After two failed attempts at an en bloc sale in 2007 and 2011, the owners of Park West condominium have placed the development up for sale in the market for the third time with an asking price of $750 million. In their first meeting on Saturday (19 Aug), the collective sale committee succeeded in securing signatures from 30% of the owners of the condominium.
Park West is located in Clementi and is comprised of 432 residential units and 4 shops. It sits on 633, 644 sq ft of land and there is still 64 years left on its 99-year lease. The successful buyer of the property will have to fork out an additional $339 million to extend the lease and maximize land usage. In addition to the asking price of $750 million, the land price of the plot works out to about $818 psf per plot ratio. Owners of residential apartments can expect to pocket $1.25 million to $2.1 million each and the individual shop owners can look forward to receiving $1.1 million to $1.5 million.
In their first attempt at en bloc in 2011, Park West received no bids in response to their asking price of $803 million while their second failed because the collective sale committee did not manage to secure approval from at least 80% of the owners.
Huttons Asia is the marketing agent for the collective sale of Park West.
Read more on this at the Business Times website
The collective sales market has been booming in recent months and you can count on Aiden Real Estate to keep you up-to-date with the latest news. Here are some of the other residential developments that are eyeing successful en bloc sales bids in July: