Chuan Park was sold on 5 July 2022 via private treaty for S$890 million, to developers Kingsford and MCC Land.
This sprawling land plot occupies an excellent location, being right beside Lorong Chuan MRT Station and close to many good schools.
It is slated to transform from a 444 unit to a mega development with over 900 units.
Chuan Park Master Plan View
27 Jul 2022
THE ink has barely dried on the Chuan Park en bloc deal - which is subject to various approvals - but social media posts have already appeared concerning a supposed new development that will take its place.
A Facebook page called Residences At Chuan was created and posts made on Jul 16 - the day after Chuan Park’s owners received a circular informing them that a meeting would be held on Jul 25 to provide information concerning the collective sale.
The posts reference Chuan Park’s en bloc sale, as well as developer Kingsford, which, together with MCC Singapore, are understood to be the buyers of the 99-year leasehold condominium site.
Marketing agent ERA Realty and Chuan Park’s Collective Sale Committee (CSC) have so far declined to reveal the name of the buyers, as they said they were not allowed to disclose the buyers’ identity without their permission under the terms of their agreement.
15 Jul 2022
Entities related to developers Kingsford Group and MCC Singapore have raised their offer for leasehold condo Chuan Park to about $890 million, from their expression of interest (EOI) of $860 million in June.
The Straits Times understands a sale and purchase agreement was signed last week with the collective sale committee (CSC) of the 446-unit Chuan Park condo.
The offer price is below its reserve price of $938 million. Representatives of the developers declined comment when contacted on Monday (July 18).
21 Jun 2022
The collective sale committee (CSC) of Chuan Park condominium, a 99-year leasehold project in Lorong Chuan, has received an expression of interest (EOI) from a developer for $860 million, below its reserve price of $938 million.
Marketing agent ERA Realty, in a June 17 letter seen by The Straits Times, urged owners of the 446-unit condo to sign the supplemental joint agreement by June 26 so that the CSC will have the mandate to start negotiations with the developer.
“The earlier we can achieve the 80 per cent mandate, the earlier the CSC can enter into negotiations with the developer on the terms and conditions of the sale and purchase (S&P) agreement for the estate,” ERA Realty said.
15 Mar 2022
Chuan Park at Lorong Chuan has been relaunched for sale at the same indicative price tag of $938 million.
The 99-year leasehold condominium was last put up for tender from Oct 5 to Nov 18, 2021, before the latest cooling measures were rolled out by the Government in December. After the tender closed, it went into private treaty negotiations.
At $938 million, the land rate, which includes an upgrading premium of $192.62 million, works out to $1,256 per sq ft per plot ratio (psf ppr), according to marketing agent ERA Realty. The development change is not payable due to the existing high baseline, ERA said.
5 Oct 2021
Chuan Park Condominium, a 99-year leasehold project in Lorong Chuan, has secured an 80 per cent mandate for its third collective sale bid, after raising its reserve price to $938 million from $900 million.
The owners of the development's 710 sq ft units stand to get $1.22 million each, while owners of the 2,045 sq ft units may receive as much as $2.66 million each, according to a July 13 letter from the Chuan Park collective sales committee (CSC) to owners seen by The Straits Times.
As at Sept 4, 579 owners making up 81.33 per cent of total share values and 80.39 per cent of the total area of all lots in Chuan Park have signed the collective sale agreement.