Changi Garden to be put up for collective sale by tender with S$196m asking price

REAL estate consulting firm Edmund Tie & Company (SEA) is putting Changi Garden up for collective sale by public tender on Friday, the appointed property consultant said on Thursday.

Based on the asking price of S$196 million (S$700 psf ppr), the gross sale proceeds for an apartment 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 was developed circa the late 1970s and early 1980s, and comprises 60 apartments, 12 penthouses and 12 shops. Located at the junction of Upper Changi Road North and Jalan Mariam, the freehold property sits on approximately 200,093 sq ft of elevated grounds and is surrounded by landed houses.

According to Urban Redevelopment Authority's Master Plan 2014, it is zoned "residential" with a plot ratio of 1.4. Due to high development baseline, no development charge is payable, said Edmund Tie.

It noted that the Changi area is slated for transformation into a major employment centre. This is evident with an ongoing agglomeration of business establishments in this popular industrial and commercial cluster, including Changi Business Park, Changi North and South Industrial Estates, Loyang Industrial Estate, Singapore Expo and others.

This trend is anticipated to continue given the area's proximity to Singapore Changi Airport and Singapore University of Technology and Design. The upcoming Jewel Changi Airport and Terminal 4 will serve to further enhance the attractiveness of the location, it said.

Tan Chun Ming, director of investment advisory, said: "Since 2013, there has not been any residential land sold within a 2.8km radius of Changi Garden. 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."

The tender exercise for the site will close on Oct 16, 2017 at 3pm.