Chuan Park

Developer Of Chuan Park:

Kingford and MCC Land are rumoured to be tendering Chuan Park en bloc, the largest collective sale site in 2022 to date. Chuan Park’s reserve price of $938 million was not met, and the price ended up being $890 million. In the event that the en bloc is successful at $890 million, it would represent a discount of 5% under the reserve price.

The collective sale of the Chuan Park condominium will be discussed at a meeting on 25 July 2022 at 7.30 pm. No comment was available from ERA (marketing agent) or the potential developers.

Estimated Land Price PSF PPR:

The Chuan Park Singapore development has 444 condominiums and 2 shop outlets. It is located at Lorong Chuan in the Serangoon planning area. Conveniently situated beside the Lorong Chuan MRT station along the Circle Line (CC14), Chuan Park comes with a huge land area of 400,589 sqft and a plot ratio of 2.1. This works out to 841,236.31 sqft of gross floor space. In terms of price per square foot, this translates to $1,042 per month. Taking S$938 million as the reserve price and S$192.62 million for an upgrade premium to expand its existing floor area by 7%, S$1256 psf ppr is calculated.

The development charge is not applicable to the existing plot ratio.

A total of 900 to 919 apartments which equate to more than twice the current units of 444 can be constructed. Chuan Park’s tenure dates back to 1980. The condominium was completed in 1984/85.

Kingsford is also the developer for Normanton Park. Since Normanton Park was fully sold in end 2022 June, market speculation has been strong that Kingsford will purchase Chuan Park. Kingsford achieved this phenomenal sales result for Normanton Park in only eighteen months after launching in January 2021.

Chuan Park’s En Bloc Results:

AAn asking price of S$900 million was set for Chuan Park’s collective sale in 2018. Compared with their first collective sale attempt, which was set at S$790 million, this figure had been revised upward.

On Oct 5, 2021, Lorong Chuan was relaunched at $938 million without takers.

Singapore enacted its cooling measures on 16 Dec 2021. Three months after on 14 Mar 2022, Chuan Park had another round of collective sale efforts. The tender closed on 26 Apr 2022 with no bids. A developer expressed interest in developing the project following the end of the 10-week private treaty period on June 26, 2022.

KINGSFORD’S NORMANTON PARK:

All 1,862 units at Normanton Park have been sold since it opened in January 2021. Normanton Park is an en bloc development of the previous 488 HUDC flats by the exact same name. Normanton Park will be completed by MCC Singapore by the end of 2024.

KINGSFORD’S SLIM BARRACKS RISE (PARCEL B) AWARD:

In Sep 2021, Kingsford won a tender for the 142-unit Slim Barracks Rise (Parcel B) at a tender price of $162.388 million. This translates to $1,210 per square foot per plot ratio (psf ppr).

Source:https://www.businesstimes.com.sg/real-estate/chuan-park-sold-for-s890m-lower-than-reserve-price

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