The Park West condominium in Clementi has been snapped up by Developer SingHaiyi Group. It sold for $840.9 million as it rides the wave of current collective sales.
Site on prime spot near MRT station and business hubs
This is the 99-year leasehold estate’s third collective sale attempt. The site is situated in Jalan Lempeng, near the Clementi MRT station. It has a land area of 633,644 sq ft and a plot ratio of 2.1. There are 36 years left on its lease which commenced on March 8, 1982.
Add $290.6 million for differential and lease upgrading premiums to the $840.9 million price tag and the resulting land cost comes up to $850 psf ppr (per plot ratio). The site’s prime location and regular land shape lend the future development a good deal of opportunities and investment promises.
Besides being near the Clementi MRT station, it is also near the One-North research and development park and Jurong Lake District.
Demand for properties nearby could signify promising future for new development
Sales of units at neighbouring condominiums such as The Trilinq and Clement Canopy have been promising. This has, in turn, boosted the buyers’ confidence in the site’s future.
They are hoping their latest acquisition will help them build a presence in an already-established residential area. This move will also help them expand their development portfolio in Singapore.
The Park West condominium site can potentially yield a new development with a gross floor area of up to 1.33 million sq ft.
