A joint venture between mainboard listed developer Chip Eng Seng and local real estate developer SingHaiYi and Park View Holdings is buying the two-decade-old Yuan Ching Road Jurong Lake District complex. The developers are purchasing a 99-year leasehold on the property.
Yuan Ching Residences
The Jurong Lake District is Singapore’s new central business district, and is located near the Lakeside MRT Station. The upcoming developments include Park View Mansions, which are being converted into mid-size condominiums. The development is expected to feature 440 units and is situated adjacent to Jurong Lake Gardens. In addition, the Jurong Lake District is also set to become Singapore’s largest out-of-the-CBD district, with the development of an integrated tourism hub right next to the lake.
The two property developers have partnered on several high-profile transactions, including the $650 million acquisition of the Peace Centre/Peace Mansion in December. The companies are also partners in the TK 189 Development, a mixed-use development that will feature 440 units, a plot ratio of 2.1, and unobstructed views of Jurong Lake.
Park View Mansions
The Park View Mansions are situated on Yuan Ching Road, next to Jurong Lake Gardens and Jurong Lake. This part of Singapore is rapidly emerging as a business district, with plans to make it the largest outside of the CBD. The Singapore Tourism Board recently announced plans to develop an integrated tourism complex next to Jurong Lake by 2022.
Park View Mansions comprises 160 units, under 99-year leasehold. It was developed by a joint venture of CEL Development, SingHaiYi Pearl and TK 189 Development. Chip Eng Seng Corporation, which is listed on the mainboard, holds a 40 percent stake in the joint venture, while SingHaiYi Group and Haiyi Holdings each own 30%. Both companies are controlled by the Tang family.
Reserve price
A marketing agent for a 120-unit residential development on Yuan Ching Road in Jurong Lake District is campaigning to cut the reserve price to S$205 million. The property currently has a reserve price of S$240 million. In order for the development to proceed, 80% of property owners must agree to the proposed reduction. A collective sale of this property is likely to go ahead in the next few months.
The site is expected to sell for S$273.9 million, a 14% premium over the reserve price. The development’s marketing agent, Tracy Goh, says the appeal of the site is its location and proximity to Jurong Lake District. The company also plans to develop a large integrated tourism development in the area.
Construction timeline
Lakefront Residences is located on Yuan Ching Road, a stretch of road fringed by tall fir trees along Jurong Lake. It offers stunning views of the lake and the upcoming Jurong Lake District, which is set to become the city’s newest leisure, commercial and residential centre. As the region’s largest mixed-use development, Jurong Lake District will serve as a test bed for new infrastructure and urban solutions. The development will feature high-quality offices and amenities, complementary recreational clusters, and abundant green spaces.
The Jurong Lake District is expected to become the second CBD of Singapore, incorporating both residential and commercial properties. By 2027, the Jurong Region Line will open, enhancing the area’s connectivity. This will also bring new jobs and investment opportunities to the area.
Health care in Jurong Lake District
The health care service providers in Jurong Lake District are not limited to the usual clinics you’ll find in other parts of the city. The area is home to several health care facilities, including the Ng Teng Fong General Hospital and Jurong Community Hospital. In addition, there are several GP (General Practitioner) practices.
In addition to the Jurong General Hospital, the Jurong Community Hospital and the Jurong General Hospital provide primary health care to the residents of the Jurong Lake District. Other important health facilities in the area include the Shu Qun Primary School, the River Valley High School, and Rulang Primary School. Additionally, the Jurong Junior College and Nanyang Technological University are located nearby.
For those who enjoy outdoor activities, a biophilic playground is located nearby. There, children can mimic the movements of various animals. The Jurong Lake area was once home to freshwater swamps.
