Park West became one of the highest En Bloc sale after it was sold to SingHaiyi Group.
This hot en bloc property is a 99-year-leasehold estate, whose lease commenced March 8, 1982 sits on a plot of land ranging about 633,644 square feet, with a plot ratio of 2.1 and is located at Jalan Lempeng, near Clementi MRT station.
The acquisition is a 50-50 enterprise between SingHaiyi’s solely owned subsidiary SingHaiyi Land and Haiyi Wealth. The successful purchase is the third attempt at a sale by the property owners and thankfully the last.
The famous husband and wife duo, Gordon Tang and Celine Tang together are controlling shareholders and directors of SingHaiyi via Haiyi Holdings.
First on the agenda of the buyers seems to be applying to the Singapore Land Authority for the allowance of a fresh 99-year lease, lifting certain title restrictions on the property.
With a sale price of $840.9 million and projected $290.6 million in differential and lease upgrading premiums, the cost of land sorts out to be $850 psf ppr.
Marketing agent Huttons Asia have estimated the site can yield nearly 1.33 million sq ft of gross floor space once it’s been redeveloped. Possessing a regularly shaped plot of land, it’s an advantageous area that affords virtually limitless development opportunities.
It’s also strategically placed near the One-North R&D Park and as Singapore’s second Central Business District at Jurong Lake. Singapore–KL High Speed Rail is going to build there too. Thus high demand is expected in the area, considering its popularity and rising economy.
New developments in the area will bring additional traffic, The Trilinq and The Clement Canopy are underway.
This latest acquisition provides SingHaiyi access to a land in recognized residential area, allotting the business a foothold to advance its reach in Singapore.
Unsurprisingly, the purchase comes after the company raised $143 million for property investments as the result of a rights issue. Proposing a rights issue of up to 1.44 billion new shares for 10 cents each, issued based on the rights share for each two previously existing shares.
Majority shareholder Haiyi Holdings, which owns an astounding 56.17 percent stake in SingHaiyi, is sure to be among those who throw their hat in the ring. With their pro-rata entitlement, 806 million rights shares, they’re sure to want to seize the opportunity to snap up any shares that aren’t promptly taken.
Park West Condo has many charms and attractions. It has everything that most developers wish for. Below is the list.
The first thing that will catch the developer’s eyes will be the asking price which is only S$788 psf ppr. This kind of “Attractive Price” will make them place Park West as their Top Target in 2018. But in order for them to acquire this hot en bloc property, they have to enter “Bidding War”.
It is one of a limited number of sites available in the west zone
MRT Station is one of the most important amenities, Park West Condo has 1 which is Clementi MRT. It only takes 8 minutes’ walk from the condo. Condo near MRT is every home hunters most sought of, especially in this Hot residential zone. Developer will find it easy to sell once new project is launch.
Education is important. One of the Top School that can found nearby will be NUS High School of Math and Science.
There are Schools which are walking distance from the condo namely Nan Hua Primary, Clementi Primary and Secondary School. These are great for home buyer with families which will become selling points for the new development.
The Clementi Mall is also walking distance away
Connectivity is never a problem, beside MRT station there is several nearby bus services and Bus interchange nearby. For those who are driving, Ayer Rajah Expressway is very close which connects to several parts of Singapore.
The upcoming wonderful High-Speed Rail terminal station will be built in Jurong East. Clementi MRT is only 1 stop to Jurong East. All nearby Properties prices will only soar.
The biggest excitement about Park West that is very attractive to many developers is its proximity to Jurong East where Singapore Government plans its “Second CBD”. This is going to draw many expatriates to the Clementi/Jurong area.