The apartment owners will receive between $2.14 million and $2.27 million. (Photo: Edmund Tie)
Changi Garden is the latest development to be sold in an en bloc sale for $248.8 million, revealed marketing agent Edmund Tie & Co. on Tuesday (17 October).
The buyer is CEL Development, a member of Chip Eng Seng Group.
The price works out to about $888 psf per plot ratio (psf ppr), and is much higher than the asking price of $196 million ($700 psf ppr).
Located at Upper Changi Road North, the freehold property sits on approximately 200,093 sq ft of land. The site is zoned residential with a plot ratio of 1.4, according to the 2014 Master Plan.
Developed in the late 1970s and early 1980s, Changi Garden comprises 60 apartments, 12 penthouses and 12 shops.
The apartment owners will receive between $2.14 million and $2.27 million, while penthouse owners will get between $4.03 million and $4.74 million. Shop owners are expected to receive $4.7 million to $7.08 million.
“In addition to the high development baseline, we have also shared feedback and advice which we obtained from the relevant authorities with developers,” said Tan Chun Ming, director of investment advisory at Edmund Tie & Co.
“Furthermore, there has not been any residential land sold within a 2.8km radius of Changi Garden since 2013. All these are selling points that developers would find attractive.”
CEL Development is expected to build a residential project that could incorporate a retail component, subject to the approval of the relevant authorities.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email firstname.lastname@example.org