relationships from past and ongoing development projects.

Another big-ticket en bloc recently is People's Park Centre going on the market for a guiding price of $1.8 billion — a 33.3 per cent increase in the asking price as compared to the first attempt at a collective sale in 2019.

ALSO READ: Why Singapore's most expensive en bloc sale may not go through

amierul@asiaone.com