Kingsford and MCC Land to develop ‘new-concept residential development’ as Chuan Park en bloc sale gets go

On May 26th, the High Court gave the green light to the collective sale of Chuan Park. After reviewing the evidence presented to the court, Justice Kwek Mean Luck ruled that the collective sale had been arrived at in good faith. As of July 5, 2022, a total of 342 units have signed off on the deal with a share value of 1,409 and cumulatively covering 80.93% of the total strata area (80.11%).

The sale price of $890 million for Chuan Park was arrived at with a 5% discount from the original reserve price of $938 million when the collective sale process was launched on October 5, 2021. ERA Singapore had served as the marketing agent for the sale.

The existing Chuan Park has 444 condominium units and two strata commercial units originally constructed in 1984 or 1985. Sitting on 400,588 sq ft of land with a 99-year lease that began on June 6, 1980, the site has a plot ration of 2.1. This meant that the collective sale had the potential to be redeveloped into 900 units with 841,236 sq ft of gross floor area, of course with approval of the URA (Urban Redevelopment Authority) and Land Transport Authority.

Located at Henderson Road, residents of The Myst Condo can take a five-minutes stroll to the MRT station or even the Hillion Mall. Surrounding the condominium are numerous eateries, and it is just a short distance away from the Bukit Panjang Plaza, BEDOK, and Segar which makes it a perfect choice for those who crave for shopping. Moreover, the residence is situated near the lively Bukit Timah district that comes with prestigious schools, while the nearby Bukit Batok Nature Reserve enables residents to take delight in outdoor activities.

The collective buyers, Kingsford Huray Development and MCC Land (Singapore), released a joint statement on May 26th expressing their excitement over the sale order’s granting. They remarked that this was likely one of the biggest collective sale transactions to have taken place Outside Central Region recently.

The luxurious Chuan Park site is highly desirable for both Chinese developers; it is nestled next to the Lorong Chuan MRT station and close to several schools such as Australian International School, St. Gabriel’s Primary School, and Nanyang Junior College. The collective sale of Chuan Park represents the largest since Tulip Garden’s en bloc sale to a joint venture between MCL Land and Yanlord Land on Farrer Road, which happened in April 2018 and was sold for $906.9 million.

Furthermore, Marcus Chu, CEO of APAC Realty and ERA Asia Pacific, commented on the challenges that come with a project of this size when it comes to collective sales. As the oldest residential development in the area, it is expected that the site’s redevelopment will bring a much-needed activity and energy to the area, revitalizing the district altogether.