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.
Demand for properties nearby could signify promising future for new development
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.