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Thread: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

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    Default The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Singapore Companies
    Published October 4, 2006

    Chip Eng Seng, Lehman in JV for West Coast project

    By UMA SHANKARI

    CONSTRUCTION and property company Chip Eng Seng Corporation will team up with a Lehman Brothers' investment vehicle to develop a residential project on the former Westpeak condominium site in West Coast in a 50/50 joint venture, the company said yesterday.

    Chip Eng Seng, which started out as a construction company before expanding to property de velopment recently, announced that its property arm CEL Development has entered a joint venture (JV) agreement with WP Mauritius Holdings to develop the site, which Chip Eng Seng bought in April this year at a collective sale for $206.1 million.

    WP is a wholly owned investment vehicle of Lehman Brothers Real Estate Partners II and its affiliated investment entities.

    Under the JV agreement, the residential project will be developed through a joint-venture vehicle, CES-West Coast Pte Ltd. CEL and WP will each have a 50 per cent stake in the JV company.

    In yesterday's announcement, Chip Eng Seng also said that another one of its wholly owned subsidiaries, Chip Eng Seng Contractors (1988) Pte Ltd, will be appointed as the main contractor to design and build the project.

    The project is not expected to have a significant impact on the net tangible assets and earnings per share of Chip Eng Seng for the current financial year ending December 31, 2006, added the company.

    The tie-up between Chip Eng Seng and Lehman Bro thers Real Estate Partners II is not the first. Earlier this year in July, the two companies announced that they were teaming up to build a high-end residential development in Cairnhill in another 50/50 joint venture.

    This time around, the West Coast development is expected to be mid-tier. The site has an area of 311,829 square feet, making it the biggest freehold collective property in terms of land area to be transacted in recent years.

    When it bought the site in April, Chip Eng Seng said it could redevelop the site into a new project with about 545 units averaging 1,200 sq ft.

    Chip Eng Seng's shares closed 2.5 cents higher at 27.5 cents yesterday.

  2. #2
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    Default Re: Chip Eng Seng, Lehman in JV for West Coast project

    Anyone know when this one is launching?

  3. #3
    gowest
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    Unhappy Re: Chip Eng Seng, Lehman in JV for West Coast project

    Quote Originally Posted by Unregistered
    Anyone know when this one is launching?
    heard it's gonna be mid-july; price ranges fm 800-900psf.

    any views on the pricing....i feel it's way over!

  4. #4
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    Default Re: Chip Eng Seng, Lehman in JV for West Coast project

    How can they launch at this price? Units are still available just as we speak at Bottannia at $730 to $750 psf.

    This would drive shoppers straight to Botannia.

  5. #5
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    Default Re: Chip Eng Seng, Lehman in JV for West Coast project

    Sim Lian is probably kicking themselves for launch Carabelle so soon. Had they waited three months, Carabelle would have been sold at much higher prices than they were able to get.

    The parc is going to cause the entire west coast project to be repriced.

  6. #6
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    Default Re: Chip Eng Seng, Lehman in JV for West Coast project

    at tat price, i'm holding back my horses!

    top @ 2012; might as well wait n see!

  7. #7
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    Default Re: Chip Eng Seng, Lehman in JV for West Coast project

    Wait and see what? See so many new millionaires isit. Still wait. No need to wait lar. Just buy. This one can buy. 5000psf also can buy. Crazy market what. No need to see one. Just cheong. Give empty cheques and buy buy buy. Buy all you can and see all the money coming in. Machiam like drinking water like that. Money falls on you. Just buy. Cheap leh. Singapore soon got 6.5 m people. Wah piang, 2 more million people stay where? So buy. Later this one becomes 10,000psf then you dare not see. My call - buy. Your risk - you take the risk yourself hor. You win big you don't share with me what.

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    Default Re: Chip Eng Seng, Lehman in JV for West Coast project

    Quote Originally Posted by Unregistered
    How can they launch at this price? Units are still available just as we speak at Bottannia at $730 to $750 psf.

    This would drive shoppers straight to Botannia.
    dun think it's overpriced compare to Botannia, as it's location is much much better than botannia.
    In fact, if it is priced nearer to Botannia's price range, everybody will rush for the Parc!! it will sell well, but not maximising its return

    but I think it's launch will bring some life to the "West Coast Projects", as it was also reported early this week that the area is still lagging today's market.

    I was told by one of the agents, blank cheques have already being handed out to them. The studios (ony 24 units) are especially hot !!!

    good for "WCP"

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    Default Re: Chip Eng Seng, Lehman in JV for West Coast project

    Quote Originally Posted by ht
    dun think it's overpriced compare to Botannia, as it's location is much much better than botannia.
    In fact, if it is priced nearer to Botannia's price range, everybody will rush for the Parc!! it will sell well, but not maximising its return

    but I think it's launch will bring some life to the "West Coast Projects", as it was also reported early this week that the area is still lagging today's market.

    I was told by one of the agents, blank cheques have already being handed out to them. The studios (ony 24 units) are especially hot !!!

    good for "WCP"
    Agree, the location is much better. To begin with, you can actuallt walk to clementi center and MRT station (7-10 min walk) from this site. Secondly, I received an email from an agent that this is going to be the tallest condo in that area, 24 storey.

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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    In terms of area, I think where Varsity Park/Clementiwoods area is the best. So if The Parc is priced at $800-900psf..... Then Varsity Park at $600-700psf is still a bargain tho it's 99yr. The location should make up for it. What do you guyz think?

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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Quote Originally Posted by Unregistered
    In terms of area, I think where Varsity Park/Clementiwoods area is the best. So if The Parc is priced at $800-900psf..... Then Varsity Park at $600-700psf is still a bargain tho it's 99yr. The location should make up for it. What do you guyz think?
    I don't think you can walk to MRT station from Clementi woods. The site at Parc condo is in walking distance (less than 7-8min) to two wet markets. I think from clementi woods, you can walk to one wet market only

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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Quote Originally Posted by Unregistered
    I don't think you can walk to MRT station from Clementi woods. The site at Parc condo is in walking distance (less than 7-8min) to two wet markets. I think from clementi woods, you can walk to one wet market only
    VP and CW being 99 will expectedly fetch lower price then FH and 999 projects in WCP. In addition, their location is not help by the lack of a good pri school.
    Though i must say both projects have enjoyed good appreciation since their launch.

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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    i am comparing west coast FH and 999 projects at 750-800psf vs. Bukit Timah (near to King Albert area) FH projects at 1200-1500psf.

    Which one is more worthy from potential point of view? Thanks!

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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Quote Originally Posted by Unregistered
    i am comparing west coast FH and 999 projects at 750-800psf vs. Bukit Timah (near to King Albert area) FH projects at 1200-1500psf.

    Which one is more worthy from potential point of view? Thanks!
    i believe you have rightfully chosen 2 areas that are still lagging the market. If the Parc launched at 800psf, i think it's a good choice with some upside expected. But i think you may have to drop a cheque to secure the good price. If you are keen, you can drive by the car park, and there should be agents lurking around.
    btw i am not one of them, i just met one when i went down to check out the place.

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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Quote Originally Posted by ht
    i believe you have rightfully chosen 2 areas that are still lagging the market. If the Parc launched at 800psf, i think it's a good choice with some upside expected. But i think you may have to drop a cheque to secure the good price. If you are keen, you can drive by the car park, and there should be agents lurking around.
    btw i am not one of them, i just met one when i went down to check out the place.
    I think the prospect for an over supply problem (starting in 2010 or 2011) is good as you will expect more and more lands will be release as news of market rises keep coming. Prices in many places are already gone up 60-80% which unfotunately is not relected in URA numbers. I will be very cautious to buy for investment even though there may be some upside left. In stocks, I don't mind to take risk if there is 20% upside left, but not in property because it transaction is more complicated.

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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Went to westpeak condo to take a peek (no pun intended) with my wife. there is no sign of any activity. No showflat, and no banner. It seems many weeks if not months away from an official launch, unless the showflat is far away, which is not likely.

    My wife saw the dengue fever banners everywhere in the neighborhood and said you want to buy here and catch dengue fever? She said we have to be crazy to live here, let alone paying 800 psf. haha! She makes sense or not?

  17. #17
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    Default Re: Chip Eng Seng, Lehman in JV for West Coast project

    Quote Originally Posted by ht
    dun think it's overpriced compare to Botannia, as it's location is much much better than botannia.
    In fact, if it is priced nearer to Botannia's price range, everybody will rush for the Parc!! it will sell well, but not maximising its return

    but I think it's launch will bring some life to the "West Coast Projects", as it was also reported early this week that the area is still lagging today's market.

    I was told by one of the agents, blank cheques have already being handed out to them. The studios (ony 24 units) are especially hot !!!

    good for "WCP"
    Why is the location much better than botannia. It is much closer to AYE than botannia, and much noisier. Granted it is closer to Clementi MRT, but can you walk there under a hot sun without getting a heat stroke?

    I am not a owner of botannia, but I would much rather buy a unit there at 730 psf than paying 800+ psf for a unit at the parc.

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    Default Re: Chip Eng Seng, Lehman in JV for West Coast project

    Quote Originally Posted by Unregistered
    Why is the location much better than botannia. It is much closer to AYE than botannia, and much noisier. Granted it is closer to Clementi MRT, but can you walk there under a hot sun without getting a heat stroke?

    I am not a owner of botannia, but I would much rather buy a unit there at 730 psf than paying 800+ psf for a unit at the parc.
    The area is certainly over supply of projects and will get worse in the next three years. Many lands and enbloc lands will be available for condos. When there are so many new condos on the market within the short time, you should know what will happen. This is just like the mid-90s in district 21. In the case of district 21, at least there are no HDB to come in to share the pie. When the multi blocks 40-storey HDB blocks are up in three years time, the situation will really get worse as those HDB will command the best view among all condos in the west coast area.

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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    I learnt this has 7 blks of 24-storey total 659 units. What is the site area? ... it seems another huge project. MM Lee said the government will check property price and ensure it is competitive in the region. There will be more supply and likely some anti-speculation measures if it continues to go crazy like now. Be cautious unless buying for own stay or long-term investment.

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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Quote Originally Posted by ht
    VP and CW being 99 will expectedly fetch lower price then FH and 999 projects in WCP. In addition, their location is not help by the lack of a good pri school.
    Though i must say both projects have enjoyed good appreciation since their launch.
    There are buyers trying to offload urgently at almost par even with the launched price after deducting stamp duties. You go figure which sellers are trying to smoke you to part with more money than their true current value.

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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Quote Originally Posted by St.
    I learnt this has 7 blks of 24-storey total 659 units. What is the site area? ... it seems another huge project. MM Lee said the government will check property price and ensure it is competitive in the region. There will be more supply and likely some anti-speculation measures if it continues to go crazy like now. Be cautious unless buying for own stay or long-term investment.
    I think this developer is now caught in a bind. With the government and LKY watching the property market so closely, this huge condo is on the balance. Launching too high will scare away upgraders. If no deferred payment, less upgraders and punters. I will not touch this one for investment. I will consider buying it for stay if the price average at 550 to 600 psf.

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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Quote Originally Posted by Unregistered
    There are buyers trying to offload urgently at almost par even with the launched price after deducting stamp duties. You go figure which sellers are trying to smoke you to part with more money than their true current value.
    Don't exaggerate. I am not a flipper either, but I have found that most of the west coast project have experienced a 20-30% in the last three months. Just look at the advertisements.

    You know anyone that tries to unload at developers' prices? Let me know. I will buy.

  23. #23
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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Quote Originally Posted by Unregistered
    I think this developer is now caught in a bind. With the government and LKY watching the property market so closely, this huge condo is on the balance. Launching too high will scare away upgraders. If no deferred payment, less upgraders and punters. I will not touch this one for investment. I will consider buying it for stay if the price average at 550 to 600 psf.

    Not afraid of dengue fever?

  24. #24
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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Quote Originally Posted by Unregistered
    Don't exaggerate. I am not a flipper either, but I have found that most of the west coast project have experienced a 20-30% in the last three months. Just look at the advertisements.

    You know anyone that tries to unload at developers' prices? Let me know. I will buy.
    Check last Sat classified. Look for "Urgent Sales". You'll find your bargain.

  25. #25
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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Could you be kind enough to let us know which projects are subject to such urgent sales, are they been offloaded at developers' prices.

    Can't find the papers you are talking about.

  26. #26
    mike_jl89
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    Default The Parc Condominium @ West Coast

    Freehold Condo located on West Coast Road. (Old West Reak)

    7 blocks of 24 storey condominium with 659 units available
    1+study approx 667sq ft (24 units)
    2+study approx 980 sq ft (71units)
    3br approx 1216-1302 sq ft (282units)
    3+study approx 1421 sq ft (126 units)
    4br approx 1442-1518 sq ft (144 units)
    5br approx 2432 sq ft (9units)
    Penthouse approx 3498 sq ft (3units)

    Facilities includes Elderly Fitness Corner, Spa Beds, children's playground,
    Floating Slabs, Reflective Pool, Lagoon Pool, Toddler's Pool, Spa Seats, Timber Bridge, Jacuzzi, Continental Shelf Plaza, Linear Slabs, Adventure Play Area, Fitness Corner, 50m Lap Pool, BBQ Area, Basketball Court, Aqua Gymnasium, Entertainment Deck, Wading Pool, Broadwalk, Landscaped Garden, Lazy River.

    5 mins walk to food centre and wet market
    10 mins walk to Clementi town and MRT station
    10 mins drive to West Coast Park, Education Hubs(NUS,Singapore Poly, United World College of S.E.A. , Biomedical Hubs of Buona Vista and Science Park.
    15 mins drive to Mount Faber Park, Hobourfront, Vivo City, Sentosa Future Integrated Resort.

    Launching Soon ..

    For more details .....

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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Where is the showflats? I was at westpeak, and all I saw was the old condo, and lots' of banners warning of dengue fever. there is a big cluster nearby. No showflats!

  28. #28
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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Quote Originally Posted by Unregistered
    I think this developer is now caught in a bind. With the government and LKY watching the property market so closely, this huge condo is on the balance. Launching too high will scare away upgraders. If no deferred payment, less upgraders and punters. I will not touch this one for investment. I will consider buying it for stay if the price average at 550 to 600 psf.
    The government and LGY are caught in a bind too. to crush the market will certainly destroy a lot of families and reduce GDP growth. or even cause a recession, which they definitely don't want. Not to crush, you know what will happen.

    My point is that don't think there is a easy solution. there may be no solution to this problem.

  29. #29
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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    Quote Originally Posted by Unregistered
    The government and LGY are caught in a bind too. to crush the market will certainly destroy a lot of families and reduce GDP growth. or even cause a recession, which they definitely don't want. Not to crush, you know what will happen.

    My point is that don't think there is a easy solution. there may be no solution to this problem.

    Now this statement, I agree totally.
    This is a balance act.

  30. #30
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    Default Re: The Parc (D5, Freehold, Chip Eng Seng & Lehman Brothers)

    The property market is very much like the IRs. The government want the actions to be limited to foreigners, and want locals to not get involved in either IR or properties. But locals are natural gamblers, and they will ignore government advise and get involved any way.

    What will the government do? Put security guards at launches and allow in only high net-worth foreigners? Not feasible!!!

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