The Former Park View Mansions Enbloc in Chip Eng Seng is one of the newest enblocs in the country. Located next to Jurong Lake Gardens, the en bloc offers 99-year leasehold tenures and sits on 191,974 sq ft of land site. Its land rate is $1,023 per sq ft per plot ratio, with a maximum permitted gross floor area of 403,141 sq ft. Inflation and rising interest rates can lead to delays and disruptions in supply delivery, so investors should be aware of these risks before committing to a purchase.
CEL Development
CEL Development, an investor with a stake in KSH Holdings, is the joint venture partner for the redevelopment of the former Park View Mansions condominium in Jurong East. The project is expected to cost SG$260 million, which will be partly financed by internal funds and partially by borrowing from external sources.
The former Park View Mansions condo is located near the Lakeside MRT station, Jurong Lake District and is zoned for residential use. The site has a gross plot ratio of 2.1, allowing for up to 440 residential units. The development is expected to relaunch its collective sale tender in the near future.
The property’s former owners were SingHaiyi Group, KSH Holdings, and Chip Eng Seng Corporation. In a joint bid, they acquired the Park View Mansions for $260 million, which translates to a land rate of $1,023 psf ppr. In addition to this, the buyers are also eligible for a top-up lease of 99 years.
Chip Eng Seng
The former Park View Mansions were up for auction last year and the Sing Haiyi Group and Chip Eng Seng Corporation are the winners. The joint venture will develop the property into 440 residential units. The buyers will be able to enjoy unobstructed views of Jurong Lake and will be within walking distance to Lakeside MRT station.
Several companies are interested in the redevelopment of this former housing complex, including CEL Development, KSH Holdings, and SingHaiyi Group. The total price of the redevelopment project is estimated to be more than SG$260 million. The joint venture will be financed through internal funds and external borrowing.
SingHaiyi
The SingHaiyi Group, KSH Holdings, and TK 189 are joint venture partners in the acquisition of the former Park View Mansions complex. These companies have partnered to develop the site into a mixed-use development with a total of 160 units. The joint venture will purchase the complex and 99-year leasehold on the land.
The former Park View Mansions was sold to a joint venture led by Chip Eng Seng and KSH Holdings for S$260 million. The developer plans to develop the site into a residential complex with 440 units. The joint venture will include Sing-Haiyi Pearl, Chip Eng Seng’s unit, and KSH Holdings.
ERA Realty Network’s Tay Liam Hiap advised the Park View Mansions’ owners on the sale. The new project will offer unobstructed views of Jurong Lake, as well as a convenient location within walking distance of Lakeside MRT station.
KSH Holdings
The former Park View Mansions, located in the Changi Business District, is set to be redeveloped by a joint venture between KSH Holdings and CEL Development. The development project will cost more than SG$260 million. The joint venture will be financed by internal funds and external borrowing.
The former Park View Mansions is located on a 17.834-square-metre plot, which is earmarked for a residential development. It could have up to 440 units. Chip Eng Seng shares rose about 3% on the news, while KSH shares were flat.
The deal also comes as inflation and geopolitical tensions are rising. Both KSH Holdings and Chip Eng Seng are wary of high inflation and rising interest rates, which could hamper the construction and delivery of their new projects. However, they do not expect this to affect their net tangible assets or earnings per share.
Lakeside Apartments
The Park View Mansions en bloc site has a gross plot ratio of 2.1, with a potential yield of up to 440 residential units. The en bloc site’s owners are seeking $320 million in collective sales, or approximately $1,183 psf ppr, for the site. In addition to the sale price, the developers expect to spend about $157 million to intensify the land and top up the 99-year lease.
The development is adjacent to Lakeside Apartments, which was bought by Wing Tai for S$273.9 million in an en bloc sale. It has plans to demolish the apartments and redevelop the land with a 24-storey condominium featuring over 300 units. The property should also benefit from the improvement of the Jurong Lake District, as it is expected to become a new commercial and tourism hub.