The Jurong Lake District will be a hub for new employment and development in the Jurong Region. The Master Plan for the area will be based on the needs of the community and will be open to public consultation. The Jurong Lake District Master Plan will be completed in phases.
The former Park View Mansions Condo is now up for collective sale. The developer is aiming to sell the 160 units for $240 million per plot ratio, which is a bit below its asking price of $320 million. The developer will be developing this property in an eco-friendly manner, and hopes to attract HDB upgraders. The site is also located in a convenient location, with the Lakeside MRT station just a few minutes away.
The developer is CEL Development, a wholly-owned subsidiary of mainboard-listed developer Chip Eng Seng. The company is backed by the Tang family. Other shareholders include Haiyi Holdings and SingHaiyi Group. The remaining 30 percent is held by a joint venture of KSH and Ho Lee Group. The project is expected to begin early next year, with the aim of selling the entire project by 2019.
Another new development is the Twin Vew by China Construction Development, located next to Jurong Central Business District. This new project is also close to the Jurong MRT station. Another freehold project, The Garden Residences Oxley, is also on the way, located at Hougang Avenue 7. The Verandah Residences is another freehold development that is slated for completion at the end of the year. The Amber 45 freehold development is also nearby the Haw Par Villa MRT station.
Located just beside Jurong Lake Gardens, the former Park View Mansions condo is for sale. It has a 99-year leasehold tenure. Its gross plot ratio is 2.1, which means it can yield up to 440 units. The site is expected to fetch $320 million through collective sale. This is equivalent to $1,183 psf ppr, and the owners are planning to invest $157 million in intensification. It is a good investment opportunity as it is located within close proximity to the Jurong Lake Gardens and Rulang Primary School. The enbloc is booming, with 10 developments transacted since January. Its prices are boosted by the burgeoning sales of new private houses, as well as the robust performance of recent condo launches.
The project was completed in the 1970s and is situated near the Jurong Lake District. The property is zoned for residential use and will comprise approximately 440 units. The project’s land area is approximately 191,974 square feet.
The joint venture that owns TK 189 Former Park View Mansion condo at Lakeside Gardens Jurong Enbloc is currently seeking buyers for its upcoming development. The joint venture will hold a 40% stake in the project. The other 30% will be used to develop the development. Located near the Jurong Lake District and the Lakeside MRT station, the property will be a residential development with a gross floor area of 403,145 square feet.
The enbloc is one of the newest enblocs in Jurong and is situated near the Jurong Lake Gardens. It has a permissible plot ratio of 2.1 and total land area of 17,834 sq ft. It is estimated to fetch SG$260 million when fully developed. Moreover, it will have unobstructed views of the Jurong Lake. It will also be located within the Lakeside MRT station.
The TK 189 Former Park View Mansion enbloc is being developed by CEL Development, a property developer from Singapore. CEL has a 40% stake in the project and the three other developers own a 30% stake each. It has already completed two residential enbloc deals. Once completed, the project is expected to yield up to 440 units. The developer estimates that the project will sell at S$1,023 per square foot. The development will have a 99-year lease period.
KSH Holdings, a 50 percent-owned company, has signed a deal to acquire the former Park View Mansions condo at Lakeview Gardens Jurong Enbloc. It plans to redevelop the site for more than SG$260 million. It will finance the acquisition from internal funds and external borrowing.
The joint venture that acquired Park View Mansions in Jurong, a 99-year leasehold condo along Yuan Ching Road, is developing the site as a residential complex with 440 units. The property will be developed by CEL Development, a subsidiary of Chip Eng Seng, and TK 189 Development, a partnership firm of KSH Holdings. The three companies are required to obtain approvals before they can develop the site. In this case, they have to get the written approval of the Jurong Town Corporation and 100% of the subsidiary owners.
The site has a gross plot ratio of 2.1, meaning that it has the potential to yield 440 dwelling units. The developers are planning to spend approximately $157 million for intensification, averaging $1,183 per sq ft. The new development is expected to benefit from the redevelopment of the Jurong Lake District, which is slated to become a new commercial and tourism hub.