Property developer SingHaiYi Group have bagged Park West condominium (located near Clementi MRT at Jalan Lempeng) for a whopping S$841 million – making this the first en bloc deal of 2018.
Including an estimated differential premium of S$290.6 million and another sum payable to the state for refreshing the current lease tenure of the land to 99 years, the land cost will work out to be around S$850 psf ppr.
In 2017, the developer has made several acquisitions as well – noticeably in the north-eastern region of Singapore, such as the latest How Sun Park en bloc and the plot at Lorong 1 Realty Park via government land sale.
The 99-year leasehold Park West condo has a remaining lease of around 63 years, with a total land area of around 633,644 square feet and a gross plot ratio of 2.1.
Market watchers are expecting the future new launch condo project to be very well-received as a significant demand was seen at the most recent condo projects, such as The Trilinq by IOI Group and The Clement Canopy by UOL.
It was noted that the latest acquisition of Park West condo sees SingHaiYi Group making their mark within a well-established matured residential estate in Singapore and allowing them to further expand its portfolio for property developments in Singapore.