Park View Mansions up for collective sale at $260 mil

Park View Mansions up for collective sale at $260 mil

June 20, 2022

Park View Mansions, a 99-year leasehold condominium located along Yuan Ching Road in Jurong, was launched for collective sale by public tender on June 20 with an asking price of $260 million.

The price translates to a land rate of $1,023 psf per plot ratio (psf ppr), according to marketing agent ERA Realty. The land rate is inclusive of the estimated differential premium payable to maximise the site’s development plot ratio of 2.1 and to top-up the existing lease to a fresh 99 years, subject to JTC and URA’s planning approval.

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Park View Mansions is a 160-unit development sitting on a land site of about 191,974 sq ft with a 99-year leasehold tenure commencing from Oct 1, 1976. Subject to the approval from the authorities, the site can be developed up to a gross floor area of 403,145 sq ft.

The future development at the site could potentially house over 440 units, assuming an average apartment size of 915 sq ft, says Jeremy Rikas Chiu, ERA’s group division director. He adds: “We expect a strong market demand for the new project at the Park View Mansions site, given its prime location and rare land shape which commands unblocked views of Jurong Lake Gardens, Lakeside Garden and Jurong Lake.”

Park View Mansions’ collective sale launch comes on the heels of the en bloc sale of Lakeside Apartments — another 99-year leasehold condominium just next to Park View Mansions that also overlooks Jurong Lake Gardens — to Wing Tai Holdings for $273.88 million last month.

More recently, the collective sale tender for Lakepoint Condominium, a 99-year development located on Lakepoint Drive that is about a five minute drive away from Parkview Mansions, closed on June 8 without any bids.

The collective sale tender for Jurong Lake Gardens will close on July 27 at 2pm.

Read more at: https://www.edgeprop.sg/property-new...e-sale-260-mil