If you’re considering purchasing a Lakeside Gardens condo, this one might be a good investment. In this article, we’ll look at the location, accessibility, and price of the former Park View Mansions Condo. This property sold for $965,000 and is close to the Jurong Lake Gardens, a 90-ha recreational park.
Park View Mansions sold for $965,000
The Park View Mansions in Jurong has been sold for $80 million to a joint venture of KSH Holdings and Chip Eng Seng Corporation. The joint venture intends to develop the site into 440 residential units. The property is located near the Jurong Lake District and is zoned residential. The total gross floor area is estimated to be around 403,145 sq ft.
The site has a gross plot ratio of 2.1, which means it can potentially yield up to 440 dwelling units. The owners are expecting to redevelop the site into a condominium development and are planning to spend $157 million on intensification work. This is expected to kick off in Q3 2019.
Park View Mansions is one of the newest enblocs in Jurong. It is located at Yuan Ching Road near Jurong Lake Gardens. The units have a land rate of S$1,023 per sq ft per plot ratio. The enbloc was listed at S$260 million last month but failed to sell en bloc. The price has since come down by about 30%. This represents a significant premium over selling the units individually.
Location
The former Park View Mansions Condo in Jurong is set in a prime location with panoramic views of Jurong Lake and its gardens. It is located within walking distance to Lakeside MRT station. This prime enbloc site is expected to fetch a premium price.
The location is also close to major roads and amenities. The Government is planning to develop the Jurong Lakeside District to become a major economic and lifestyle hub. The area is also connected to major highways such as the Pan Island Expressway and the Ayer Rajah Expressway. There are also several educational institutions in the vicinity.
It is estimated that the new development will feature 440 units and is expected to come up alongside Jurong Lake Gardens. The project is part of the Jurong Lake District, which is positioned to become the new CBD of Singapore and an integrated tourism destination.
Accessibility
The former Park View Mansions Condo at Lakeside Garden was one of the first collective sales to take place in Singapore. The development sits in the Jurong Lake District, close to the Lakeside MRT station. It has a gross plot ratio of 2.1 and is zoned for residential use. It has 160 units on a 191,974 square foot site. Its units are available for sale through a collective sale tender.
The former Park View Mansions Condo is adjacent to the Lakeside Apartments, a development that faces Jurong Lake Gardens. The collective sale committee is scheduled to hold a meeting with owners on June 1 and will then launch a tender a week or so later. The site has a reserve price of $240 million, which includes a differential premium of $58 million. That works out to a ppr of $1057.
The property is close to several public transportation options, including EW25 Chinese Garden MRT station and EW24 Jurong East MRT station. Residents can easily reach any part of the city using these modes of transportation.
Price
The price of the former Park View Mansions Condo at Lakeside gardens Jurong Enbloc has come down significantly. The development’s owners have not been able to raise 80 per cent of the necessary funds to complete the en bloc sale. Despite the decline in the price, the development still commands a premium over individual units. However, the new owners are working to redevelop the old estate. They plan to build a new residential complex on the site. Some of the units may be sold off in the process.
The Park View Mansions is a 99-year leasehold property that sits on a 191,974-square-foot plot of land. This plot is zoned for residential use and has a gross plot ratio of 2.1. The redevelopment potential of the site is about 403,145 square feet.
It is estimated that the price of the former Park View Mansions Condo at Lakeside Garden Jurong Enbloc is S$1,023 per square foot (ppr). The current lease expires on October 1, 2016, and the owners hope to earn S$320 million from the collective sale. However, the developers will have to spend $157 million on land intensification and top up the 99-year lease.