PROJECT DETAILS
OWNERS of condominium project Park West are hoping that third time's the charm in their collective sale attempt, this time at an expected selling price of S$750 million.
They saw a strong start on Saturday when signatures from around 30 per cent of owners by share value and strata area were collected on their first meeting to approve the collective sales agreement. Huttons Asia was also appointed as their marketing agent.
The asking price for Park West is lower than the indicative price of S$803 million during its 2011 en bloc tender, which received no bids. An earlier 2007 attempt did not achieve the requisite 80 per cent consensus among owners.
Frankie Lim, chairman of the Collective Sales Committee, noted that the 2011 attempt took place towards the end of an en bloc up-cycle but this time, market conditions are favourable.
"Now we can see that developers are hungry and looking for good sites. We also feel that Park West is one of the few sites available in the west zone and the government is going to launch the High Speed Rail terminal station in Jurong East," he said. "There are good malls and the Ng Teng Fong General Hospital in Jurong East. The western region is also where the tertiary education institutions are mainly located."
Including an estimated S$339 million in differential premiums for site intensification and lease top-up, the land rate for Park West site is estimated to be S$818 per square foot per plot ratio (psf ppr).
Located near Clementi MRT Station and Nan Hua Primary School, Park West condominium has 432 apartments and four shop units. The site spans 633,644 square feet, with 64 years left on the lease and a gross plot ratio of 2.1. Apartment owners are expected to bag around S$1.25 million to S$2.1 million each while the shop unit owners are each expecting to pocket S$1.1 million to S$1.5 million.
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| Project | New Condo at former site of Park West |
| Developer | SingHaiYi |
| Location | Clementi |
| District | 05 |
| Tenure | 99 years leasehold |
| Site Area | 58,867 square metres/ 633,644 square feet |
| GFA: | square metres/ square feet |
| Plot Ratio | |
| Expected TOP: | |
| Total Units | |
| Total Carpark | |
| Development | Condo comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC, SPR and Foreigner can buy (N0 restriction) |
LOCATION and AMENITIES
SINGHAIYI WON TOP BID FOR CONDO SITE AT PARK WEST AT JALAN LEMPENG COLLECTIVE SALES
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.
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