It has an owners’ reserve price of $270 million that works out to around $1,065 per square foot (psf) per plot ratio (ppr).
The 134-unit freehold residential development Cascadale, located near the Singapore Expo and the Singapore University of Technology & Design (SUTD), is attempting a collective sale for the second time, revealed JLL.
It has an owners’ reserve price of $270 million that works out to around $1,065 per square foot (psf) per plot ratio (ppr), after considering an estimated development charge of around $15.5 million and before factoring in any bonus gross floor area.
The property sits on a 167,528 sq ft site zoned residential under the 2014 Master Plan, with a 1.6 gross plot ratio (GPR). The site comes with a maximum allowable building height of 12 storeys or 45 m Above Mean Sea Level (AMSL), subject to the relevant authorities’ approval.
Cascadale is only minutes away from Changi City Point, the Singapore Expo, the Jewel, SUTD, Changi Business Park and Changi Airport. It is also 350 m away from Upper Changi MRT station.
“Major development plans are underway for Changi Airport and its surrounding locations,” said Karamjit Singh, JLL senior consultant.
“The iconic Jewel at Changi Airport continues to receive significant global attention amongst locals and tourists, with much anticipation over the future mega Terminal 5, which is set to cater to the doubling of tourist arrivals in Singapore.”
The draft 2019 Master Plan contained plans to convert the Changi East area into an innovative economic and lifestyle cluster, focused on aviation-related industries and businesses.
Last month, the Land Transport Authority revealed major plans for the enhancement of connectivity in the area on all fronts.
Plans include realigning and expanding existing expressways and roads leading to Terminal 5 and the construction of a 3.5 km cycling path along the Tanah Merah Coast Road and Xilin Avenue.
“From a private housing supply perspective, there is no new yet-to-be-launched condominium project in District 16 in the pipeline,” added Singh.
“With the estimated 30,000 professionals working in Changi Business Park and as the plans for the Changi City take form, the demand and values for homes there are expected to rise by 10 percent to 20 percent over the next three to five years.”
Subject to approval and payment of the development charges, the property may be redeveloped into a condominium project comprised of up to 292 units, each having an average area of 85 sq m (914 sq ft).
The tender exercise for Cascadale ends on 6 November.
Need help with your home buying/selling/renting process? Our handy guides will help. Or find your dream home on PropertyGuru.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
