Table of Contents
About Park View Mansions Enbloc
Chip Eng Seng Corporation, SingHaiyi Group, and KSH Holdings have successfully bid for Park View Mansions.
Chip Eng Seng’s subsidiary company CEL Development and KSH’s partnership firm, TK 189 Development, made the offer jointly on behalf of Sing-Haiyi Pearl, which is 50 percent controlled by SingHaiyi Group and Haiyi Holdings. The remaining one-third of TK 189 Development is owned by the Ho Lee Group.
On June 20, Park View Mansions was put up for auction with a starting bid of $260 million. The contract was signed on July 28th.
The 99-year leasehold term for the 160-unit condominium began on October 1, 1976. It occupies a plot of ground of 17,834.8 square meters on Jurong’s Yuan Ching Road, next to the Jurong Lake Gardens.
Potential of the Site
Based on a plot ratio of 2.1, the maximum gross floor area (GFA) is 37,453.08 sq m.
After a number of requirements are met, the purchase will be finalized. Additionally, it requires a written permission from all of the units’ sub-owners and written approval from the President of Singapore (the head lessor), as well as the Jurong Town Corporation (the intermediate lessor).
When it comes to Singapore’s property developers, increasing interest and inflation rates, as well as geopolitical concerns, Chip Eng Seng and KSH Holding say they are “mindful” of the “prolonged problems” that these macroeconomic issues may create.
A lack of labor and interruptions in the supply of building materials are highlighted as obstacles, and this results in delays in construction and greater expenses.
KSH Holdings’ affiliated firm wins $222.2 million bidding for Euro-Asia Apartments.
About the Joint Venture
A joint venture (JV) and joint venture agreement (JVA) will be signed after the successful joint tender, which will outline the parameters of the joint purchase.
An MOU has been signed between the two corporations, with Chip Eng Seng’s CEL Development holding a 40% interest in the joint venture. TK 189 and Sing-Haiyi Pearl have agreed to each have a 30 percent stake in the joint venture.
The joint tenderers will pay the property’s purchase price and any other expenses related to the acquisition in their respective participation proportions under the JVA.
By the 28th of July, the firms had each paid a $100,000 tender price according to their percentage of participation. The cost will be included in the purchase price of the property.
An internal financial contribution of $40,000 was used to cover CEL’s share of the tender cost. The JV’s contributions will be financed by both internal and external financial resources for the enterprise.
Former Park View Mansions Registration of Interest
Review of Former Park View Mansions
Park View Mansions
Chip Eng Seng's subsidiary company CEL Development and KSH's partnership firm, TK 189 Development, made the offer for Park View Mansions jointly on behalf of Sing-Haiyi Pearl, which is 50 percent controlled by SingHaiyi Group and Haiyi Holdings. The remaining one-third of TK 189 Development is owned by the Ho Lee Group.
Product SKU: Park View Mansions
Product Currency: SGD
Product Price: 260000000
Product In-Stock: InStock
