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A Successful En-Bloc of Park West Condo

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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 former Park West 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. Park West is just next to the Ayer Rajah Expressway (AYE) which connects from the East to the West of the island.  

 

A lot of fun filled activities awaits as New Condo at former Park West 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 Park West'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 Park West.

 

The rental demand for Park West 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  Park West New Condo
Developer  SingHaiYi
Location  Clementi
District  05
Tenure  99 years leasehold
Site Area  633,644 square feet
GFA:
Plot Ratio
Expected TOP:
Total Units
Total Carpark
Development  Condo comprising of communal facilities
Unit Type:
Architect
Eligibility SC, SPR and Foreigner can buy

LOCATION and AMENITIES

FACILITIES and SITE PLAN

Both the Facilities and Site Plan of New Condo in former Park West are currently seeking approval from relevant authorities.

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RESIDENTIAL FLOOR PLANS

FORMER PARK WEST NEW CONDO AT JALAN LEMBENG COLLECTIVE SALES SOLD TO SINGHAIYI

SINGAPORE - It is third time lucky for owners of Park West.

Developer SingHaiyi Group has snagged the residential site in Clementi for $840.9 million amid the ongoing en bloc sale fever.

Park West is located at Jalan Lempeng, near Clementi MRT station.

It is being acquired by Sing-Haiyi Gold, a 50-50 joint venture between SingHaiyi's wholly owned subsidiary SingHaiyi Land and Haiyi Wealth, an entity controlled by Gordon Tang and Celine Tang, SingHaiyi said in a statement late on Thursday (Jan 11).

The husband-and-wife duo are also controlling shareholders and directors of SingHaiyi through Haiyi Holdings.

Park West is a 99-year-leasehold estate occupying a land area of about 633,644 sq ft, with a plot ratio of 2.1. Its lease commenced on March 8, 1982.

Marketing agent Huttons Asia said the site can yield about 1.33 million sq ft of gross floor area upon redevelopment.

At $840.9 million plus an estimated $290.6 million in differential premium and lease upgrading premium, the price tag works out to a land cost of $850 per sq ft per plot ratio.

Huttons Asia said the successful transaction is the third attempt at a collective sale by the property owners.

Mr Terence Lian, head of investment sales, Huttons Asia, said the regular shape plot of land offers good redevelopment opportunity given its strategic location. The land is near the One-North R&D Park and Singapore's second Central Business District at Jurong Lake.

"We expect there to be strong demand for the new project judging from the high popularity of nearby projects such as The Trilinq and The Clement Canopy," Mr Lian said.

The buyer intends to apply to the Singapore Land Authority for the grant of a fresh 99-year lease for the property, and to lift certain title restrictions.

SingHaiyi said the latest acquisition gives it access to a land site within an established residential area, and allows the firm to expand its development portfolio in Singapore.

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