Chuan Park, a 99-year leasehold residential development, in Serangoon is up for collective sale at $938 million. It was completed in 1984 and has 58 years remaining on its lease.
The indicative sale price of $938 million translates into $1,042 psf per plot ratio after factoring in the 7% bonus gross floor area. The size of Chuan Park is 400,589 sqft, with a gross plot ratio of 2.1 according to the 2019 Master Plan. This implies an achievable proposed gross floor area of 841,236 sqft. A new residential development could have between 900 to 919 units. The estimated average psf of transactions in the past 6 months was at $1,013 psf.
The site is located next to Lorong Chuan MRT Station on the Circle Line, which is one stop away from the Serangoon MRT Station that connects to the North-East Line as well as NEX Shopping Mall.