SINGAPORE (EDGEPROP) - The freehold development Cascadale on Upper Changi Road East has launched its second collective sale attempt. Owners of the 134-unit development previously attempted to sell their property in May this year. The reserve price for the development is unchanged at $270 million or about $1,065 psf per plot ratio, after factoring an estimated development charge of about $15.5 million and before any bonus gross floor area.
The 167,528 sq ft site has a gross plot ratio of 1.6 and can be redeveloped to a project comprising up to 292 units with an average size of 915 sq ft each. The site’s proximity to Changi Airport and Changi Business Park makes it attractive for redevelopment into serviced residences, says Karamjit Singh, senior consultant at JLL.
Owners of the 134-unit Cascadale previously attempted to sell their property in May this year (Pictures: JLL)
Cascadle is 350m from Upper Changi MRT Station on the Downtown Line, and is close to Singapore University of Technology and Design, Changi City Point, and the Singapore Expo. The 2019 Draft Master Plan has highlighted plans to transform the Changi East area into an innovative lifestyle and economic cluster, centred on aviation-related businesses and industries.
“From a private housing supply perspective, there is no new, yet-to-be-launched condominium project in District 16 in the pipeline. 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% to 20% over the next three to five years,” says Singh.
The tender for Cascadale will close on Nov 6.
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