Park View Mansions sold for $260 million via en bloc
The site can potentially be redeveloped to a new residential project with 440 units.
A joint venture between Chip Eng Seng, SingHaiyi, and KSH Holdings has acquired Park View Mansions for $260 million (or $1,023 psf ppr) in a collective sale via public tender.
This is the 2nd successful en bloc deal for the joint venture. It previously acquired Peace Centre and Peace Mansion back in December 2021.
Park View Mansions is located along Yuan Ching Road, within the Jurong precinct. It was completed back in the 1970s.
The 99-year leasehold development sits on a land area of around 191,974 square feet, and currently comprises 160 units in total.
It also has a gross plot ratio of 2.1.
The collective sale was launched back in June 2022 with an asking price of $260 million.
Based on earlier reports, each owner could possibly receive sales proceeds between $1.44 million to $1.6 million on average.
According to estimates, the site has the potential to be redeveloped into a brand new condo with 440 private homes.
CEL Development (the real estate arm of Chip Eng Seng) said that the future new launch at Jurong will have views that overlook the Jurong Lake Gardens and Japanese Garden.
The Park View Mansions en bloc came not long after the successful en bloc sale of Lakeside Apartments, which is just next to it.
That took place in May 2022 and it was Wing Tai Holdings that acquired it for $273.88 million.
It’s worth noting that the last unit at Park View Mansions transacted in the open market was a 1,119 sq ft unit.
That apartment was sold for $965,000 ($862 psf).