99-year leasehold Park View Mansions up for collective sale at $260 mil

Park View Mansions is an 99-year leasehold condominium situated on Yuan Ching Road in Jurong It was put up for auction on the 20th of June with an asking price of $260 million.

Amo Residences number of units sits on a 12,679.4 sqm land area next to Bishan-Ang Mo Kio Park, District 25 of Singapore.

The cost is the land price of $1,023 in plot proportions (psf ppr) according to the market agents ERA Realty. The rate for land includes the anticipated differential premium to be paid to maximize the development potential of the proportion of 2.1 and to extend the lease for 99 years. This is dependent on JTC and URA’s approval for planning.

Park View Mansions is a 160-unit property situated on a site that covers 191,974 sq feet. It has a 99-year leasehold tenure beginning on October 1st October, 1976. If the site is approved by the authorities and the approval of the authorities, the site could be developed to a gross floor space of 403,145 square feet.

The new development on the site could be home to over the 440 units that are expected to be built, with an average size of 915 sq feet according to Jeremy Rikas Chiu, ERA’s group division head. He says: “We expect a strong demand from the market for the new development at Park View Mansions.” Park View Mansions site, due to its site and its unique shape that has unobstructed perspectives from Jurong Lake, Lakeside Garden and Jurong Lake.”

Park View Mansions’ collective sale launch follows on the occasion of the collective purchase of Lakeside Apartments — another 99-year leasehold condominium located close to Park View Mansions that also has a view of Jurong Lake Gardens — to Wing Tai Holdings for $273.88 million in the month of June.

Recently the tender to sell collectively for Lakepoint Condominium located in 99 years situated in Lakepoint Drive that is about five minutes drive of Park View Mansions, ended on June 8 with the submission of any offers.

The tender for the collective sale of Park View Mansions will end on July 27th at 2pm.