Freehold Changi Garden condo up for $196m collective sale

SINGAPORE – Yet another residential development is up for collective sale, joining the hot en-bloc scene in recent months.

The owners of the freehold Changi Garden, which has 60 apartments, 12 penthouses and 12 shops, are asking for S$196 million or S$700 per square feet per plot ratio, said consultant Edmund Tie & Company on Thursday (Sept 7).

It is putting up the development for sale by public tender on Friday.

The firm noted gross sale proceeds for an apartment will range from S$1.69 million to S$1.79 million, a penthouse from S$3.18 million to S$3.74 million, and a shop from S$3.7 million to S$5.5 million.

Changi Garden is at the junction of Upper Changi Road North and Jalan Mariam, and sits on about 200,093 sq ft of elevated grounds, surrounded by landed houses.

It is also near Changi Prison but Mr Tan Chun Ming, Edmund Tie & Company director of investment advisory, said the site remains an attractive option as residential land has not been sold within a 2.8km radius of Changi Garden since 2013.

“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,” he noted.

The firm said the site is zoned residential at a plot ratio of 1.4, and owing to a high development baseline, there is no development charge.

Edmund Tie & Company added the Changi area is “slated for transformation into a major employment centre”, noting how it has become a popular industrial and commercial cluster, including housing Changi Business Park.

“The upcoming Jewel Changi Airport and Terminal 4 will serve to further enhance the attractiveness of the location,” it added.

The tender for the Changi Garden site closes on Oct 16 at 3pm.