The west park owners of Singapore are so far 3rd time lucky. The SingHaiyi Group developer snagged the Clementi residential site for a total of $840.9 million in the bloc sale and ongoing fever. Park West is found near Jalang Lempeng at the Clementi MRT Station.
3rd Time Lucky for Park West Owners
Sing Haiyi Gold wants to acquire the place where it wants to venture with Celine Tang and Gordon Tang controlled entity, Haiyi Wealth. Sing Haiyi commented that the company’s directors and shareholders are controlled by the duo husband and wife through Haiyi Holdings. The Park West is on the land almost 633,644sqft and has a leasehold of 99 years, and its plot ratio is 2.1 the lease was official in 1982.
3rd Time Lucky Enbloc for Park West Owners
Hutton Asia the Marketing agent confirmed that Park West might yield over 1.33 million sqft of the gross floor area if it is redeveloped. Has $290.6 million estimated and its $840.9 million in lease upgrading premium and differential premium, where the tag works towards $850 per sqft land cost plot ratio. The marketing agent also commented that successful transaction happens to be 3rd time lucky by property owners having a collective sale. The investment sales head, Mr. Terrence Lian, Huttons Asia, confirmed that the land’s regular plot shape has the opportunity for good redevelopment when the strategic location has been given. The Park West land is close to One-North Research and Development Park and central second business district of Singapore at Jurong Lake.
3rd Time Lucky Parc Clematis Clementi MRT Station
Mr. Lian said there was an expectation of being strong demand for all new projects from the view of high popularity around the projects like the Clement Canopy and The Trilling. The buyer has the motive of applying to be granted a fresh 99-year-leasehold with lifting some title restrictions from the Singapore Land Authority. It was confirmed that the recent acquisition allows it to access the land site in the established residential area, allowing that firm to have its development portfolio expanded in Singapore. The property developer raised $143 million hence opened the deal in December for property investments with the rights issue.
Non-underwritten rights issue that is renounceable has been proposed until 1.44 billion shares each at 10 cents, being issued in terms of a rights share in every two shares that exist. Haiyi Holdings being majority shareholder with 56.17 stakes per-cent in SingHaiyi, has also committed itself in subscribing for mopping up all rights share which is not taken apart from it subscribing for 806 million pro-rata entitlement rights shares.