On May 26th on the 26th of May, The High Court gave the green signal for the sale of the collective of Chuan Park. The judge decided that the sale was made with good intentions. Justice Kwek Mean Luck concluded that there was no evidence that suggests the collective sale committee didn’t come to the conclusion in good faith.
The judge also noted that on the 5th of July 2022, 2022 342 units, that had a total worth of 1 409 shares (80.93%) and total strata area (80.11%) had consented to the sale collectively of Chuan Park at $890 million.
Hillock Green showflat is reserved for private housing development, will offer direct access to Lentor MRT station on the Thomson-East Coast Line via covered walkways.
The price represents the equivalent of a 5% discount from Chuan Park’s initial reserve value of $938million at the time it was launched for a collective sale on the 5th of October 2021. ERA Singapore was the appointed marketing agency for Chuan Park.
The buyer in en bloc for the shared sale site is a joint venture of Chinese developers Kingsford Huray Development and MCC Land (Singapore). In a joint announcement on May 26, the two partners said: “We are excited that the sale order was granted in the case of collective sales at Chuan Park, likely one of the largest group sale deals within the Outside Central Region in recent times.”
Kingsford as well as MCC Land added that they are planning to develop Chuan Park into a “new-concept residential development set in the picturesque and mature District 19’s heartlands”.
The total purchase of Chuan Park is the biggest in the history of Tulip Garden on Farrer Road (now the 638-unit development that is planned for Leedon Green) that was purchased by a joint venture of MCL Land and Yanlord Land for $906.9 million in April of 2018.
“Given the magnitude that the development was, it wasn’t an easy sale en bloc,” says Marcus Chu the chief executive officer of APAC Realty and ERA Asia Pacific.
The present Chuan Park includes 444 condominium units as well as two commercial units that were constructed around 1984/85. The property is located on a 400,588 square foot site with an agreement for 99 years beginning June 6 to June 6, 1980. According to the URA Master Plan 2019, the site has a plot-to-plot ratio of 2.1 and the possibility of being redeveloped into a condo with 900 units and an area gross of 841,236 square feet dependent on URA as well as Land Transport Authority approval.
Chuan Park is next to the Lorong Chuan MRT station and the amenities surrounding the well-established private housing estate Serangoon Gardens in prime District 19. The development is close to Australian International School, St Gabriel’s Primary School and Nanyang Junior College.
In the words of The ERA’s Chu, Chuan Park is one of the most storied housing developments within the region. “We believe that the redevelopment of this park will give it a new boost of vitality and revive the old residential district and improve the overall structure of the neighbourhood,” he says.