{"id":76392,"date":"2018-01-12T10:12:18","date_gmt":"2018-01-12T03:12:18","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/park-west-condo-sold-en-bloc-for-840-89m\/"},"modified":"2018-01-12T11:04:56","modified_gmt":"2018-01-12T04:04:56","slug":"park-west-condo-sold-en-bloc-for-840-89m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/park-west-condo-sold-en-bloc-for-840-89m\/","title":{"rendered":"Park West condo sold en bloc for $840.89m"},"content":{"rendered":"


\nThird time\u2019s a charm. The owners of Park West have finally succeeded in selling the condominium via collective sale after two previous attempts which ended in failure.
\nAccording to an SGX filing on Thursday (11 January), the residents accepted an $840.89 million offer from SingHaiyi Gold Pte Ltd, a 50:50 joint venture between SingHaiyi Group\u2019s wholly-owned unit SingHaiyi Land and Haiyi Wealth Pte Ltd, a firm controlled by the group\u2019s controlling shareholders, Gordon and Celine Tang.
\nLocated in 2 \u2013 20 Jalan Lempeng near Clementi MRT station, the property has a land area of 633,644 sq ft and a plot ratio of 2.1. It consists of four shops and 432 residential units.
\nIn December, Channel NewsAsia reported that with the initial asking price of $818 million, each flat owner will get between $1.4 million and $2.3 million, while each shop owner will receive $1.2 million to $1.8 million.
\nPark West\u2019s 99-year leasehold tenure started on 8 March 1982, but SingHaiyi Gold intends to pay about $146 million to fully renew its term. The company also plans to fork out a differential premium of S$144.6 million to redevelop the site to its maximum permissible gross floor area of about 1.46 million sq ft at a height of at least 24 storeys.
\nThe acquisition, which will be financed by internal resources and bank loans, is not expected to have a material impact on SingHaiyi Group\u2019s earnings per share and net tangible assets per share for the fiscal year ending 31 March 2018.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Park West condo sold en bloc for 0.89m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Third time\u2019s a charm. The owners of Park West have finally succeeded in selling the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-76392","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-jS8","jetpack-related-posts":[{"id":73203,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/how-sun-park-sold-for-81-09mil\/","url_meta":{"origin":76392,"position":0},"title":"How Sun Park sold for $81.09mil","date":"November 29, 2017","format":false,"excerpt":"\r How Sun Park, a freehold three-storey development comprising 20 units, has been sold for $81.09 million to a SingHaiyi Group subsidiary, SingHaiyi Huajiang Amber Pte. Ltd. The property has a site area of around 5,104.3 sq m and a gross plot ratio of 1.4. Inclusive of an estimated development\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55807,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singhaiyi-posts-strong-fy2017-net-attributable-profit-despite-lower-revenue\/","url_meta":{"origin":76392,"position":1},"title":"SingHaiyi posts strong FY2017 net attributable profit despite lower revenue","date":"May 24, 2017","format":false,"excerpt":"\r Sales of completed units from its commercial condominium project in US, Vietnam Town (pictured), contributed to SingHaiyi\u2019s revenue in FY2017. (Image: SingHaiyi Group) Despite an 83.6 percent drop in revenue, SingHaiyi Group saw its net attributable profit for the financial year ended 31 March 2017 increase by 6.1 percent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":103665,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singhaiyi-reports-robust-financial-results\/","url_meta":{"origin":76392,"position":2},"title":"SingHaiyi reports robust financial results","date":"February 4, 2019","format":false,"excerpt":"\r The Group acquired the Sun Rosier condominium off Bartley Road for $271 million in 2017. (Photo: Google Maps) The value of SingHaiyi Group\u2019s development properties nearly doubled from $268.5 million as of 31 March to $525.8 million as at 31 December last year, according to the developer\u2019s latest financial\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107401,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singhaiyi-net-profit-rose-47-6-in-q4\/","url_meta":{"origin":76392,"position":3},"title":"SingHaiyi net profit rose 47.6% in Q4","date":"May 23, 2019","format":false,"excerpt":"\r The real estate group\u2019s board has proposed a final dividend of 0.15 Singapore cent per share, subject to shareholders\u2019 approval at an upcoming annual general meeting.\u00a0 SingHaiyi saw its net profit jump 47.6 percent to $9.7 million for the three months ended 31 March 2019 (Q4 FY2019). Revenue, however,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":99752,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propertyguru-names-first-female-singapore-real-estate-personality-of-the-year\/","url_meta":{"origin":76392,"position":4},"title":"PropertyGuru names first female Singapore Real Estate Personality of the Year","date":"October 13, 2018","format":false,"excerpt":"\r SingHaiyi Group managing director Celine Tang claims the honour in 2018. By Property Report A relative newcomer in Singapore\u2019s dynamic real estate scene, Celine Tang was chosen by PropertyGuru Property Report magazine to receive the award for the 2018 Singapore Real Estate Personality of the Year. Tang,\u00a0the\u00a0group managing director\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":99754,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/smarter-and-niche-developments-impress-at-annual-propertyguru-singapore-property-awards\/","url_meta":{"origin":76392,"position":5},"title":"Smarter and niche developments impress at annual PropertyGuru Singapore Property Awards","date":"October 13, 2018","format":false,"excerpt":"\r Exclusive gala recognised the finest in one of Asia-Pacific\u2019s leading property markets. \u2013 Qingjian Realty wins Best Developer and Best Smart Building Development for JadeScape \u2013 Gongs presented to outstanding green developments, and Changi Airport\u2019s Terminal 4 \u2013 Promising female real estate leaders take the spotlight, including SingHaiyi\u2019s Celine\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/76392"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=76392"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/76392\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=76392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=76392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=76392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}