On May 26, the High Court ruled in favour of the collective sale of Chuan Park. Justice Kwek Mean Luck found no evidence of improper conduct by the collective sale committee and declared that as of July 5, 2022, 342 units with a total share value of 1,409 shares (80.93%) and total strata area (80.11%) had consented to the collective sale.

Residents can also enjoy superb amenities, such as a 50m lap pool, an indoor gym, a tennis court, and much more. In addition, the lush greenery surrounding the development provides plenty of outdoor breathing space for a leisurely evening stroll. Altura EC Bukit Batok also offers the added benefit of being within walking distance to Bukit Batok MRT station, making it incredibly easy to travel to other parts of Singapore. Altura EC provides an ideal living experience for those seeking an exceptional lifestyle in a vibrant and convenient location.

The price of $890 million represents a 5% reduction from the site’s original reserve price of $938 million which was set when it first launched for collective sale on Oct 5, 2021. ERA Singapore had been appointed as the marketing agency for the project.

The existing Chuan Park has 444 condominium units and two strata commercial units, and was built in 1984/85. The site sits on 400,588 sq ft of land with a 99-year lease commencing June 6, 1980.

Chinese developers, Kingsford Huray Development and MCC Land (Singapore) had agreed to purchase the property in a joint venture, and issued a statement on May 26 expressing their excitement that the sale had been approved. The partners anticipate redeveloping the site into a “new-concept residential development” in the mature heartlands of District 19.

At $890 million, the collective sale of Chuan Park is the largest since Tulip Garden on Farrer Road (now the upcoming 638-unit Leedon Green) which had been sold to a joint venture between MCL Land and Yanlord Land for $906.9 million back in April 2018.

Though an ambitious undertaking, Marcus Chu, CEO of APAC Realty and ERA Asia Pacific, believes in the possibility of a successful redevelopment. Chuan Park is located next to the Lorong Chuan MRT station and in the vicinity of several esteemed schools such as Australian International School, St Gabriel’s Primary School and Nanyang Junior College.

Chu believes that the Chuan Park project will inject a fresh wave of vibrancy into the area and enhance the local neighbourhood. With a 2.1 plot ratio and the potential to be redeveloped into a 900-unit condominium-subject to URA and Land Transport Authority approval-Chuan Park is sure to become a Real Estate gem.