Former Changi Garden
Jalan Meriam | Upper Changi Road North D17 
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Pending Approval for Sale
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Seeking Indication of Interest

Sales Hotline : 94507545

Project Details

ST 20171018 GLCHANGI18 3495562

Built between the 1970s and 1980s, Changi Garden was placed on the market for a collective sale for an asking price of $196 million.  Changi Garden just sold for an amazing $248.8 million which is 27% above the asking price!  This property consists of 60 apartments, 12 penthouses, and 12 shops.

Each owner of an apartment will receive between $2.14 million and $2.27 million.  Penthouse owners will receive between $4.03 million and $4.74 million and shop owners are going to get between $4.7 million to $7.08 million.

CEL Real Estate Development beat out eight other bidders and won the property for $888 per square foot per plot ratio for the 200,093 sq. ft. site.  Analysts said that the offer for the estate is 30% higher than the asking price, was unexpected due to the nature of the mixed development of residences and shops and not in a central location.

CEL Real Estate Development is a wholly owned subsidiary of Chip Eng Seng Corp.  Filing with the Singapore Exchange on Tuesday, Chip Eng Seng stated they have plans to develop low rise residential condominiums consisting of around 320 units with full facilities and possibly some shops.

Mr Alan Cheong, who is the senior director of research and consultancy representing Savills Valuation and Professional Services, stated that the property market is really in a very unusual phase.  In past history, developers focused on prime districts for collective sales but today, they seem to be covering the entire island.  He also pointed out that Changi Garden is located directly across from Changi Prison which makes this a very unusual sale.

Despite the high asking price, developer was willing to go even higher which means the price tags will be even higher once the site is launched.

Leading executive officer of ERA Realty Network, Eugene Lim, said the prices per unit at the site will depend on the market conditions.  The sales prices seem to reflect the confidence that the developers have in this property market for the short-term and a belief that the prices will increase.

It is believed that the break-even price for CEL, based on the current market, would be approximately $1,350 to $1,400 per square foot.  This is based on findings from Nicholas Mak, head of the research and consultancy dept. at integrated asset management ZACD.

Location

Site Plan

Pending Approval for Sale. More updates coming soon.

E-Brochure

Pending Approval for Sale. More updates coming soon.

Floorplans

Pending Approval for Sale. More updates coming soon.

Prices

Pending Approval for Sale. More updates coming soon.

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Former Changi Garden Rating: 5.0 out of 5 | Review By: BuyCondo Singapore | PropNex Realty Pte Ltd | CEA Reg. No. L3008022J / R009877B