Spanning a huge sprawling estate consisting of estimated 400,588 sq ft, Chuan Park condominium has a gross plot ratio of 2.1 and an achievable proposed gross floor area (GFA) of 841,236.3 sq ft. After factoring in the 7 per cent bonus GFA, this amounts to an estimated $1,042 per sq ft per plot ratio. According to ERA, a development charge is not payable for the transaction due to the existing high base line.
The 99-year leasehold property may be redeveloped by the winning bidder into a mega condo project of approximately 900 to 919 units.
Completed in 1985, Chuan Park offers a total of 452 units. Chuan Park shows a promising sale and rental demand where since the completion of project, there have been a total of 114 sale transactions and 733 rental transactions according to Propertyguru.
Schools in the area also include CHIJ Our Lady of Good Counsel, St Gabriel's primary and secondary schools, Raffles Girls' Secondary School, Nanyang Junior College, the Australian International School as well as several others.
Real estate professional Kiwi Lim from Huttons Asia felt that Chuan Park condo is sitting on a piece of prime land with a large land size for development of a very nice future private residential project in Serangoon next to Lorong Chuan MRT station on the Circle line, only one stop away from the Serangoon MRT station interchange with integrated bus interchange that connects to the Northeast line as well as NEX shopping mall, eateries and green parks in a quiet locale near private landed enclave. "In my opinion, the price is very very attractive and I believe the Chuan Park collective sale committee will receive more than one offer by large developers or consortiums bidding for this prime land in Serangoon. I believe Chuan Park's enbloc will be successful" said Kiwi.
The tender for Chuan Park condo's collective sale will close on Nov 18 at 3.30pm.