The Chuan Park condominium was put up for sale through a public tender by ERA Realty Network at an indicative price of $ 938 million. It did after Flynn Park sold en bloc in September for $ 371 million, making it the largest en bloc sale so far this year.
Located in Lorong Chuan, the 99-year-old lease comprises 444 residential units and two commercial units. The condominium spans 400,588.72 sq ft with the location having a gross land ratio of 2.1 stated in the 2019 URA master plan.
This means that the site can be redeveloped up to a GFA of 841,236.30 sq ft, which corresponds to 900 to 919 units. According to ERA, the price is $ 1,042 per square foot per lot. Due to the existing property relationship, there is also no development fee.
While this is not the first overall attempt by Chuan Park, according to Stanley Koo, Division Director of ERA Singapore, this is the first tender as the required majority of 80 percent was achieved. Due to Covid-19, it took almost a year to get the mandate.
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Chuan Park is conveniently located next to the Circle Line’s Lorong Chuan MRT. This means that residents are only one stop away from the MRT Serangoon (a transfer point for the North East Line and the Circle Line) and NEX.
It is noteworthy that Serangoon Gardens is nearby, famous for its variety of food in street vendors and hipster cafes.
Schools near Chuan Park include CHIJ Our Lady of Good Counsel, St. Gabriel’s Primary and Secondary, Yangzheng Primary, Zhonghua Primary, Kuo Chuan Presbyterian Primary, Zhonghua Secondary, Maris Stella High, Nanyang Junior College, and Australian International School.
The call for entries for Chuan Park ends on Thursday, November 18, 2021 at 3:30 p.m.
This article was first published in 99.co
