Home Property News SingHaiyi JV to buy Park West for $840 mil

SingHaiyi JV to buy Park West for $840 mil

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Updated, Jan 24, 2018, 12:09 p.m., to add that Park West is a 99-year leasehold development with about 63 years left on its lease, and to change the location of the property to Jalan Lempeng instead of as previously published.

On Jan 11, Singapore property developer SingHaiyi Group announced that its 50%-owned joint venture company Sing-Haiyi Gold, is buying Park West, a condominium at Clementi, for $840,888,888. The absolute sale price is a 2.7% premium over the asking price. Sing-Haiyi Gold is a 50-50 joint venture between SingHaiyi and Haiyi Wealth, an entity controlled by Gordon Tang and Celine Tang, who are controlling shareholders and directors of SingHaiyi.

This marks the close of the first collective sale tender in 2018. After factoring in estimated differential premium and lease-top up premium of $290.6 million, the land cost works out to be $850 psf per plot ratio (ppr), according to marketing agent Huttons Asia.

“This was the third collective sale attempt for owners at Park West,” says Terence Lian, head of investment sales at Huttons Asia. The existing development comprises 432 apartments and four retail units. It is located adjacent to the 276-unit Regent Park and is near the 755-unit The Trilinq.

Located near Clementi MRT station, Park West sits on a 633,967 sq ft site. Under the 2014 Master Plan, the site is zoned “Residential” with an allowable gross plot ratio of 2.1. This means the site can be redeveloped into a project with a gross floor area of about 1.3 million sq ft.

The Park West site is also located within a 1km radius of Nan Hua Primary School. The redevelopment could offer views of the nearby Faber Hills landed housing enclave and the West Coast, says Huttons Asia. The site has a 99-year lease that will expire in about 63 years.

SingHaiyi says it bought the Jalan Lempeng site because it would add a site within an established residential enclave to the group’s development pipeline in Singapore. Last year, the group bought two other collective sale sites at Bartley, namely Sun Rosier (for $271 million) and How Sun Park ($81 million), through 50%-owned joint venture companies.

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