SORA New Condo @ Yuan Ching Road
SORA New Condo (Former Park View Mansions), a 99-year leasehold condominium located along Yuan Ching Road in Jurong, has been sold for $260 million in a collective sale to a joint venture comprising CEL Development (40%), Sing-Haiyi Pearl (30%) and TK 189 Development (30%).
CEL Development is a wholly-owned subsidiary of Chip Eng Seng Corp. Sing-Haiyi Pearl is a 50:50 joint venture between SingHaiyi Group and Haiyi Holdings, while TK 189 Development is 66.7% held by Kim Seng Heng Realty (an associated company of KSH Holdings) and 33.3% held by Ho Lee Group.
Chip Eng Seng, SingHaiyi and KSH Holdings are also joint-venture partners that were awarded the collective sale tender Peace Centre and Peace Mansion last December for $650 million.
Park View Mansions was launched for collective sale via public tender by marketing agent ERA Realty on June 20 with an asking price of $260 million. The price translates to a land rate of $1,023 psf per plot ratio (psf ppr), inclusive of a differential premium payable to maximise the site’s development plot ratio of 2.1 and to top-up the existing lease to a fresh 99 years, subject to JTC and URA’s planning approval.
Park View Mansions is a 160-unit development sitting on a land site of about 191,974 sq ft with a 99-year leasehold tenure commencing from Oct 1, 1976. Subject to approval from the authorities, the site can be developed up to a gross floor area of 403,145 sq ft.
In separate filings to the Singapore Exchange on July 28, Chip Eng Seng and KSH Holdings state that the joint venture plans to redevelop the site into a residential development with up to 440 units.
Things you might want to know more about SORA New Condo @ Yuan Ching Road District 22.
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