Cascadale, a 134-unit condominium development along Upper Changi Road East, has been put up for collective sale with a reserve price of $270 million. Its marketing agent, JLL said that the location is attractive for redevelopment into serviced residences.
This works out to a land rate of $1,071 per sq ft per plot ratio, after taking into account a development charge of around $17 million and before including any bonus gross floor areas.
The 25-year old development sits on a 167,528 sq ft site zoned residential under the 2014 Master Plan with a gross plot ratio of 1.6 and a building height limit of up to 12 storeys or 45 metres above mean sea level, subject to the relevant authorities’ approval.
Around 350 metres away from the Upper Changi MRT station, the District 16 property is located near the Singapore University of Technology & Design, Changi Business Park, Changi City Point, Changi Airport and Singapore Expo.
Cascadale may be redeveloped into a condominium project with up to 292 units averaging 85 sq m each, subject to approval and payment of development charges.
“Exciting developments are in store for the areas surrounding Changi Airport. One is on the back of the iconic Jewel at Changi Airport, which received significant global attention when unveiled last month. The other is surrounding the upcoming mega Terminal 5, which is set to facilitate the doubling of tourist arrivals,” said JLL senior consultant Karamjit Singh.
“The recently unveiled draft 2019 Master Plan also outlines plans to transform the entire Changi East area into an innovative lifestyle and economic cluster, centred around aviation-related businesses and industries.”
In view of these plans, Singh expects values and demand for homes within this area to increase by 10 percent to 20 percent in the next three to five years. Moreover, there is no new condominium project in the pipeline for District 16.
Apart from a small site on Upper East Coast Road sold in 2017, no freehold residential site had been sold since 2010.
“Whilst residential en bloc transactions have practically come to a halt since last July’s cooling measures, we believe Cascadale stands a reasonably good chance of securing a buyer owing to all these unique factors and its reasonable reserve price of $270 million,” said Singh.
The tender for Cascadale closes on 10 July.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com