When Chip Eng Seng Corp previewed the freehold Parc Komo over the Vesak Day long weekend on May 18, the project drew a crowd of more than 3,500 interested buyers. A redevelopment of the former Changi Gardens along Upper Changi Road North, the project was launched at an average price of about $1,450 psf, making it the most affordable newly launched freehold property in the market today.
“The rustic charm of Changi and the exciting masterplan for the area are major draws for Parc Komo,” says Raymond Chia, group CEO of Chip Eng Seng.
Parc Komo has 10 five-storey blocks with 276 apartments and 28 retail units on two floors fronting Upper Changi Road North (Artist's Impressions: Chip Eng Seng Corp)
These attributes led the listed construction and property development group to pay $248.4 million for the en bloc purchase of Changi Gardens in October 2017. While this price was at a 27% premium to the owners’ original asking price of $196 million, Chip Eng Seng has kept Parc Komo “attractively priced to enable homebuyers to realise their aspirations of owning a freehold residence”.
The project has 10 five-storey blocks with 276 apartments and 28 retail units on two floors fronting upper Changi Road North. The retail units will not be offered for sale as the developer wants to have better control of the tenant mix. Chia highlights that Parc Komo is the only mixed-use development in the vicinity and offers residents conveniences and lifestyle offerings at its doorstep.
“Parc Komo draws influence from Changi’s idyllic coastal setting, evoking vibes of relaxation and serenity. Its design rides on the latest lifestyle trend towards overall wellness, as we sought to inject a sense of mindfulness into the theme of the development,” he says.
For price trends, recent transactions, other project info, check out the Parc Komo project details page
The project's design draws influence from Changi's idyllic coastal setting, evoking vibes of relaxation and serenity
To this end, Chip Eng Seng decided to build just 276 residential units instead of 330 units under the URA guidelines in order to retain the “laid-back feel of the development”. Lim Koon Park, founder and principal of Park+Associates, is the design architect for Parc Komo, while Salad Dressing is the landscape architect for the project.
While Parc Komo’s design focuses on overall wellness for its residents, the project is also poised to benefit from the upcoming rejuvenation of Changi in the URA Draft Master Plan 2019. In the coming years, the region will see several transport enhancements and more jobs created.
A 1,080ha plot of land east of the present Changi Airport has been earmarked as the site of the airport’s next major development. The plot includes the upcoming Terminal 5, the Changi East Industrial Zone, the Changi East Urban District and other aviation support and ground transport infrastructure. This will complement the opening of Jewel Changi Airport earlier this year, providing both locals and travellers with a mix of attractions, shopping and dining experiences.
The living and dining area of the five-bedroom show unit (Photos: Albert Chua/EdgeProp Singapore)
Elsewhere, Changi Point, where the current ferry terminal is located, is known for its lush coastal setting, rich biodiversity and military heritage, and will see new recreational activities introduced to enhance the charm of the area.
When it comes to connectivity, residents at Parc Komo can look forward to the new Loyang MRT Station on the upcoming Cross Island Line, which will be a nine-minute walk from Parc Komo. Exercise enthusiasts will also enjoy the Coastal Park Connector, part of the planned Round Island Route, a continuous 150km corridor that completely encircles Singapore. Recently completed, the route offers a jogging or cycling experience against the backdrop of planes departing and landing at Changi Airport. The extended Tanah Merah Coast Road also offers a 10km on-road cycling lane.
Even with these upcoming amenities, the developer has launched Parc Komo at an average price of $1,450 psf. “Such pricing for a new freehold project is very difficult to repeat. A lot of leasehold projects are already priced above that,” says Chip Eng Seng’s Chia.
The two-bedroom show unit
Unit sizes range from 452 sq ft for a one-bedroom apartment to 1,905 sq ft for the largest five-bedroom penthouse. As of Aug 5, the project is 40% sold, with all the one-bedroom units fully sold during the launch weekend. Prices for the balance units start from $881,000 for a one-bedroom-plus-study to $2.56 million for a five-bedroom penthouse.
Chia adds that Parc Komo is low-rise at just five storeys, unlike most of the other condos in the area which are high-rise. “Being mixed-use with the convenience of the future retail and F&B outlets, it’s ideal for both owner-occupiers and investors who are planning to rent out their units,” he shares.
According to him, over 80% of the buyers are Singaporean, with the majority currently staying in the vicinity. As such, they are familiar with the neighbourhood and like the location.
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