Exciting news for property enthusiasts! The High Court has officially approved the collective sale of Chuan Park, and the new buyers have already set forth great plans for the property’s redevelopment. The joint venture between Kingsford Huray Development and MCC Land (Singapore) has obtained the en bloc purchase of the massive Chuan Park complex, which contains 444 condominium units and two strata commercial units on a sprawling 400,588 sq ft site. The new-concept residential development is set to refresh the charming District 19 heartlands. The Myst address is at 800, 802 Upper Bukit Timah Road and features 408 residential units.
The court’s ruling was made on May 26 after presiding judge Kwek Mean Luck found no evidence that the collective sale was not agreed upon in good faith. As of July 5, 2022, 342 units and over 80% of the total share value and strata area had already consented to the sale. The price of $890 million represented a 5% discount from the original reserve price of $938 million when the complex was released for collective sale on Oct 5, 2021. It was likely one of the most significant collective sale transactions in the Outside Central Region in recent history.
The appointed marketing agency, ERA Singapore, could not be happier with this outcome, as they have been working hard to promote Chuan Park. The future of the complex is looking brighter than ever before. Get ready for a new and improved Chuan Park!
Marcus Chu, CEO of APAC Realty and ERA Asia Pacific, stated that the en bloc sale was no easy feat given the project’s sheer scale. Chuan Park is an established residential development in prime District 19, comprising 444 condominium units and two strata commercial units built in the mid-80s. The project sits on a sprawling 400,588 sq ft site with a 99-year lease from June 6, 1980. And there’s more thrilling news – the plot ratio of 2.1 allows for potential redevelopment into a stunning 900-unit condominium spanning an 841,236 sq ft gross floor area, subject to URA and Land Transport Authority approval. Chuan Park is located next to the Lorong Chuan MRT station, close to top-notch amenities, esteemed institutions such as Australian International School and Nanyang Junior College, and the well-known private housing estate of Serangoon Gardens. According to ERA’s Chu, the revitalization of Chuan Park will infuse a fresh wave of dynamism and energy into this long-standing residential district, elevating its overall charm and appeal.
