Table of Contents
ABOUT THE EN BLOC SALES
Parkway Mansion en bloc has been into two previous collective sales but missed the chance to be acquired. This time, when it was included in the 2017 Collective Sale, it finally has landed into its new developer. This property sits on a 38,975 square feet land area with a 2.8 plot ratio.
This 17-story residential development situated in Amber Road is acquired by a consortium led by Sustained Land Pte Ltd. The Singapore-based developer has SL Capital (3) Pte Ltd took possession of the property for an astounding amount of $146.99 million.
The final bid was 6.5% higher than its original asking price of $138 million. The tender sale was launch on November 16, 2017, and has obtained various bids from different developers in the country. The winning bid for the property includes a development charge amounting to around $21 million which is equivalent to $1,536 per square foot per plot ratio.
The sale has been a smooth sailing for both parties. Zoned as a residential by the 2014 Master List, the site is expected to be redeveloped into a magnificent residential property that will be a notable development in the Eastern Region of the country.
PARKWAY MANSION LOCATION
The Parkway Mansion site is in an area in District 13 that is enclosed by East Coast Parkway (ECP), Mountbatten Road, Still Road and Marina Coastal Expressway (MCE). These roads lead to the major destinations in the country such as the Changi Airport which 13 minutes drive via the East Coast Parkway.
Commuting to the neighboring districts is as convenient as you can imagine. MRT and bus stations such as Mountbatten MRT, One Amber (Bus: 36, 48), Peach Garden/Meyer Road (Premium Bus 566) and Dakota MRT provide the comfort of transport to the residents. The upcoming Tanjong Katong MRT that is due in 2023 will also be of great convenience to the commuting public.
The nearby shopping malls are within a few kilometers away from the site which includes OneKM, Leisure Park Kallang and Kallang Wave Mall. The Katong Shopping Centre together with 112 Katong Mall is only about 12 minutes walk. Various F&B establishments and leisure amenities are in very close proximity which allows the residents to have an enjoyable time.
Distinguished schools are also in close adjacency to the property. Residents can walk to schools like Chatsworth International School, Canadian International School, and Tanjong Katong Secondary School.
Driving to the Central Business District (CBD) and the most-renowned shopping district in Singapore, the Orchard Shopping District will only take you about 10 minutes. Various government offices are also reachable within a close distance from the property.
MODE OF TRANSPORT
- Tanjong Katong MRT
- Mountbatten MRT
- Pan Island Expressway (PIE)
- East Coast Parkway (ECP)
- Katong Shopping Centre
- 112 Katong Mall
- Dunman Food Centre
- Marine Cove
POTENTIAL OF THE SITE
This site in Amber Road has an excellent potential to yield about 130 units with luxurious facilities, subject to the approval of the Urban Redevelopment Authority (URA). The units can averagely measure up to 800 square feet. An excellent layout is expected to flourish each home to keep the comfy ambiance for each unit. A 10,138.5 square meter can potentially be the total gross floor area of the development.
The SL Capital Consortium finds the site to be a promising location to build one of the future iconic residences in the Marine Parade area. With its 10-minute drive proximity to the Central Business District, it is anticipated to have a high potential for rental yield giving a perfect opportunity for property investors.
The property is also a few minutes away to Changi Airport making it more attractive especially to property-seekers who usually travel in and out the country as its closeness gives them the luxury of reaching the airport hassle-free.
The future development at Coastline Residences has an estimated potential price range of $2,500 to $2,600 per square foot for its units.
PARKWAY MANSION NEW CONDO REGISTRATION OF INTEREST
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