If you’re looking for a home in Jurong West, you may want to look at the Park View Mansions. This condominium development is located on Yuan Ching Road and offers a variety of food and dining choices. The Park View Mansions is a perfect place to call home.
Park View Mansions
CEL Development, a Singapore property developer, has bid for the Park View Mansions en bloc, which is situated on a 19.1-acre plot of land. It has a 40% stake in the project, and the other three developers each hold 30%. They are working together to develop a mixed-use development, which should be a high-end residential neighbourhood. The project should also benefit from the Jurong Lake District, which is expected to become a major hub for tourism and recreation.
The site of Park View Mansions is a residential-use zoned plot, and it could have 440 units. However, the developers do not plan to extend the lease beyond 99 years, as this would require the permission of the Urban Redevelopment Agency (URA) and the JTC. Instead, they plan to spend $157 million on intensification works and a 99-year lease. Park View Mansions will be located in District 22, next to the Jurong Lake Gardens, and is accessible by major roads.
Price per square foot
The price per square foot of Yuan Ching Road is approximately SG$1,023. It is a 99-year leasehold site located near Lakeside MRT station. The site has redevelopment potential of more than 400 thousand square feet and is expected to fetch SG$260 million when fully developed. For those interested in this development, it is recommended to download the brochure or visit the website to get more information.
The project is located next to Jurong Lake Gardens. The price per square foot is approximately S$1,023. The price of the development per square foot depends on its floor area and the plot ratio. The plot ratio of the property is 2.1.
Location
The Yuan Ching Road New Development at Juron West by Chip Eng Seng has 546 condominium units in a prime location. It is close to several major roads and MRT stations. Additionally, it is located near the Jurong Lakeside Club and Jurong Bird Park. This location makes it an ideal place for families.
Located near Jurong Lakeside District, this project is within easy access of PIE and AYE. It is also close to Jurong Lake Park, where residents can take a swim in the lake. The location also makes it convenient for commuters.
The site is also adjacent to Jurong Lake Gardens. The development is set to become one of the biggest business districts outside the CBD. Integrated tourism is also expected to take place next to the lake. The site is expected to fetch SG$260 million once fully developed.
Completion date
Yuan Ching Road is a 99-year leasehold condominium project with 546 units. Located in District 22, it is close to the Jurong Lakeside Club and Jurong East MRT stations, as well as the Jurong Bird Park and Singapore Science Centre. Designed by Chip Eng Seng, it will include two to five-bedroom units and is expected to be completed in 2023.
CEL Development, a property developer based in Singapore, has a 40% stake in the project. The other three developers in the joint venture each own 30 percent. The project is expected to yield approximately 403,145 square feet of GFA when it is completed. Upon completion, the property is estimated to sell for S$1,023 per square foot. It will be situated near the Lakeside MRT station and will feature unobstructed views of Jurong Lake.
Investment partners
The investment partners of Yuan Ching Road New Development by Chip Eng Seng include Tng Kay Lim, founder of Kay Lim Holdings, and Yang Tse Pin, a businessman with over three decades of experience in the property development industry. Together, they own 70 percent of the joint venture and plan to acquire the property and redevelop it. The joint venture will be funded by both internal funds and external borrowings.
The new development will be near Jurong Lake District and Lakeside MRT station. It will be developed into 440 residential units. The project has a permissible plot ratio of 2.1 and a total land area of 17,834 square metres. When the property was first listed last month, it was listed at S$260 million. However, the developer failed to sell all units en-bloc, and the price has since fallen by about 30 percent. Even with the recent decline in prices, the price still represents a significant premium over buying the units individually.
