SINGAPORE: Changi Garden, a freehold residential and retail development, has been bought for S$248.8 million by mainboard-listed Chip Eng Seng.
The price, which translates into S$888 per sq ft per plot ratio, is 27 per cent above the asking price of S$196 million.
Each apartment owner will receive between S$2.14 million and S$2.27 million, while a penthouse owner will receive between S$4.03 million and S$4.74 million, said marketing agent Edmund Tie & Co on Tuesday (Oct 17). Shop owners are expected to receive S$4.7 million to S$7.08 million, it added.
Located at the junction of Upper Changi Road North and Jalan Mariam, the property sits on about 200,093 sq ft of land. According to URA’s Master Plan 2014, it is zoned residential at a plot ratio of 1.4.
The development, which was built sometime between the late 1970s and early 1980s, currently comprises 60 apartments, 12 penthouses and 12 shops.
Chip Eng Seng plans to redevelop the property into a low-rise condominium with full facilities and potentially some retail shops, it said in a separate statement filed with the Singapore Exchange. The new property, when completed, is expected to yield about 320 homes.
Mr Tan Chun Ming, director of investment advisory at Edmund Tie & Co, said: “There has not been any residential land sold within a 2.8km radius of Changi Garden since 2013. All these are selling points that developers would find attractive, and we are very happy that we found a very reputable developer.”