Park West, after it was sold to SingHaiyi Group, became the highest En Block sale to ever be sold. This property was sold under a lease which was to last for 99 years. The lease of this property beginning on 8th March in the year 1982. This property was situated on a large piece of land that was measuring 633,644 square feet. The plot ratio of this land was 2.1 and it was located at Jalan Lempeng which is near Clementi MRT station.
Fresh 99 Years Leasehold for Park West SingHaiYi Group
This property is owned by on equal potions where it was divided into 50-50 between Haiyi wealth and SingHaiyi Land companies. This property was sold on the last attempt and in the third, the prior owners successfully sold the land. Gordon Tang and Celine Tang who are husband and wife respectively are the main directors and stakeholders who control SingHaiyi through Haiyi Holdings.
Restrictions to be Lifted on SingHaiYi Park West Enbloc
Fresh 99 Years for Park West En Bloc is the first agenda to be discussed. There is a plan of removing some of the restrictions that are put in place on that property of land. This agenda will be tabled to the Singapore Land Authority so that they can allow the land to be leased for 99 more years. Huttons Asia who is a marketing agent has estimated that this land after redevelopment will be able to yield an approximate of 1.33 million in every square foot of the total floor space. The shape of this land suits hence offering a space of carrying out numerous development projects.
Fresh 99 Years Leasehold Development at Clementi
The location of this project is very good since it is near the One-North R&D park and also it is in Singapore’s second Central Business District which is in Jurong Lake. There are plans for building Singapore-KL Speed Rail in this town. Through all these projects, the demand is expected to be in a rise and as the population increases, the economy is also expected to rise. Traffic is expected to increase after all these developments.
With the new purchase from the two companies, the right put in place the land is now accessible to the residential. Fresh 99 Years for Park West En Bloc has benefited the company since new rules have been included in the agreement. The agreements have aided in the expansion and incorporation of new investments in this project. Haiyi Holdings have a share of 56.17% making them be the majority shareholders of this property. Haiyi Holdings are planning in the near future to own more and more shares in this company so that they can control the property.