Kingsford and MCC Land to develop ‘new-concept residential development’ as Chuan Park en bloc sale gets go-ahead
By Cecilia Chow
/ EdgeProp Singapore |
The en bloc buyer of the Chuan Park collective sale site is a joint venture between Chinese developers Kingsford Huray Development and MCC Land (Singapore) [Photo: Samuel Isaac Chua/EdgeProp Singapore]
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SINGAPORE (EDGEPROP) - On May 26, the High Court gave the green light for the collective sale of Chuan Park. The judge ruled that the collective sale was arrived at in good faith. Justice Kwek Mean Luck found no evidence that the collective sale committee did not arrive at the deal in good faith.
The judge further stated that as of July 5, 2022, 342 units with a total share value of 1,409 shares (80.93%) and total strata area (80.11%) had consented to the collective sale of Chuan Park at $890 million.
The price represented a 5% discount to Chuan Park's original reserve price of $938 million when it launched for collective sale on Oct 5, 2021. ERA Singapore was the appointed marketing agency for Chuan Park.
The existing Chuan Park has 444 condominium units and two strata commercial units built sometime in 1984/85. The project sits on a 400,588 sq ft site with a 99-year lease from June 6, 1980 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The en bloc buyer of the collective sale site is a joint venture between Chinese developers Kingsford Huray Development and MCC Land (Singapore). In a joint statement on May 26, the partners said: "We are excited that the sale order has been granted for the collective sale of Chuan Park, likely one of the biggest collective sale transactions in the Outside Central Region in recent years." (See potential condos with en bloc calculator)
Kingsford and MCC Land added that they intend to redevelop Chuan Park into a "new-concept residential development amidst the charming, mature heartlands of District 19".
The collective sale of Chuan Park is the largest since Tulip Garden on Farrer Road (now the upcoming 638-unit Leedon Green), which was sold to a joint venture between MCL Land and Yanlord Land for $906.9 million in April 2018.
Chuan Park is located next to the Lorong Chuan MRT station and in the vicinity of several schools (Source: EdgeProp Landlens)
"Given the scale of the project, it was not an easy en bloc sale," says Marcus Chu, CEO of APAC Realty and ERA Asia Pacific.
The existing Chuan Park has 444 condominium units and two strata commercial units built sometime in 1984/85. The project sits on a 400,588 sq ft site with a 99-year lease from June 6, 1980. Under the URA Master Plan 2019, the site has a plot ratio of 2.1 with the potential to be redeveloped into a new 900-unit condominium with a gross floor area of 841,236 sq ft, subject to URA and Land Transport Authority approval. (Find Singapore commercial properties with our commercial directory)
Chuan Park is next to the Lorong Chuan MRT station and the amenities around the established private housing estate of Serangoon Gardens in prime District 19. The project is near Australian International School, St Gabriel's Primary School and Nanyang Junior College.
According to ERA's Chu, Chuan Park is one of the oldest residential developments in the area. "We believe its redevelopment will inject a fresh wave of vibrancy and rejuvenate this established residential district, enriching the overall fabric of this neighbourhood," he says.
Check out the latest listings near Chuan Park, Leedon Green, Lorong Chuan MRT station, Australian International School, St Gabriel's Primary School, Nanyang Junior College
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