The homeowners will get between $1.69 million and $3.74 million from the sale if it goes through. (Photo: Edmund Tie)
Changi Garden, a freehold redevelopment site at Upper Changi Road North, will be launched for collective sale on Friday (8 September) with an asking price of $196 million, or $700 psf per plot ratio, said marketing agent Edmund Tie & Co.
Developed in the late 1970s and early 1980s, the project sits on a 200,093 sq ft site and comprises 60 apartments, 12 penthouses and 12 shops.
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The homeowners will get between $1.69 million and $3.74 million from the sale if it goes through, while the shops range from $3.7 million to $5.5 million.
According to the Master Plan 2014, the site is zoned for residential use with a plot ratio of 1.4. No development charge is payable.
“Since 2013, there has not been any residential land sold within a 2.8km radius of Changi Garden,” said Tan Chung Ming, director of investment advisory at Edmund Tie. “We believe a developer can take advantage of this huge freehold site to create a residential development with full communal and lifestyle facilities to tap on the potential pent up demand.”
The upcoming Jewel Changi Airport and Terminal 4 will further enhance the location’s attractiveness, noted Edmund Tie.
The tender for Changi Garden will close on 16 October.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email firstname.lastname@example.org