PUBLISHED 21st Aug 2017
Park West Condominium located near Clementi MRT. Residents of the Park West Condo are expected to make a success in their collective sales of S$750 million.
About 30 per cent of the owners’ signature were received on the first meeting to approve the first meeting collective sales agreement. Huttons Asia was appointed as their choice of marketing agency.
The asking price for Park West is lower than the indicated price of S$803 million during its 2011 en bloc tender, which received no bids. An earlier 2007 attempt did not accomplish the requisite 80 per cent agreement among owners.
Frankie Lim, chairman of the Collective Sales Committee, noted that the market conditions are favourable, as compared to year 2011 attempt took place towards the end of an en bloc upcycle.
“Now we can see that developers are eager and looking for good sites. We also feel that Park West is one of the few sites available in the west zone and with the launch the High Speed Rail terminal station in Jurong East,” he added. “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.” Lake grande and Le Quest is one of the top selling projects in the West.
Located near Clementi MRT Station and Nan Hua Primary School, Park West condominium spans 633,644 sqft , plot ratio of 2.1. with remaining 64 years lease left, has 432 apartments and four shop units. Apartment owners are expected to pocket around S$1.25 million to S$2.1 million each while the shop unit owners are each expecting to pocket S$1.1 million to S$1.5 million.
Add on an estimated S$339 million in differential premiums for site intensification and lease top-up, the land rate for Park West site is evaluated to be S$818 per square foot per plot ratio (psf ppr).
Just this year, seven successful collective sales have accumulate up a combined value of S$2.5 billion, far exceeding last year when only three deals worth S$1 billion were closed. These include residential projects One Tree Hill, Rio Casa, Eunosville, Albracca, Serangoon Ville as well as Goh & Goh mixed-use building and Citimac industrial complex.
Tampines Court, a privatised HUDC estate, is said to have received a bid of S$970 million with conditions attached but the deal is not officially come into a conclusion yet.
More collective sale competitors have also appointed their marketing agents. Former HUDC estates Laguna Park and Lagoon View have appointed Knight Frank and Edmund Tie & Company respectively. Freehold condominium Faber Garden has appointed CBRE.
Source : The Business Times
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