Chip Eng Seng Condo Projects: 1 Fully Sold, 3 Launches Soon

Sources : The Business Times, May 03, 2007

LISTED construction and property group group Chip Eng Seng said yesterday that its freehold Ventuno Balmoral is fully sold and it plans to launch three more condominium projects in the next few months.

The 35-unit Ventuno Balmoral, in Balmoral Road, was launched in March this year and sold at an average of $1,300 per sq ft. Chip Eng Seng now plans to launch one project each in Peck Hay and Grange road and the West Coast. All three sites, secured through collective sales, are being jointly developed with other parties. The Peck Hay and Grange road projects will be luxury condominiums.

At Peck Hay Road, Chip Eng Seng and partner Lehman Brothers Real Estate II plan to build 70 units on what is now Venus Mansion. At Grange Road, Chip Eng Seng’s partner is the Citadel Equity Fund, part of the Chicago-based Citadel Investment group. The partners paid $180 million or $1,207 per square foot of potential gross floor area for Grange Tower, which is being redeveloped into a 68-unit luxury development.

The third proposed development is a 668-unit freehold condominium at West Coast Walk/Road, on the site of the present Westpeak Condominium. Chip Eng Seng is teaming up with a Lehman Brothers unit for this project.

Chip Eng Seng said yesterday that Ventuno Balmoral and the three future projects should contribute positively for the current financial year ending Dec 31, 2007.