Park View Mansions, located along Yuan Ching Road, is the latest to go enbloc in Jurong after Lakeside Apartments. Both are located along the same stretch just along the Jurong Lake Gardens. Park View Mansions has a total land area of 17,834 square metres and a permissible plot ratio of 2.1. It was launched for enbloc twice, before it was up for a collective sale for the third time last month, with an asking price of S$260 million.
The price translates to a land rate of S$1,023 per square foot per plot ratio, according to the marketing agent. 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 (99 years wef from Oct 1, 1976) to a fresh 99 years, subject to JTC and the URA’s planning approval.
The buyers are Chip Eng Seng, KSH and SingHaiyi with participations of 40, 30, 30 per cent basis in the acquisition with plans to redevelop the site into a residential development with up to 440 residential units. The S$260 million purchase split amongst 3 different companies reflects the cautious tone taken by property developers in Singapore as SingHaiyi took Park West in Clementi enbloc in 2018 for S$840.9 million and redeveloped it into Parc Clematis. However judging from the almost sold out launch (98% of 372 units) of AMO Residences at an average transacted pricing of approximately S$2,100 per square foot, developers could be more encouraged to take on more projects as the unsold supply of new launches continue to remain low following this blockbuster launch in Ang Mo Kio.