Gordon Tang JV buys Singapore complex for $188m

CEL Development, SingHaiYI Group and Haiyi Holdings have bought The Park View Mansions complex overlooking Jurong Lake, a 173-acre freshwater lake and reservoir located in the western region of Singapore, for S$260 million ($188 million).

The firms together own 70 percent in the joint venture. CEL Development, a wholly owned subsidiary of mainboard-listed developer Chip Eng Seng that is controlled by billionaires Gordon and Celine Tang, own 40 percent of the joint venture. SingHaiyi Group and Haiyi Holdings, a pair of private companies owned by the two jointly, holds 30 percent, and the KSH-Ho Lee Group joint venture holds the remaining 30 percent.

Park View Mansions consists of four 10-story residential blocks with a total of 160 apartment units. The partners plan to develop a new 440-unit residential complex, spanning as many as 14 stories.

The property is located at Yuan Ching Road, adjacent to the Jurong Lake Gardens and within the Jurong Lake District. As m