Chuan Park set to be acquired by Kingsford and MCC Land for $890 million

After 4 failed attempts at a collective sale, Chuan Park has finally received an offer of $890 million.

It is set to be sold via a private treaty after receiving no bids for its last collective sale tender which was closed in April 2022.

Chuan Park was launched for en bloc sale in March 2022 with a reserve price of $938 million.

Hence, the $890 million offer is about 5 percent below the initial asking price.

The buyer for the Chuan Park en bloc is believed to be a joint-venture between 2 property developers.

One of them is Kingsford Development, which recently sold off all 1,862 units at its most recent new launch condo, Normanton Park.

The other developer is reported to be MCC Land.

Completed in the 1980s, the 99-year leasehold Chuan Park condo comprises 444 residential units and 2 commercial units.

The condominium sits on a massive land size of 400,588 sq ft and has a gross plot ratio of 2.1.

Thus, the future new launch condo has the potential to yield around 900 private homes, subject to approval from the relevant authorities.

If this en bloc deal of Chuan Park goes through, it would be the largest collective sale to be concluded in 2022.

According to URA, there was only 1 unit being transacted in the open market before the Chuan Park en bloc.

It was a 1,528 sq ft unit sold for $1,112 per square foot (psf) in May 2022.