Source – StraitsTimes
Parc Clematis, formally known as Park West is acquired by SingHaiyi Gold successfully by a collective sales. SingHaiyi Gold is a joint venture between SingHaiyi Land and Haiyi Wealth. The 99-year leasehold residential site in Clementi was sold for S$840.9 million in a collective sale. Park West is located in Jalan Lempeng which is near Clementi MRT. The Park West site measured 633,644 sqft, and its lease began in 1982, which gives it an age of 37 years as of 8 March 2019. The site, after a redevelopment, has a potential yield of about 1.33 million sqft of floor area. The S$840.9 million, including additional differential premium and lease upgrading premium, which sums up to about S$1.13 billion, translates to a cost of about S$850 psf ppr.
The site has good redevelopment opportunities due to the fact that the plot has a regular shape, and that it is near the research and development park in one-north, Singapore’s second Central Business District at Jurong Lake, as well as being so near to Clementi MRT station. This would definitely increase the demand for the redeveloped EC, especially among people working in the above-mentioned areas, since it is near to their workplace, and that travelling is convenient due to the close proximity to the MRT station, which is on one of the oldest transit lines in Singapore.
Projects near Park West, such as The Trilinq and The Clement Canopy, enjoyed high popularity. This would mean that Park West, being in the same vicinity, would be equally if not more sought after than the other projects. On top of being near an MRT station, there is no lack of education facilities as well. Directly opposite Park West sits Clementi Primary School and Clementi Town Secondary School, and across Jalan Lempeng, there is Nan Hua Primary School. In the vicinity, there is also Tangli secondary School, Qifa Primary School and Pei Tong Primary School. It is near Ngee Ann Polytechnic and Singapore Polytechnic as well. At Clementi MRT, there are The Clementi Mall and 321 Clementi, with a shopping street and a hawker centre in between. Opposite 321 Clementi is the Clementi ActiveSG Swimming Complex, Stadium and Sports Centre, where fitness enthusiasts can visit for a workout.
With so many amenities for so many different needs, it is needless to say that Parc Clematis would be a sell out after its launch since everything residents need is conveniently available right in the vicinity.
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