My review of Park View Mansions focuses on the building itself, which is being converted into a mid-sized new development with approximately 440 units. This development is located adjacent to Jurong Lake Gardens, in Jurong East. This area is on the brink of becoming Singapore’s next CBD and is a major integrated tourism hub. Despite being a relatively new development, Park View Mansions offers good value for money.
Park View Mansions is a 99-year leasehold development
Park View Mansions is a 99-year-leasehold development located next to Jurong Lake Gardens. It has a plot ratio of 2.1 and is zoned for residential use. The development is expected to yield 325 to 455 units. The unit sizes range from 860 to 1,200 square feet. It will be available for sale for a minimum price of $250 million.
Parkview Mansions is a mature apartment development located in District 22, Singapore. Its location puts it in a prime location, with easy access to the Chinese Garden, Jurong East MRT Station, and Jurong East MRT Station. Furthermore, it is just 20 minutes away from the popular Orchard shopping district.
Park View Mansions in Jurong is a 99-year leasehold development that has recently been launched for collective sale through a public tender. The development is owned by a joint venture of CEL Development (40%), Sing-Haiyi Pearl (30%), and TK 189 Development. CEL Development is a wholly-owned subsidiary of Chip Eng Seng Corporation, while Sing-Haiyi Pearl is a 50:50 joint venture between Haiyi Holdings and SingHaiyi Group. TK 189 Development, on the other hand, is held by Kim Seng Heng Realty and Ho Lee Group, which is 66.7%-owned by Kim Seng Heng Realty.
Park View Mansions is located at Yuan Ching Road. It has a 99-year leasehold and consists of 160 units. CEL holds 40% of the joint venture. The remaining 30% are held by TK 189 Development and Sing-Haiyi Pearl. The owners of CEL and TK 189 Development are Gordon and Celine Tang.
It is a mid-sized new development
Three Singapore developers have stepped up their land banking activities through the collective sale market, acquiring Park View Mansions on Yuan Ching Road for $260 million. This development is slated to comprise 440 units and is adjacent to Jurong Lake Gardens. The area is prime for redevelopment, with the Jurong Lake District poised to become the new CBD and integrated tourism district of Singapore.
The developers have a good working relationship, and they have considered all aspects of the property landscape when designing and building the development, including macroeconomic and geopolitical tensions. These factors can cause construction delays, and they can increase costs.
The development’s land price includes 7% of additional gross floor space for balconies. This means a development fee of approximately S$6.4 million. The redevelopment site is approximately 21-hundred and seventy-four thousand square feet. It is zoned residential and is subject to urban redevelopment authority approval. The development is subject to urban redevelopment authority restrictions such as a maximum height restriction of 36 storeys and a maximum gross plot ratio of 2.8.
The development is slated to be completed in 2023. The land area is around 7,688 square feet, and the gross floor area is approximately 30327 square feet. According to Edmund Tie, the marketing agent, the winning bidder will have the option to convert the development into a hotel or serviced apartments, or even a post-natal care centre.
It offers good value for money
The collective sale for the newly-launched Park View Mansions is expected to fetch $320 million, which is about $1,183 psf ppr. The development is set on a 191,974 sq ft piece of land, and the developers have said they expect to net $320 million from the collective sale. This amount will be further enhanced by the $157 million investment that the developers will make to intensify the land. The developers will also be top-up the 99-year lease.
The relaunch price of Parkview Mansions has dropped 22 per cent. The development is located next to Jurong Lake Gardens and has a 99-year leasehold tenure. There are 160 units in the development, ranging from 1,119 to 1,335 sq ft. The average price for a unit in this development is S$1,400,000, or S$923 psf per square foot.
Park View Mansions is located within easy reach of several MRT stations. It is also connected to the one-north and Jurong regional hubs. It is also just a few minutes away from local educational institutes. Upon completion, Park View Mansions will have a gross floor area of 403,145 square feet.
The new owners of the former Park View Mansions Condo have plans to redevelop the former estate. They plan to build a new residential complex on the site. They are expected to start redevelopment by Q3 2019.