Park View Mansions Condo Collectively Sold to Chip Eng Seng Developer
This 99-year leasehold property features a rooftop terrace and is valued at $22 million. The three property plays have previously collaborated on joint projects and have also bid to develop the Peace Centre and Peace Mansion together. If the bids are successful, the two developments will form the largest collective sale in 2021.
Park View Mansions
Park View Mansions is set to undergo a collective sale through a public tender. The asking price of $260 million includes a differential premium for optimizing the plot ratio and topping up the existing lease term to 99 years. The developer is expected to sell the units for a profit of about S$1.13 psf ppr.
The developer and investor groups that acquired the Park View Mansions have worked together on past projects. The three developers have a combined stake of 40%. The development comprises 160 units and is held under a 99-year leasehold. The …