The 99-year leasehold, 160-unit Park View Mansion along Yuan Ching Road will be put up for collective sale with an asking price of $320 million on Mar 8. The land rate works out to $1,183 psf per plot ratio (ppr), after factoring in $157 million of estimated differential premium and lease upgrading premium, says marketing agent Huttons Asia.
Located next to Jurong Lake Gardens, the 191,974 sq ft site is zoned for residential use with a gross plot ratio of 2.1 under the 2014 Master Plan. The redevelopment can therefore have a gross floor area of 403,145 sq ft. The site could yield 325 to 455 units, assuming each unit is sized between 860 sq ft and 1,200 sq ft.
This is the first collective sale attempt for Park View Mansion and the first collective sale site within the Jurong Lake District. The new project could offer unblocked views of the Jurong Lake Gardens, and is set to benefit from the upcoming Jurong Regional Line, says Huttons Asia. The tender will close on April 20.
Views of Jurong Lake Gardens (Credit: Huttons Asia)
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