{"id":57327,"date":"2022-07-29T08:48:37","date_gmt":"2022-07-29T00:48:37","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=57327"},"modified":"2023-07-31T16:13:35","modified_gmt":"2023-07-31T08:13:35","slug":"park-view-mansions-sold-260-million","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/park-view-mansions-sold-260-million\/","title":{"rendered":"Park View Mansions sold for S$260 million to a team of developers"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\n<p><span data-preserver-spaces=\"true\">Singapore-listed Chip Eng Seng, KSH Holdings and SingHaiyi Group have teamed up in a joint tender to acquire&nbsp;<\/span><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/sora\" target=\"_blank\" rel=\"noreferrer noopener\"><span data-preserver-spaces=\"true\">Park View Mansions<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;for S$260 million.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Earlier this week, Euro-Asia Apartments at Serangoon Road&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.99.co\/singapore\/insider\/euroasia-apartments-sold\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">was sold<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;to KSH Ultra Unity Pte Ltd, an indirect subsidiary of KSH Holdings, for S$222.18 million, above its guide price of S$218 million.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The joint venture was split by different percentages among the three companies:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">CEL Development, Chip Eng Seng\u2019s wholly-owned subsidiary \u2013 40%<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Sing-Haiyi Pearl, a 50\/50 joint venture SingHaiYi Group and Haiyi Holdings \u2013 30%<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">TK 189 Development, a subsidiary held by Kim Seng Heng Realty and Ho Lee Group \u2013 30%<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">The deal closed a month after the condo was launched for collective sale via public tender on June 20, with the tender granted on July 28, 2022.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">As of July 28, a tender fee of S$100,000 has already been paid, which makes up part of the property\u2019s purchase price.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-stronger-together\"><strong><span data-preserver-spaces=\"true\">Stronger together<\/span><\/strong><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">It\u2019s not their first joint venture together \u2013 the three partners&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.99.co\/singapore\/insider\/peace-centre-mansion-en-bloc-golden-mile-complex-next\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">bagged the collective sale<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;of Peace Centre and Peace Mansion last December at a guide price of S$650 million.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Developers enter a joint venture for strategic reasons: <strong>the ability to pool resources and diversify their risk.<\/strong> They can also tap on each other\u2019s expertise and experience. <\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">In the case of Park View Mansions, the developers have established a good working relationship forged through past and ongoing projects.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Current macroeconomic factors were taken into consideration, such as the skyrocketing interest and inflation rates, geopolitical tensions from the Russia-Ukraine conflict and, of course, not forgetting the pandemic.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Such factors introduce challenges in the already tricky property landscape, such as construction delays due to manpower shortage, delays in the delivery of building supplies and higher costs as a result of the disruptions.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-440-units-in-the-works\"><strong><span data-preserver-spaces=\"true\">440 units in the works<\/span><\/strong><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Park View Mansions sits on a residential-use-zoned site spanning around 191,972 sqft with a gross plot ratio (GFA) of 2.1. This translates to a maximum floor area of 403,141 sqft.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Given its price of S$260 million, the land rate works out to be S$1,023 psf ppr, which includes a lease refresh to 99 years and a differential premium to maximise the area\u2019s plot ratio. The approval is subject to the Jurong Town Council (JTC) and URA\u2019s requirements.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The completion of the acquisition is dependent on a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"http:\/\/kimsengheng.listedcompany.com\/newsroom\/20220728_075629_ER0_9VT58BEMJPYRZUM9.1.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">few factors<\/span><\/a><span data-preserver-spaces=\"true\">:<\/span><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">All the unit owners consenting to the collective sale, or a statutory sale order approving the collective sale<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Written approval from the President of the Republic of Singapore and the Jurong Town Corporation&nbsp;&nbsp;<\/span><\/li>\n<\/ol>\n\n\n\n<p><span data-preserver-spaces=\"true\">Redevelopment plans are in the works to turn the condo into a mid-sized new development consisting of 440 units, more than 2.7 times its current 160 units.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-park-view-mansions\"><strong><span data-preserver-spaces=\"true\">Park View Mansions<\/span><\/strong><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">With its lease starting in 1976, the 99-year lease Park View Mansions is adjacent to the expansive Jurong Lake Gardens, along Yuan Ching Road.\u00a0<\/span><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/park-view-mansions-URA.jpg\" class=\"img-link media-img img-link media-img\"><img decoding=\"async\" width=\"2562\" height=\"1598\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/park-view-mansions-URA.jpg\" alt=\"\" class=\"wp-image-57328\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/park-view-mansions-URA.jpg 2562w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/park-view-mansions-URA-1536x958.jpg 1536w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/park-view-mansions-URA-2048x1277.jpg 2048w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/park-view-mansions-URA-150x94.jpg 150w\" sizes=\"(max-width: 2562px) 100vw, 2562px\" \/><\/a><figcaption class=\"wp-element-caption\">Source: URA<\/figcaption><\/figure><\/div>\n\n\n<p><span data-preserver-spaces=\"true\">It\u2019s located in District 12 of Jurong East, in the same neighbourhood as the upcoming&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.99.co\/singapore\/insider\/jurong-lake-district-is-going-to-be-a-new-tourism-hub\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Jurong Lake District<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;(JLD).&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">With JLD poised to be Singapore\u2019s Central Business District (CBD) and an integrated tourism hub underway, future residents can look forward to a vibrant injection of new amenities and business and education hubs.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-connectivity\"><strong><span data-preserver-spaces=\"true\">Connectivity<\/span><\/strong><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">While the current public transport connectivity is sorely lacking, the JLD development will introduce two new train lines: the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.99.co\/singapore\/insider\/things-know-jurong-region-line-jrl-mrt\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Jurong Region Line<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;and&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.99.co\/singapore\/insider\/on-the-right-track-with-the-cross-island-line\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Cross Island Line<\/span><\/a><span data-preserver-spaces=\"true\">, which will be fully operational in 2029 and 2030s, respectively.&nbsp;<\/span><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/Jurong-Lake-District-MRT-copy.jpg\" class=\"img-link media-img img-link media-img\"><img decoding=\"async\" width=\"3844\" height=\"3705\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/Jurong-Lake-District-MRT-copy.jpg\" alt=\"Jurong Lake District MRT\" class=\"wp-image-57329\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/Jurong-Lake-District-MRT-copy.jpg 3844w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/Jurong-Lake-District-MRT-copy-1536x1480.jpg 1536w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/Jurong-Lake-District-MRT-copy-2048x1974.jpg 2048w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/Jurong-Lake-District-MRT-copy-150x145.jpg 150w\" sizes=\"(max-width: 3844px) 100vw, 3844px\" \/><\/a><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/www.jld.gov.sg\/potential\" target=\"_blank\" rel=\"noopener\">JLD<\/a><\/figcaption><\/figure><\/div>\n\n\n<p><span data-preserver-spaces=\"true\">Currently, the nearest MRT station is&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.99.co\/singapore\/mrt-stations\/lakeside-mrt\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Lakeside MRT<\/span><\/a><span data-preserver-spaces=\"true\">, a less than desirable 17-minute walk away.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Major highways, Ayer Rajah Expressway (AYE) and Pan Island Expressway (PIE), are a 10 to 15-minute drive away.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-schools\"><strong><span data-preserver-spaces=\"true\">Schools<\/span><\/strong><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Parents need not fret \u2013 there are education options aplenty in the vicinity.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">Jurong Secondary School (386m)<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Lakeside Primary School (991m)<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Fuhua Primary School (1289m)<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Shuqun Primary School (1670m)<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Yuan Ching Secondary School (1106m)<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Fuhua Secondary School (1546m)<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Yuhua Secondary School (1590m)<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Shuqun Secondary School (1788m)<\/span><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-are-you-excited-about-the-new-development-let-us-know-in-the-comments-section-below\"><strong>Are you excited about the new development? Let us know in the comments section below.&nbsp;<\/strong><\/h2>\n\n\n\n<p>If you found this article helpful, check out&nbsp;<a href=\"https:\/\/www.99.co\/singapore\/insider\/value-en-bloc-property\/\" target=\"_blank\" rel=\"noreferrer noopener\">What determines the value of an en-bloc property?<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.99.co\/singapore\/insider\/en-bloc-potential-collective-sale-tender\/\" target=\"_blank\" rel=\"noreferrer noopener\">7 reasons why a collective sale tender fails<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Singapore-listed Chip Eng Seng, KSH Holdings and SingHaiyi Group have teamed up in a joint tender to acquire&nbsp;Park View Mansions&nbsp;for S$260 million. Earlier this week, Euro-Asia Apartments at Serangoon Road&nbsp;was sold&nbsp;to KSH Ultra Unity Pte Ltd, an indirect subsidiary of KSH Holdings, for S$222.18 million, above its guide price of S$218 million.&nbsp; The joint venture&hellip;<\/p>\n","protected":false},"author":123,"featured_media":57331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"45473,50070,36718,44437,42996,37714","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53601,57131,53984],"tags":[53960,53721,54777,54749,53680],"persona":[57126,57128],"class_list":{"2":"type-post","17":"entry","18":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- 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