SINGAPORE (THE BUSINESS TIMES) – Chuan Park Condominium has closed its tender and is presently “in a non-public treaty negotiation course of”, stated appointed advertising and marketing agent ERA.
An ERA spokesperson informed The Enterprise Occasions that the condominium had acquired some curiosity from builders. Nonetheless, he didn’t verify whether or not any bid was acquired.
ERA added that the negotiation is predicted to conclude in January 2022.
The condominium at Lorong Chuan was put up for tender with an indicative value of $938 million from Oct 5 to Nov 18.
Positioned beside Lorong Chuan MRT, the 400,588.72 sq. ft property includes 444 residential flats, a meals and beverage area not presently occupied, in addition to a grocery store. In keeping with ERA, the property may be redeveloped into 900 to 919 models.
Developed by Golden Developer, a unit of Far East Group, the property has a 99-year lease which started in 1980. The lease will expire on June 5, 2079, or in about lower than 58 years.
In 2018, house owners of Chuan Park Condominium tried for a collective sale with an asking value of $900 million, however the tender was not launched after they didn’t safe the mandatory 80 per cent consent. This got here even after the asking value was raised from its preliminary $790 million. Greater than 80 per cent of the house owners have consented to the tender in October.
With the collective sale market right here nonetheless going robust, La Ville succeeded in its third try, going to Hong Kong-listed ZACD Group for $152 million – above its reserve value.
The high-rise growth, which is located alongside Tanjong Rhu in District 15, was put up on the market in October this 12 months for $148 million, however lastly went for greater following robust competitors amongst bidders, BT understands.
In the meantime, freehold hilltop condominium Gloria Mansion at Pasir Panjang Highway is again in the marketplace with a reserve value of $69 million, unique advertising and marketing agent Strata AMC informed BT.
Gloria Mansion was beforehand launched for collective sale in June 2018 with a $79 million asking value. That was about two weeks earlier than the property hit was hit by a spherical of cooling measures imposed in early July 2018 which doused the collective sale fever then.
Accomplished in 1995, the 12-storey condominium homes 31 flats and sits on a website space of about 45,742 sq ft with a present plot ratio of 1.4. It’s zoned for residential use underneath the City Redevelopment Authority’s Grasp Plan 2019.
Stata AMC famous that the condominium has a “panoramic view” overlooking the long run Higher Southern Waterfront, specifically the Pasir Panjang Terminals, that are anticipated to be consolidated at Tuas Port by the 2040s.
“Given its proximity to the long run Higher Southern Waterfront, Gloria Mansion presents an distinctive redevelopment alternative for builders in search of to create an iconic residential growth,” Strata AMC stated.
It added that the location is more likely to entice small to mid-sized builders, given the strategic location and “engaging reserve value” with no growth cost required.
