Kingsford and MCC Land to develop ‘new-concept residential development’ as Chuan Park en bloc sale gets go-ahead
Singapore High Court gave the green light for the collective sale of Chuan Park on 26th May 2K23. The collective sale was concluded and determined by the judge at in good faith. no evidence was found by Justice Kwek Mean Luck that the collective sale committee did not conclude at the deal in good faith.
342 residential units with a total share value of 1,409 shares (80.93%) and total strata area (80.11%) had consented to the collective sale of Chuan Park at $890 million which the judge further elaborated that factual piece of new as of July 5, 2K22
Chuan Park’s original reserve price of $938 million when it launched for collective sale on Oct 5, 2021 but eventually concluded at a price represented a 5% discount for. ERA Singapore was the appointed marketing agency for Chuan Park condominium.
This brand new joint venture between Chinese developers Kingsford Huray Development and MCC Land (Singapore) areThe en bloc buyer of the collective sale site. the partners said In a joint statement on May 26: “We are excited that the sale order has been granted for the collective sale of Chuan Park, likely one of the biggest collective sale transactions in the Outside Central Region in recent years.”
The duo mainland developers, Kingsford and MCC Land, express their thoughts that they will develop the Chuan Park condominium into a “new-concept residential development amidst the charming, mature heartlands of District 19”.
Chuan Park is the largest collective sale following the footstep of Tulip Garden on Farrer Road (now the upcoming 638-unit Leedon Green), which was sold to a joint venture between MCL Land and Yanlord Land for $906.9 million in April 2K18.
“Given the scale of the project, it was not an easy en bloc sale,” says Marcus Chu, CEO of APAC Realty and ERA Asia Pacific.
The existing Chuan Park has 444 residential dwelling units and two strata commercial units built sometime in 1984/85. The current Chuan Park condo occupies on a 400,588 sq ft site with a 99-years’ leasehold tenure from June 6, 1980. the site has a plot ratio of 2.1 with the potential to be redeveloped into a new 900-unit condominium with a gross floor area of 841,236 sq ft, Under the URA Master Plan 2019 and subject to URA and Land Transport Authority approval.
Chuan Park is prominently located right next to the Lorong Chuan MRT station and the amenities around the established private housing estate of Serangoon Gardens in prime District 19. The project is near Australian International School, St Gabriel’s Primary School and Nanyang Junior College. 1 MRT station away is Serangoon MRT with NEX shopping mall with plenty of retail outlets, dining options and a NTUC supermart which operates 24 hours.
Chuan Park is one of the oldest residential developments in the area which is tucked in between matured Ang Mo Kio and Serangoon housing estate. “We believe its redevelopment will inject a fresh wave of vibrancy and rejuvenate this established residential district, enriching the overall fabric of this neighbourhood,” he says.