Park West up for en bloc sale for S$818mil

http://www.propertyguru.com.sg/property-management-news/2017/12/166023/park-west-up-for-en-bloc-sale-for-s818mil

This post was originally posted on Property Guru Property Market News Section

After two failed attempts at a collective sale in 2007 and 2011, Park West condominium near Clementi MRT station has once again been put up for en bloc sale with an asking price of S$818 million, reported Channel News Asia.

This comes after over 80 percent of the owners have agreed to the sale, revealed marketing agent Huttons Asia.

It noted that the asking price works out to “an attractive land rate of S$788 psf per plot ratio (ppr), compared to the land rate of S$969 psf ppr for Normanton Park which was sold in October this year”.

Spanning 633,644 sq ft, Park West comprises four shops and 432 residential units.

Residential owners stand to gain S$1.4 million to S$2.3 million from the sale, while each shop owner could receive S$1.2 million to S$1.8 million.

With a lease balance of around 63 years, the 99-year leasehold site is zoned for residential use and has an allowable gross plot ratio of 2.1. It could yield around 1,330,653 sq ft of gross floor area once redeveloped.

“Strong interest is expected for the plum site, judging from the high popularity of units at the neighbouring project The Trilinq and nine strong bids received for GLS site at West Coast Vale at the start of the year,” said Terence Lian, head of investment sales at Huttons Asia.

Huttons Asia said developers could build 1,200 to 1,700 units, ranging from an average size of 750 sq ft to 1,100 sq ft.

The public tender for the site will close on 11 January 2018.

This article was edited by Romesh.