Chuan Park in Serangoon Gardens up for collective sale at $938 mil
/ EdgeProp Singapore |
Chuan Park (Credit: The Edge Singapore)
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SINGAPORE (EDGEPROP) - Chuan Park, a 99-year leasehold residential block located at 240 to 250 Lorong Chuan in Serangoon Gardens, is being put up for sale through public tender. ERA Realty Network is the marketing agent handling the sale.
The block consists of 444 residential units and two commercial units. More than 80% of Chuan Park’s owners by share value and strata floor area have signed a collective agreement for the sale at an indicative price of $938 million, translating to $1,042 psf per plot ratio after factoring in the 7% bonus gross floor area. (Find Singapore commercial properties with our commercial directory)
According to ERA, a development charge is not payable for the transaction due to the existing high base line.
The building sits on a 400,589 sq ft site, with a gross plot ratio of 2.1 according to the 2019 Master Plan. This implies an achievable proposed gross floor area of 841,236 sq ft. A new residential development could have between 900 to 919 units.
The site is located next to Lorong Chuan MRT station on the Circle line, which is one stop away from the Serangoon MRT station that connects to the Northeast line as well as NEX shopping mall.
The tender for Chuan Park closes on Nov 18 at 3.30 pm.
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