Chip Eng Seng acquires Changi Garden at $248.8 mil

/ EdgeProp
October 17, 2017 10:44 AM SGT
Chip Eng Seng announced on Oct 17 that it has successfully tendered for the en bloc purchase of Changi Garden, at $248.8 million, or $888 psf per plot ratio (ppr). This works out to about 27% above the asking price of $196 million.
According to marketing agent Edmund Tie & Company (ET&Co), no development charges are payable for the site because of its high development baseline.
At the selling price, an apartment owner is set to receive between $2.14 million and $2.27 million, while a penthouse owner will receive between $4.03 million and $4.74 million, says ET&Co. Shop owners are expected to receive between $4.7 million and $7.08 million, ET&Co adds.
Source: ET&Co
Chip Eng Seng intends to redevelop Changi Garden into a low-rise condominium of about 320 residential units with a possible retail component.
According to Tay Siong Siew, chairman of Changi Garden’s en bloc sales committee, the collective sales process began in March last year.
The existing property comprises 84 residential and retail units that sit on a freehold site measuring approximately 200,095 sq ft. Under the 2014 Master Plan, the site has a plot ratio of 1.4, which translates into a maximum allowable gross floor area of 280,133 sq ft.