After four attempts at a collective sale, Chuan Park condo has finally closed a deal via private treaty. The condo’s previous collective sale, which launched this year on 14 March and closed on 26 April, failed to garner any bids.
Its current and final sale was brokered for 5.11% lower than its S$938m guide price, at S$890m, offered by developers Kingsford Group and MCC Singapore. A sales and purchase agreement was signed last week with the condo’s collective sale committee (CSC).
In 2018, its second collective sale attempt at S$900m (an increase from its first attempt at S$790m) did not secure the 80% consent needed from its owners.
An owner’s meeting was scheduled on 25 July to disseminate information about the next stages and the estimated timeline for the sale. During the three-hour long meeting that was conducted via Zoom, it was revealed that owners will receive gross proceeds of about S$1.16 million for a 710 sqft unit, up to S$2.53 million for a 2,045 sqft unit.
Chuan Park
Located in District 19 along Lorong Chuan, Chuan Park was built in 1985, leaving around 62 years on the 99-year lease condo.
With the condo on a site area spanning 400,589 sqft with a gross plot ratio (GPR) of 2.1, it shakes out to an achievable gross floor area (GFA) of 841,236 sqft.
A new development holds the potential to be furnished with 900 to 919 residential units – more than twice the number of its current units. It currently has 444 residential units and two strata commercial units.
Taking the current reserve price of S$938m plus an upgrading premium of S$192.62m to expand its existing floor area by 7%, the price per sqft per plot ratio works out to be S$1,256.
The existing plot ratio means the development charge is not payable.
We’ve previously covered the many reasons why the en bloc sale may have fallen through – it may also be why Chuan Park garnered a lower offer than its asking price.
Read this: Chuan Park up for collective sale… for the fourth time
Which condo is next on the chopping block? Let us know in the comments section below.
If you found this article helpful, 99.co recommends What factors are necessary for a possible en bloc or collective sale? and Property Jargon of the Day: En-Bloc Sale.
About Jamie Wong
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I think it’s still needs the owner to accept the new offer thus it’s not concluded yet.
Built in 1985, it’s still have more than 37 years lease reminder and not 37 years.
Hi Yuen Leong, thanks for your comment. The article will be updated as soon as additional news updates roll in, so do check back in a couple of weeks!
New development on the site under current market conditions can easily be launched at 2,600 to 2,800psf- a development exactly next to the MRT station-extremely ideal