Chuan Park Condominium relaunches for sale through public tender at $1,256 psf ppr
More than 80% of owners have signed a collective agreement pricing the site at $938m.
An announcement by ERA Real Estate revealed that Chuan Park will be entering a sale re-tender on 15 March at $1,256 psf ppr.
The price was determined following a collective agreement between more than 80% of owners and was based on share value and strata floor value. All in all, this puts the collective indicated price at $938m, with the development charge not being payable due to an existing high baseline.
Also included in the proposed land rate is upgrading of works valued at $192.62m.
The residential block, which holds a 99 Year Leasehold, is composed of 444 residential units and 2 commercial units. Following approval from the Urban Redevelopment Authority and Land Transport Authority, the site can also be re-developed into 900 units.
Making up the property is 37,215.6 square metres, or a gross plot ratio of 2:1 according to the MP 2019. This puts the proposed GFA at 78,152.76 square feet.
Located near the site is the Lorong Chuan MRT station and New Tech Park, with NEX shopping mall also being a station city.
Transport-wise, Chuan Park is located on most of the major expressways in Singapore, with Upper Serangoon Road, Central Expressway, and Kallang-Paya Lebar Expressway being a short drive away. These roads also lead to the downtown area, while the Tampines Expressway and Pan-Island Expressway are connected to these other expressways, allowing for a seamless commute.
The closing of the tender will be on 26 April 2022 at 3:00 pm.