The former Park View Mansions on Yuan Ching Road were sold to a Singaporean property developer KSH Holdings, for an estimated S$600 million. Founded in 1979, KSH is a property development, investment, and construction firm. Since February 2007, the company has been listed on the Singapore Exchange. It has made a number of high-profile deals, including the acquisition of the Peace Centre/Peace Mansions in December.
Yuan Ching Road
The former Park View Mansions along Yuan Ching Road have been sold to a joint venture between Sing-Haiyi Pearl and CEL Development, who both have a 40% stake in the joint venture. The Tang family, which owns the Sing-Haiyi Pearl, is also involved. KSH Holdings is the other joint venture partner. Together, the three parties plan to buy and redevelop the site. The joint venture will be funded through internal funds and external borrowings.
The new owners of the Yuan Ching Road former Park View Mansions have announced plans to redevelop the site. These plans will include the construction of a new residential complex. The developers will consider selling some of the units in the estate, though they will keep the majority of the property’s value. Construction is expected to begin in Q3 2019.
Chip Eng Seng
The former Park View Mansions site in Jurong Lake District has been sold for S$260 million to a group of property businesses including Chip Eng Seng, KSH Holdings and SingHaiyi Group. The new development is located next to Jurong Lake Gardens and is expected to have 440 units. It is a prime location near the Jurong Lake District, which is poised to be Singapore’s CBD and integrated tourism hub.
The property development, investment and construction company KSH Holdings was founded in 1979 and has been listed on the Singapore Exchange since February 2007. The latest project is expected to sell for S$600 million once completed. The company has previously made high-profile deals, such as its acquisition of the Peace Centre/Peace Mansion in December for S$395 million.
The Park View Mansions are located adjacent to Jurong Lake Gardens and have 99-year leasehold tenure. Each unit has a floor area of at least 1,000 square feet. The site is expected to yield approximately 440 residential units at a gross plot ratio of 2.1. Developers estimate that the collective sale of the Park View Mansions will raise about $320 million. They also expect to spend $157 million for land intensification and topping up the 99-year lease.
The joint venture includes three partners: Chip Eng Seng (CEL), a Singapore-based property development and investment firm, and Haiyi Holdings. Both companies will fund the project using internal funds and external borrowing.
If you are looking for a new condo in Singapore, consider the new project by Chip Eng Seng at Yuan Ching Road. Located near Jurong Lakeside Club and Jurong East MRT stations, it will feature up to 440 residential units. With a contemporary design inspired by nature, Yuan Ching Residences will offer residents a place to call home with thoughtfully curated facilities. In addition, the condo will be near Jurong Bird Park, Jurong Science Centre, and Jurong Lake.
The former Park View Mansions were sold to Chip Eng Seng, a Singapore-listed property developer. He will be working with KSH Holdings, a local developer, to redevelop the site. The price of the project is expected to be more than SG$260 million. The acquisition will be financed through a joint venture between CEL Development and KSH Holdings.