There are many advantages to living in the new neighbourhood of Chip Eng Seng. Parkview Mansions has 160 units and is under 99-year leasehold. The joint venture is 40% owned by CEL, and the other shareholders include TK 189 Development and Sing-Haiyi Pearl. These companies are controlled by Celine and Gordon Tang.
Park View Mansions, a 99-year leasehold condominium along Yuan Ching Road in Jurong, was sold for $260 million to a joint venture of three developers. CEL Development is one of them, with a 40% stake in the joint venture. The other two partners, Sing-Haiyi Pearl and TK 189 Development, hold 30% of the joint venture each. These two partners are controlled by Gordon and Celine Tang, who have a stake in the project.
The two developers have already been working together on past projects. It is expected that the new development will be completed by 2022. The project is expected to attract a number of businesses as the area near the Jurong Lake has been declared a high-potential business district.
Chip Eng Seng
A joint venture acquired Park View Mansions from its current owners for $260 million. The sale was completed through a collective sale held via public tender. Originally completed in the 1970s, the Park View Mansions sits on 191,974 square feet of land and comprises 160 units. The property has a gross plot ratio of 2.1.
The sale price of the property, which is under 99-year leasehold, is estimated to be S$1,023 psf ppr. The price includes a difference premium due to the site’s plot ratio. The new owners plan to extend the existing lease. However, this will require approval from the Urban Redevelopment Authority (URA) and the JTC.
The upcoming development in Jurong is being developed by two local developers who have been partners in past projects. KSH Holdings and Sing-Haiyi Pearl are the owners of a 30% stake each in the project. The joint venture is also backed by CEL Development, which holds a 40% stake in the project. Its shareholders are Gordon Tang and Celine Tang, who are married.
The joint venture between the two developers has won the collective sale tender for the Peace Centre and the Peace Mansion, which both went on sale last December. The joint venture partners will also take over Park View Mansions, which was launched for collective sale last June. The asking price for Park View Mansions was $260 million, equating to $1,023 psf ppr, plus differential premium for site development plot ratio and a top-up lease to 99 years.
The joint venture between three Singapore developers has acquired the Park View Mansions, a 99-year leasehold condominium along Jurong’s Yuan Ching Road, for $260 million. The development was completed in the 1970s and comprises 160 units. According to the JV agreement, the three developers will have an equal stake in the project, with CEL holding a 40 percent stake and the other two companies owning a 30 percent stake.
According to the agreement, the joint venture will be financed with internal funds and external borrowings. This means that the transaction will not impact the companies’ net tangible assets or profits per share. The two companies had collaborated on several high-profile transactions in the past, including the acquisition of the Peace Centre/Peace Mansion in December for $650 million. Other parties involved in the deal include Ho Lee Group and Sing-Haiyi Pearl.
Chip Eng Seng has stepped up his land banking plans by acquiring the former Parkview Mansions in Yuan Ching Road for $260 million. He has cited several reasons for his decision to pursue redevelopment of the site. These include a labour shortage, supply disruptions, and macroeconomic uncertainties, such as the potential spike in interest rates. He has deemed it prudent to partner with a suitable partner to achieve his goal.
The joint tenderers plan to form a joint venture to purchase the property and develop it. Each of them will hold a 40% stake in the development, and will invest the rest of the money in the project. The development will include 440 units. It will be located near Jurong Lake District and Lakeside MRT station. It is zoned for residential use.