Park West Enbloc became one of the highest En Bloc after it was acquired by SingHaiyi Group. It is located at Jalan Lempeng near Clementi MRT station. This property is a 99-year- leasehold estate and it’s lease commenced on 8th March 1982. It sits on plot ranging 633,644 square feet, with plot ratio of 2.1. SingHaiyi Group paid $840.9 million for this En Bloc. The acquisition was a 50-50 joint venture between Haiyi Wealth and SingHaiyi’s wholly. Haiyi Wealth is controlled by Gordon Tang and Celine Tang. The new development after this collective sale by SingHaiYi Group is called
Park West Enbloc by SingHaiYi Group
The husband and wife duo, Gordon Tang and Celine Tang also controls the directors and shareholders of SingHaiyi via Haiyi Holdings. The buyers applied the Singapore Land Authority with certain title restrictions on the property for the allowance of a fresh 99-year lease. With a sale price of around $ 840.9 million and $ 290.6 million in differential premiums, the land costs are projected to be $ 850 psf ppr.
Huttons Asia Marketing Agency for Park West Enbloc
Huttons Asia, a marketing agent estimated that the site could yield around 1.33 million sq ft of gross floor space once it is redeveloped. In addition, the agent said the successful transaction is the third attempt at a collective sale by the SingHaiyi Group. Mr. Terence Lian who is the head of investment sales said the regular shape of land offers greater redevelopment opportunity. This area possess limitless and advantageous development opportunities. The area is strategically positioned near the One-North R & D Park and the second Central Business District in Singapore at Jurong Lake. Construction Singapore KL which is high speed rail is going to be built there. This is expected to result in high demand due to the rising economy. New developments such as The Clement Canopy and The Trilinq are also expected to contribute in high demand in the area.
Acquisition and Collective Sale of Park West Condo
SingHaiyi said Park West acquisition will enable them land sites which are within an established residential area allowing them to expand their development in Singapore. Unsurprisingly, the purchase of the land came after a company raised $ 143 million in December for the property due to the rights issue. The company proposed no-underwritten rights of 1.44 billion new shares at 10 cents per share. The shares were to be issued depending on the rights share for every two existing shares. Haiyi Holdings who are the majority shareholder ranging around 56.17 percent stake in SingHaiyi are expected to be among those to benefit from the reformed rights. With their 806 million rights shares, they are keen on seizing any shares that are untaken.