Park West owners make third collective sale attempt

Featuring a land area of 633,644 sq ft, Park West comprises 432 apartments and four shop units.

Following two failed attempt at a collective sale in 2007 and 2011, condominium owners at Park West are hoping that their third try at an en bloc sale would be successful, reported Business Times.

In fact, they witnessed a good start on Saturday when signatures from about 30 percent of owners by strata area and share value were collected during their first meeting to approve the en bloc sales agreement, with Huttons Asia as marketing agent.

With an indicative price of S$750 million – down from the S$803 million reserve price during its 2011 attempt – Park West carries a land rate of around S$818 psf per plot ratio, inclusive of the differential premium of around S$339 million for site intensification and lease top-up.

Featuring a land area of 633,644 sq ft, Park West comprises 432 apartments and four shop units. It has a gross plot ratio of 2.1 and 64 years left on its lease. Apartment owners are set to benefit around S$1.25 to S$2.1 million each from the sale, while shop unit owners stand to gain S$1.1 million to S$1.5 million.

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Collective sales committee chairman, Frankie Lim, is optimistic of their current attempt at an en bloc sale compared to that conducted in 2011, when the collective sales up cycle was coming to an end.

“Now we can see that developers are hungry and looking for good sites. We also feel that Park West is one of the few sites available in the west zone and the government is going to launch the High Speed Rail terminal station in Jurong East,” said Lim. “There are good malls and the Ng Teng Fong General Hospital in Jurong East. The western region is also where the tertiary education institutions are mainly located.”

Meanwhile, JLL is set to launch the tender for former HUDC estate Florence Regency on 23 August with a guide price of S$600 million and freehold Amber Park condominium on 29 August with a guide price of S$768 million, revealed Tan Hong Boon, JLL’s regional director for capital markets. The tender for Florence Regency and Amber Park condominium will close on 27 September and 3 October, respectively.

 

This article was edited by Denise Djong.