Chuan Park is a 99-year leasehold project located at 240 to 250 Lorong Chuan and occupies a 400,588.72 sq ft site.
Chuan Park, a 99-year leasehold residential project at 240 – 250 Lorong Chuan, is up for collective sale by public tender carrying an indicative price of $938 million, revealed marketing agent ERA Realty.
This comes after 579 owners, who make up more than 80% of total area and share values agreed to the sale.
The price works out to $1,042 per sq ft per plot ratio (psf ppr) after taking into account the 7% bonus gross floor area (GFA).
The development has 444 residential units and two commercial units and occupies a 400,588.72 sq ft site, with a gross plot ratio of 2.1 under the 2019 Master Plan. This means that the site has an achievable proposed GFA of 841,236.30 sq ft or be redeveloped into 900 to 919 units.
ERA noted that no development charge is payable for the sale due to the existing high baseline.
Chuan Park is located next to Lorong Chuan MRT on the Circle Line, while NEX is just a stop away, at the Serangoon interchange station, where residents can conveniently hop over to the Northeast line.
It is also within the vicinity of Serangoon Garden Way, which is home to a variety of hawker stalls, hipster cafes and cool bars.
Nearby schools include St. Gabriel’s Primary and Secondary School, CHIJ Our Lady of Good Council, Yangzheng Primary School, Maris Stella School, Zhonghua Primary and Secondary School, Raffles Girls’ Secondary School, Bartley Secondary School, Australia International School and Nanyang Junior College.
The tender for Chuan Park closes on 18 November.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: firstname.lastname@example.org.