CEL Development at former Park View Mansion, Yuan Ching Road, Singapore will be the next project of the property developer. This joint venture with KSH Holdings has plans to redevelop the site into a multi-use development. The project is expected to have a gross floor area of up to 403,145 square feet, and the joint venture will hold a 40 per cent ownership stake. The sale will include a difference premium of S$100 per square foot based on plot ratio. The en bloc project is expected to be a high-end residential development, and it should benefit from the improvements to the Jurong Lake District. The area is also expected to become a hub of tourism and commercial activities.
The development site at Yuan Ching Road is near the Lakeside MRT station. A brochure for the project has been made available and can be downloaded online. It includes a floorplan, gallery, and video. A showflat is also available for viewing.
The former Park View Mansions enbloc is expected to fetch more than SG$260 million when it is fully developed. This is a significant price tag considering that the site’s land rate is approximately $1,023 per square foot per plot ratio. It is a 99-year leasehold site with a redevelopment potential of more than 400 thousand square feet.
KSH and Chip Eng Seng have previously partnered in several high-profile transactions. Last December, the pair acquired the Peace Centre/Peace Mansion for about $650 million. They also have a joint venture called TK 189, which will feature 440 units on a 17834.8-square-foot plot ratio. The development will be located near the Lakeside MRT station and is expected to offer residents unobstructed views of Jurong Lake. The project has a 99-year leasehold period and is expected to be completed by the end of this year.
The parent company of CEL Development has bid successfully to acquire the Park View Mansions. The development has a total land area of 191,974 square feet and currently has 160 units. The tenants have 99-year leases. The site has the potential to develop up to 440 residential units. The development is expected to launch at around $2050 psf.
The development company’s parent company, CEL Development, has a 40% stake, while the other joint venture partners, TK 189 and Sing-Haiyi Pearl, hold 30% each. The company has a record of exceeding expectations and building strong relationships with its partners.
CEL Development, a Singapore-based property development firm, is a partner in the TK 189 project, which will redevelop the former Park View Mansions Enbloc on Chip Eng Seng Yuan Ching Road. CEL has a 40% stake in the project and the other three developers each hold a 30% stake. The partnership has successfully completed two residential en bloc deals, involving two different partners. The project is expected to yield 403,145 square feet of GFA when completed.
The price is expected to be S$1,023 per square foot (ppr) per plot ratio, with a total land price of S$1,083 million. The price includes differential premiums for optimizing plot ratios and topping-up the current 99-year lease.