ParkSuites @ Holland Grove Road . Condominium . Shops at Ground Level
ParkSuites is a new condominium development in a private residential estate off Holland Road. It is being developed on the site of the former Henry Park Apartments, by Far East Organisation.
Henry Park Apartments formerly comprised a cluster of 16 shop units and 48 apartments, that went to Far East in an en-bloc sale for $176m in December 2011. Far East Organisation outbid 4 other developers with its offer of around $1,258 per sq ft (psf) per plot ratio (ppr) for the 64-unit project, based on a gross plot ratio of 1.4.
This development in prime district 10 is popular among surrounding residents for its speciality shops and is just opposite the sought after Henry Park Primary School.
The tender closed on December 1, thus just avoiding the new cooling measures that require developers to build and sell all the units in a new project within 5 years of buying a site. This allows Far East room to delay the launch and sales of this project if they wish.
PARKSUITES CONDO DEVELOPMENT
The 99,880 sq ft site for Park Suites is zoned residential, with commercial at the 1st storey in the 2014 masterplan. The master plan allows for a gross plot ratio of up to 1.4 and a maximum building height of 4 storeys.
There is limited supply of prime sites in the vicinity, especially those with shopping amenities. The site also wraps around a public park, giving the shops and residences an extended crescent-shaped public frontage.
Park Suites’ sizeable land area and mixed-use zoning also allow the developer greater flexibility to design an interesting condominium with a trendy self-contained commercial hub that provides a range of shopping amenities and dining options that blend in with the greenery.
The developer could build strata-titled shops and sell them separately, or keep the entire lot for investment so as to control the tenant mix.