The former Park View Mansions condominium has successfully sold out at auction. The property was purchased for $260 million by Chip Eng Seng Corporation, Sing-Haiyi Group, and KSH Holdings. The property was sold at an auction on June 20.
Chip Eng Seng
In this review, Chip Eng Seng highlights his new development at Yuan Chong Road, which is near the Orchard Road shopping belt and Jurong Lake Park. The building will have 440 residential units, and the design and layout is inspired by nature. There are thoughtfully curated facilities for its residents. The development is close to the Jurong Lake Park and Jurong Bird Park. It is also near the Jurong General Hospital and Nanyang Technological University.
The development is a joint venture between three companies: CEL Development, SingHaiyi Group, and TK 189 Development. CEL Development is a wholly-owned subsidiary of Chip Eng Seng Corporation. The Sing-Haiyi Pearl joint venture is a 50:50 partnership between SingHaiyi Group and Haiyi Holdings. The TK 189 Development joint venture is owned by the Ho Lee Group.
The redevelopment of the former Park View Mansions Condo is expected to yield up to 440 units. The owners plan to sell some units, but the majority of the properties will remain as condos. The redevelopment is expected to begin in Q3 2019.
KSH Holdings
Chip Eng Seng Corporation is a Singaporean multi-national conglomerate with interests in construction, civil infrastructure, precast technology, property development, hospitality, and education. Founded in 1979, it is listed on the Mainboard of the Singapore Exchange. Its latest project is expected to sell for over S$600 million when it is completed. It has diversified its portfolio to include executive and private condominiums.
Park View Mansions was built in the 1970s on a 191,974-square-foot site. Its gross plot ratio is 2.1, making it suitable for redevelopment. Its developer, Chip Eng Seng, has partnered with KSH Holdings, a local real estate developer, and plans to build as many as 440 units on the site.
Located near Jurong Lakeside MRT, the new Chip Eng Seng New Condo is a 99-year leasehold condominium project. It is within walking distance to the Jurong Bird Park, Jurong Lake Park, and Jurong East Market. It is also close to the Ng Teng Fong General Hospital and Jurong Lake Park.
Sing-Haiyi Group
Sing-Haiyi Group is partnering with Chip Eng Seng, KSH Holdings, and CEL Development to develop the former Park View Mansions. The group won the collective sale tender for the site in December last year. The project will be built on a residential-zoned site next to the Lakeside Apartments. The project will benefit from improvements to the Jurong Lake District, which is being promoted as a new tourist destination.
The Former Park View Mansions Condo is located near several MRT stations. The development is also accessible via the Jurong regional hub and the one-north expressway. The property is also near major roads and educational institutions. The site covers an area of 17,834.8 square metres. The developer has plans to build 440 units.
The Park View Mansions site has a gross plot ratio of 2.1, making it suitable for 440 dwelling units. According to ERA Realty, the current price is S$1,023 psf ppr. It is likely to fetch $320 million upon collective sale. This is due to the fact that the developers will spend an additional $157 million on land intensification and topping-up the 99-year lease.
CEL Development
The new owners of the former Park View Mansions Condo have announced plans to redevelop the site. They plan to build a new residential complex on the site. While some units may be sold off, the developers plan to keep the majority of the property’s value. Construction is expected to begin in Q3 2019.
The redevelopment of the former Park View Mansions condo is expected to cost over SG$260 million. The developers are planning to use internal funds and external borrowing to finance the acquisition. However, the developer is also seeking a suitable partner to develop the property.
The developers of the former Park View Mansions condo are a joint venture comprised of SingHaiyi Group, KSH Holdings, and CEL Development. Chip Eng Seng is the majority shareholder of CEL Development, which holds 40% of the project. KSH Holdings and the Ho Lee Group hold a 30% stake each. These three companies will partner with the developer to make the new development a reality.