Chip Eng Seng previews Parc Komo at average price of $1,450 psf

The mixed-use development in Upper Changi is positioned as the most affordable freehold project launch in 2019

When listed construction and property development group Chip Eng Seng Corp paid $248.8 million for the en bloc purchase of Changi Gardens in October 2017, it was at a 27% premium to the owners’ original asking price of $196 million.
View from the gateway that separates the retail component and private residences at Parc Komo (Credit: CEL Development/Chip Eng Seng)
Still, Chip Eng Seng is previewing the new project, Parc Komo, on May 17, at an average price of $1,450 psf. “A lot of leasehold projects are already priced above that,” says Michael Ng, executive director of CEL Development, the property development arm of Chip Eng Seng. “Such pricing for a new, freehold project will be very difficult to repeat.”
Beyond pricing and the freehold tenure, the developer was drawn to the site because of the neighbourhood, says Raymond Chia, Chip Eng Seng group CEO. “We like its laid-back, rustic nature and the surrounding greenery,” he says.
Another attribute is that it is a mixed-use project. Parc Komo 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, says Chia. For the convenience of both residents of Parc Komo and those in the neighbourhood, he reckons potential tenants could include a supermarket, childcare centre or pre-school and F&B outlets.
Even though the site could potentially yield a new development with 330 units under the URA guidelines, Chip Eng Seng decided to build just 276 residential units in order to retain the “laid-back feel” of the development, says Chia.
The former Changi Gardens, which Chip Eng Seng purchased en bloc for $248.8 million in Oct 2017, and will be redeveloping into the new mixed-use development, Parc Komo (Credit: ET&Co)

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