The owners of the former Park View Mansions condo in Jurong Enbloc are seeking to collectively sell the building. This development is expected to be redeveloped into residential units. The owners have yet to decide on a sale price. However, they have outlined the potential sale price as S$1,023 per square foot (ppr).
Park View Mansions is a former Park View Mansions condo
Recently, a new developer has announced their plans to develop the former estate for a residential complex. The new development will feature a new private estate with over 400 units, with a plot ratio of one. While the developers are considering selling some units, they are planning to retain most of the value of the property. Construction is expected to commence in Q3 2019.
Park View Mansions is situated on a land plot of 191,972 sqft. The land rate is S$1,023 per square foot, a gross plot ratio of 2.1. The development is expected to have a gross floor area of 403,145 sqft and will be located near the Jurong Lake District.
It will be redeveloped into a residential complex
The former Park View Mansions Condo at Lakeside Garden Jurong Enbloc is set to be redeveloped into a residential complex, with the relaunch price at $320 million. The new project will have unobstructed views of Jurong Lake and a convenient location within walking distance of the Lakeside MRT station.
The redevelopment of the former Park View Mansions Condo is a joint venture of CEL Development, TK 189 Development, and Haiyi Holdings. The developers own a 40 percent stake in the project, which is slated to be completed in 2021. Located next to the Lakeside Apartments, this project will be close to the city’s education institutions and amenities. Its area is 17,834.8 square meters, and the land is zoned for residential use. Developers plan to build 440 units within the development.
The former Park View Mansions Condo at Lakeside Garden Jurong Enbloc has a gross plot ratio of 2.1, which is deemed suitable for 440 dwelling units. It is expected to fetch $320 million through the collective sale of the units, equivalent to $1,183 per square foot. It will cost more than SG$260 million to develop, and the owners plan to spend $157 million on intensification works.
It is located in Jurong Enbloc
Located along Yuan Ching Road, the former Park View Mansions condo at Lakeside Gardens is now up for sale. The new owners plan to develop the site into a residential complex consisting of 440 units. The new condominium will have unobstructed views of Jurong Lake and will be located within walking distance to Lakeside MRT station. ERA Realty Network’s Tay Liam Hiap advised the owners of the estate on the sale.
The new owners plan to sell the Park View Mansions for S$1,023 psf ppr. They estimate that the sale price will be S$1,023 per square foot, or S$1,023 psf per plot ratio (ppr). The price of the former Park View Mansions has dropped by 22 per cent since its initial relaunch. This represents a good opportunity for developers to replenish their land bank.
It is near the Central Business District
Former Park View Mansions Condo is located along Yuan Ching Road, near Lakeside Gardens. Its location is convenient to the city’s major transport hubs including the Jurong MRT station and one-north regional hub. It is also within easy reach of local educational institutions. The development is expected to sell for S$260 million when it is completed, which is a premium compared to the price of each unit sold separately.
Approximately 80 per cent of owners have agreed to participate in the collective sale. The Lakeside Apartments is adjacent to the Park View Mansions and faces Jurong Lake Gardens. A collective sale committee will meet with the owners on June 1 and launch a tender within a week or two. The developer has set a reserve price of $240 million, which includes a differential premium of around $58 million. That works out to $1,057 per square foot.
