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Chuan Park in private negotiation process

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Located at 240 to 250 Lorong Chuan, Chuan Park is a 99-year leasehold project and occupies a 400,588.72 sq ft site; the property may be redeveloped into 900 to 919 units.

Chuan Park condominium at Lorong Chuan is “in a private treaty negotiation process” which is expected to conclude next month, reported The Business Times (BT) citing marketing agent ERA.

This comes as the condo received some interest from developers following the close of its tender, said a spokesperson from ERA, who did not confirm whether the development received any bid.

Situated beside Lorong Chuan MRT station, the 99-year leasehold development comprises 444 apartment units, a supermarket and a food and beverage space that is currently unoccupied. It was put up for tender from 5 October to 18 November, carrying an indicative price of $938 million.

It was developed by the Far East Organization unit, Golden Developer, in 1980 and has a remaining lease of about 58 years.

ERA noted that the property may be redeveloped into 900 to 919 units.

Chuan Park condominium had attempted for a collective sale in 2018, with the asking price pegged at $900 million. However, it did not push through due to failure to secure the necessary 80% consent of owners even as the asking was raised from $790 million.

For this year’s tender, over 80% of the owners agreed to the tender.

BT noted that the en bloc sale market is still going strong, with La Ville selling for $152 million – which was above the reserve price – during its third attempt to Hong Kong-listed ZACD Group.

Located at Tanjong Rhu, the high-rise development was launched for sale in October for $148 million. It finally went for higher after a robust competition among bidders.

Meanwhile, Gloria Mansion, a freehold hilltop condominium at Pasir Panjang Road, is once again up for collective sale, with a lower reserve price at $69 million, according to exclusive marketing agent Strata AMC.

In June 2018, the 12-storey condo was put up for collective sale, with an asking price of $79 million. That was around two weeks before the government rolled out a slew of property cooling measures to douse the en bloc fever at the time.

Featuring 31 apartment units, the development was completed in 1995 and occupies a 45,742 sq ft site that is zoned for residential use under the 2019 Master Plan. The site has a current plot ratio of 1.4.

Strata AMC said the condo enjoys a “panoramic view” overlooking the Greater Southern Waterfront.

“Given its proximity to the future Greater Southern Waterfront, Gloria Mansion presents an exceptional redevelopment opportunity for developers seeking to create an iconic residential development,” said Strata AMC as quoted by BT.

The marketing agent expects the site to attract small- to mid-sized developers, considering its strategic location as well as its “attractive reserve price” with no development charge required.

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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: [email protected].

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