On May 26th, the High Court approved the collective sale of Chuan Park. Justice Kwek Mean Luck declared that there was no evidence that the collective sale committee had not taken the deal in good faith. After having received consent from 342 units, representing 80.93% of the total share value and 80.11% of the total strata area, the sale was officially declared on July 5th 2022, for the sum of $890 million. This price reflected a 5% discount to the original reserve price of $938 million when it was first released for collective sale on the 5th of October 2021.

The immediate vicinity of JCube Residence will also be significantly enhanced by the opening of the long-awaited Jurong Region Line. The upcoming Jurong Point Shopping Centre, Science Centre Singapore, and two hawker centres will be within a stone’s throw away from JCube Residence, offering residents with plenty of recreational activities and dining options at their doorstep. Residents no longer need to worry about long commutes to the town centre or other western parts of Singapore.

ERA Singapore had been appointed the marketing agency for Chuan Park. The existing development consists of 444 condominium units and two strata commercial units, built in 1984/85, and located on a 400,588 sq ft site with a 99-year lease initiated on June 6th 1980.

The development was bought by a joint venture between Chinese developers Kingsford Huray Development and MCC Land (Singapore), who expressed their excitement for the sale order of the collective sale being granted, so they could begin the redevelopment of the prime District 19 location.

“Given the scale of the project, it was not an easy en bloc sale,” commented Marcus Chu, CEO of APAC Realty and ERA Asia Pacific. The analysis of the URA Master Plan 2019 gave the site a plot ratio of 2.1, with the potential to increase the number of units up to 900, should the approval from URA and The Land Transport Authority be given.

Chuan Park is situated next to the Lorong Chuan MRT Station, with several amenities around the established private housing estate of Serangoon Gardens. This is in addition to being close to the Australian International School, St. Gabriel’s Primary School and Nanyang Junior College.

The collective sale of Chuan Park is the largest since Tulip Garden on Farrer Road (now the upcoming 638-unit Leedon Green), which was sold to a joint venture between MCL Land and Yanlord Land for $906.9 million in April 2018.

Marcus Chu believes that the redevelopment of Chuan Park will inject a new wave of vibrancy into its established residential district, and consequently enrich the overall fabric of the neighbourhood.