Park West owners aim for S$818m in third attempt at collective sale

Park West owners aim for S$818m in third attempt at collective sale

Park West tender launch
Park West is located near Clementi MRT station. (Image: Huttons Asia)

SINGAPORE: Park West condominium- located near Clementi MRT station - has been put up for collective sale with an asking price of S$818 million, marketing agent Huttons Asia said in a press release on Monday (Dec 4).

This is the owners' third try at an en bloc sale, following previous attempts in 2011 and 2007. More than 80 per cent of the owners have consented to the collective sale, said Huttons Asia.

The asking price translates into "an attractive land rate of S$788 per sq ft per plot ratio (psf ppr), compared to the land rate of S$969 psf ppr for Normanton Park which was sold in October this year," said Huttons Asia.

Mr Terence Lian, Head of Investment Sales at Huttons Asia, said: “Strong interest is expected for the plum site, judging from the high popularity of units at the neighbouring project The Trilinq and nine strong bids received for GLS site at West Coast Vale at the start of the year.”

Park West, which spans 633,644 sq ft, comprises 432 residential units and four shops.

If the en bloc is successful, residential owners may receive between S$1.4 million and S$2.3 million, while each shop owner may get between S$1.2 million and S$1.8 million.

The 99-year leasehold site has a lease balance of about 63 years and is zoned for residential use.

The site has an allowable gross plot ratio of 2.1 and can yield about 1,330,653 sq ft of gross floor area upon redevelopment.

Developers could choose to build between 1,200 to 1,700 units, ranging from an average size of 750 sq ft to 1,100 sq ft, said Huttons Asia.

The public tender for Park West closes on Jan 11, 2018 at 12 noon.

Singapore has seen a surge in collective sales this year, prompting the Monetary Authority of Singapore to sound a note of caution on the local property market.

Source: CNA/nc