Changi Garden put up for collective sale
By Timothy Tay
/ EdgeProp |
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Changi Garden will be put up for sale by public tender on September 8, according to Edmund Tie & Company (ET&Co.), the appointed property consultant for the sale.
Developed in the late 1970s and early 1980s, Changi Garden comprises 60 apartments, 12 penthouses, and 12 shops. According to ET&Co, the asking price is S$196 million, which translates to about $700 psf ppr. The gross sale proceeds for an apartment range from $1.69 million to $1.79 million; a penthouse from $3.18 million to $3.74 million; and a shop from $3.7 million to $5.5 million.
The freehold property sits on approximately 200,093 sq ft of elevated land and is surrounded by landed houses. According to the URA Master Plan 2014, the site is zoned ‘Residential’ with a plot ratio of 1.4. According to ET&Co, due to the high development baseline, no development charge is payable.
“The property can be redeveloped into a low-rise condominium in a relatively quiet residential neighbourhood”, says Nicholas Mak, executive director at ZACD Group, “The developer can develop the site into a condominium with about 280 to 300 dwelling units.”
Located at the junction of Upper Changi Road North and Jalan Mariam, the property is easily accessible via the ECP, PIE, and TPE expressways.
According to ET&Co, the ongoing agglomeration efforts of business establishments in areas such as Changi Business Park, Changi North and South Industrial Estates, Loyang Industrial Estate, and Singapore Expo, is evidence that the area is slated for transformation into a major employment centre. The upcoming Jewel Changi Airport and Terminal 4 will further enhance the location’s attractiveness.
“Since 2013, there has not been any residential land sold within a 2.8km radius of Changi Garden. 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.” says Tan Chun Ming, director of investment advisory, ET & Co.
The tender exercise will close on October 16.
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