Chuan Park

About Chuan Park Collective Sales

Finally, after four failed tries, the Chuan Park apartment has sold by private treaty. The last collective sale of the condo, which began on 14 March and ended on 26 April of this year, did not get any offers.

The developers, Kingsford Group and MCC Singapore, were able to sell it for 5.11% less than the S$938m guiding price, at S$890m. Last week, the condo’s collective selling committee and the buyer’s representative signed a sales and purchase agreement (CSC).

While the asking price was raised to S$900m from S$790m in 2018, the required 80% approval from owners still wasn’t there.

On July 25th, the owners will get together to hear updates on the sale’s next steps and projected timing. Over the course of the three-hour Zoom conference, it was disclosed that owners may expect gross proceeds of about S$1.16 million for a 710 sq. ft. unit, and up to S$2.53 million for a 2,045 sq. ft. property.

 

About Park, Chuan Condo

Situated along Lorong Chuan in District 19, Chuan Park has a 99-year lease that will expire in around 62 years.

The condo site is 400,589 square feet in size, which, when multiplied by the gross plot ratio (GPR) of 2.1, yields a potential GFA of 841,236 square feet.

 

Potent of the Site

More than twice as many homes as are already there might be built as part of a new development. There are now 444 apartments and 2 business spaces in the stratum.

Price per square foot per plot ratio is S$1,256, based on the current reserve price of S$938m plus an upgrade premium of S$192.62m to increase existing floor area by 7%.

Since the plot ratio is already satisfactory, no development fee is required.

Chuan Park Enbloc
Chuan Park

Finally, after four failed tries, the Chuan Park apartment has sold by private treaty. The last collective sale of the condo, which began on 14 March and ended on 26 April of this year, did not get any offers.

Product SKU: Chuan Park Enbloc

Product Currency: SGD

Product Price: 890000000

Product In-Stock: InStock