PROJECT DETAILS
SingHaiYi won the collective sales at Old Park West in the 1st quarter 2018. This land parcel is bounded by Ayer Rajah Expressway (AYE), Clementi Avenue 6 and Jalan Lempeng.. It has a site area of 633,644 square feet.
New Condo at Jalan Lempeng is walking distance away from the Clementi Bus Interchange and the Clementi (EW23) Train Station which operates the East West Line. This comprehensive public transport network will provide pleasant commuting experiences for New Condo at Park West’s future residents. It will take about 20 minutes to get the city by train. New Condo at Jalan Lempeng is just next to the Ayer Rajah Expressway (AYE) which connects from the East to the West of Singapore.
A lot of fun filled activities awaits as New Condo at Jalan Lempeng is close to Clementi Sports Hall, West Coast Recreation Centre and West Coast Park. Those living there can also access to plenty of amenities in Clementi Central. There are supermarkets, banks, shopping malls, wet market, food centre, retail and eating outlets. The Clementi Mall, that is located just opposite of the Clementi Train Station, offers many shopping and dining facilities such as supermarket, food court, numerous retail shops and eating establishments to New Condo at Jalan Lemoeng's future residents.
There are also many schools nearby, especially Tertiary institutions. Some of the schools nearby include Nan Hua Primary School, Clementi Primary School, Pei Tong Primary School, Clementi Town Secondary School and the School of Science & Technology. Tertiary education facilities such as Singapore Polytechnic, Ngee Ann Polytechnic, INSEAD, National University of Singapore and SIM University are short drives away from New Condo at Jalan Pempeng.
The rental demand for New Cono at Jalan Lempeng will come from those working in the nearby One-North Fusionpolis and also Internationl Business Park in Jurong. Although Holland area is nearer to One-North and Fusionpolis, the rental market from those places are moving to projects around Park West. This is because Holland, being in a prime area, are asking for very high rents. The asking rent are more affordable in Clementi area which makes it more attractive for tenants. The shift of Japanese Schools to the west is also another factor for higher rental demand. There is a grow in demand from the Japanese communities in this area.
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| Project | Jalan Lempeng Condo |
| Developer | SinHaiYi |
| Location | Jalan Lempeng |
| District | 05 |
| Tenure | 99 years lease |
| Site Area | square metres/ square feet |
| GFA: | square metres/ square feet |
| Plot Ratio | |
| Expected TOP: | |
| Total Units | Approximately xxxx residential apartments |
| Total Carpark | |
| Development | Private condominium comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC, SPR and Foreigners can buy |
LOCATION and AMENITIES
LAND PARCEL SITE ALONG JALAN LEMPENG FORMER PARK WEST CONDO COLLECTIVE SALES SOLD THROUGH
SINGAPORE (Jan 11): SingHaiyi Group’s joint-venture firm, SingHaiyi Gold, is acquiring Park West condominium along Jalan Lempeng in Clementi in a collective purchase at a price of $840.9 million.
Owners of the property accepted SingHaiyi’s bid on Thursday, the group says in a filing to SGX.
This is Park West’s third collective sale attempt, after an earlier attempt in 2007 attempt failed to achieve the requisite 80% consensus among owners, and an en bloc tender in 2011 at an indicative price of $803 million did not receive any bids.
The 36-year-old property sits on a land area of approximately 58,867 sqm with a plot ratio of 2.1.
SingHaiyi Gold intends to apply to the Singapore Land Authority (SLA) for the grant of a fresh 99-year lease for the property and to lift the title restrictions in the state lease, which is estimated to incur a lease upgrading premium of $146.0 million.
In addition, an estimated differential premium of $144.6 million is payable to redevelop the site to a maximum permissible gross floor area of about 135,982.8 sqm.
According to SingHaiyi, the acquisition will be funded via internal resources and bank borrowings.
SingHaiyi in December had undertaken a rights issue to raise some $143 million in net proceeds, of which between 70-90% will be used to pursue property investments.
The Mainboard-listed real estate group says the en bloc purchase provides an opportunity to acquire a land site within an established residential area, and allows the company to expand its development portfolio in Singapore.
SingHaiyi Gold is a 50-50 joint venture between SingHaiyi Land and Haiyi Wealth.
SingHaiyi Land is a wholly-owned subsidiary of SingHaiyi Group, while Haiyi Wealth is an entity controlled by Gordon Tang and his wife Celine, who are the controlling shareholders and directors of SingHaiyi Group.
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