The developer of Park View Mansions, a luxury project in Singapore, is trying again to sell off its mansions collectively. This time, more than 80 per cent of the owners have agreed to sell off their units at a lower price. Marketing agent Huttons Asia is selling the mansions. They are currently listed for sale for $250 million and $969 psf ppr. The price of the units has been reduced after calculating a differential premium of approximately $140 per square foot.
Park View Mansions is a residential-use-zoned property with a maximum floor area of 403,141 sqft
The Park View Mansions are located on a 191,972 sqft residential-use-zoned site. This means that they have a gross plot ratio of 2.1. This means that the maximum floor area of each unit is 403,141 sqft. The land rate for the development is S$1,023 per square foot per annum. This rate includes a 99-year lease renewal. The developer expects to attract HDB upgraders, who would prefer an eco-friendly living environment.
The floor area for a house can be as much as 403,141 square feet. The property is permitted to have up to 25 feet of front yard space. It has to have parking for at least one car, and it is allowed to be up to 25 feet in height. It also has no open space ratio, which means that each house must have at least one parking spot.
It has a gross plot ratio of 2.1
The Park View Mansions collectively sold by developer Huttons Asia have sold more than eighty percent of the units. The developer is hoping to earn $320 million from the collective sale. This figure includes an estimated differential premium. The property is situated in Jurong Lake District, near Lakeside MRT station. It has a gross plot ratio of 2.1, which could yield up to 440 units.
The site is approximately 191,974 square feet, and is zoned for residential use. According to the developers, the development will yield about 403,145 square feet of GFA. However, it is unclear whether the developer will sell some units, and if so, at what price.
It has 53 years remaining on its 99-year lease
The Park View Mansions will be put up for collective sale on 12 December at a price of $250 million per plot ratio. This is a reduction from the original $320 million asking price of the property put up for collective sale in March 2018. The site is 99-year leasehold and consists of 160 units. A differential premium was calculated for plot ratio optimization. The price also includes the top-up of the current lease to 99 years.
The development is located on a 191,974 square-foot site that is zoned for residential. The gross plot ratio is 2.1. That means the site could yield between 432 and 444 dwelling units. Developers are expecting to generate about $320 million from the collective sale. This is equivalent to about $1,183 per square foot per plot ratio. This amount would require an additional $157 million to intensify the land and top-up the 99-year lease.
It was unsuccessfully sold en bloc in 2018
After two unsuccessful tenders, the Park View Mansions will once again be put up for collective sale on December 12. With a 99-year leasehold, the development comprises 160 units. The developers hope to sell the site for $320 million. The land is zoned for residential use and has a gross plot ratio of 2.1. This means that the development could yield 403,145 square feet of GFA upon completion.
The developer is hoping to sell off the remaining units in Park View Mansions by the end of the year. The project is in a prime location, so there are no shortage of potential buyers. Nevertheless, despite its low selling price, the developer must be careful to avoid losing out on any potential sale.
It was collectively sold by a Tang-held company
A Tang-held company has collectively sold the Park View Mansions for S$250 million, more than a third less than the initial asking price. This comes after the owners had tried to sell the homes in the en bloc frenzy of 2018. The asking price was cut by 22 percent from its original target of S$320 million. The owners are now looking for other real estate projects in Singapore.
The sale of the complex is the latest move by Tang-held companies to expand their real estate portfolio in Singapore. The Tang family is the largest shareholder of CEL Development, a wholly-owned subsidiary of the mainboard-listed Tang Group. Other Tang companies include the SingHaiyi Group and Haiyi Holdings. In addition, the Tang family is the largest investor in Suntec REIT, which has purchased the Dunman Road residential site for S$1.28 billion.