Park View Mansions is a former park mansios condo
A former park mansions condo site is up for sale in the city. The site has a gross plot ratio of 2.1 and is zoned for residential use. Its owners are planning to sell the site in a collective sale. Their aim is to redevelop the property. The site is located in the Jurong Lake District, near Lakeside MRT station. The developer expects to sell the site for at least $320 million in collective sales. It will also spend about $157 million to intensify the land and extend the lease for 99 years.
The new owners of Park View Mansions are planning to redevelop the former estate. They will build a new residential complex on the site. They are also planning to sell off some units, but the majority of the property will be retained by the new owners. They expect to start redevelopment work in Q3 2019.
It is being redeveloped by a joint venture between KSH Holdings
The joint venture between KSH Holdings and the developers of the former Park Mansios Condo is focusing on the Lentor Modern area, which is situated near the Lentor Hills nature reserve and reservoir. It is set to feature three residential towers with units oriented to maximize landed views and nature. This new development is also expected to attract HDB upgraders.
The developers will make an in-principle approval application to the URA and SLA before proceeding with the project. Once the government gives its consent, the joint venture will begin redeveloping the site as a mixed-use development. It will have a 60% commercial component and a 40% residential component. The joint venture is set to begin construction on the site in Q2 of 2017. The developers are expected to receive offers of at least $650 million for the entire site.
TK 189 Development
The new owners of the Former Park Mansios Condo have announced their intention to redevelop the estate and build a new residential complex on the site. The joint venture, known as TK 189 Development, is expected to comprise 440 units on a 17834.8 sq ft site. The project will feature unobstructed views of Jurong Lake. The project is expected to commence in Q3 2019.
The project was put up for sale earlier this year, with CEL Development, Haiyi Holdings, and TK 189 Development each holding 30%. All three companies are involved in the project, with the former being the developer. CEL Development is a wholly-owned subsidiary of the Chip Eng Seng Group, while Sing-Haiyi Pearl is a 50:50 joint venture between Haiyi Holdings and SingHaiyi Group. TK 189 Development, on the other hand, is a partnership firm between KSH Holdings and the Ho Lee Group.
It is located near Lakeside MRT station
Developers are interested in purchasing the 1998-vintage Former Park Mansios Condo because of its prime location near the new Lakeside MRT station. The development sits on a 191,974 square foot land parcel zoned for residential use. The site also has easy access to the Ayer Rajah Expressway and Pan Island Expressway. It is also near the upcoming Jurong East Integrated Transport Hub which will provide seamless connectivity between MRT stations, bus interchanges, and public amenities.
The location is ideal for commuters because it is near a number of amenities. The MRT station is within six minutes’ walk, giving tenants easy access to the East West and Circle lines. In addition, the development is close to One-north Park, Kent Ridge Park, and Labrador Nature Reserve.
It is expected to fetch $320 million through a collective sale
After being up for sale twice in 2018, the former Park Mansios condo is slated for a third go through a collective sale. Its owners first put it up for sale in March and then again in December, both times with a lower price of $250 million. The owners have also committed to spending $157 million to intensify the land and to top up the 99-year lease.
In the meantime, Bishan Park, a 28-year-old condo, is expected to fetch between S$1.9 million and S$2.3 million. Located within 400m from the proposed Bright Hill MRT station, Bishan Park offers easy access to major expressways including the Central Expressway, Tampines Expressway, and Pan-Island Expressway.
It can be profitable
The former Park Mansios condo is a rare opportunity for developers. The project is situated at 465 W. 122nd St., a waterfront neighborhood in Manhattan. Before, the site was a pair of one-story commercial garages. Its market value was $350 per buildable square foot. Now, six units are for sale and six offers are pending, according to the listing.
The site has a gross plot ratio of 2.1, and could yield up to 440 dwelling units. The redevelopment project is expected to fetch at least SG$260 million through a collective sale. This is based on the assumption that the developers would spend $157 million on the intensification work. The project is expected to start sometime in Q3 2019.