Changi Garden put up for collective sale
Changi Garden put up for collective sale
Timothy Tay / EdgeProp | September 7, 2017
Changi Garden will be put up for sale by public tender on September 8, according to Edmund Tie & Company (ET&Co.), the appointed property consultant for the sale.
Developed in the late 1970s and early 1980s, Changi Garden comprises 60 apartments, 12 penthouses, and 12 shops. According to ET&Co, the asking price is S$196 million, which translates to about $700 psf ppr. The gross sale proceeds for an apartment range from $1.69 million to $1.79 million; a penthouse from $3.18 million to $3.74 million; and a shop from $3.7 million to $5.5 million.
The freehold property sits on approximately 200,093 sq ft of elevated land and is surrounded by landed houses. According to the URA Master Plan 2014, the site is zoned ‘Residential’ with a plot ratio of 1.4. According to ET&Co, due to the high development baseline, no development charge is payable.
“The property can be redeveloped into a low-rise condominium in a relatively quiet residential neighbourhood”, says Nicholas Mak, executive director at ZACD Group, “The developer can develop the site into a condominium with about 280 to 300 dwelling units.”
Located at the junction of Upper Changi Road North and Jalan Mariam, the property is easily accessible via the ECP, PIE, and TPE expressways.
According to ET&Co, the ongoing agglomeration efforts of business establishments in areas such as Changi Business Park, Changi North and South Industrial Estates, Loyang Industrial Estate, and Singapore Expo, is evidence that the area is slated for transformation into a major employment centre. The upcoming Jewel Changi Airport and Terminal 4 will further enhance the location’s attractiveness.
“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.” says Tan Chun Ming, director of investment advisory, ET & Co.
The tender exercise will close on October 16.
Changi Garden latest to hop on en bloc train
Changi Garden latest to hop on en bloc train
SEP 08, 2017
LEE MEIXIAN
ANOTHER en bloc aspirant has joined the hopefuls. The residents of Changi Garden have agreed to put up their nearly 40-year-old property for collective sale by public tender on Thursday. Their asking price is S$196 million, which translates to about S$700 per square foot per plot ratio.
Going by this amount, an apartment owner will receive S$1.69 million to S$1.79 million. Penthouse owners will receive S$3.18 million to S$3.74 million, and shop owners S$3.7 million to S$5.5 million.
This is the 15th residential en bloc attempt this year; 50 to 60 deals are said to be under way at various stages, which Jennifer Chia, head of corporate real estate at TSMP Law, thinks is a momentum that can be sustained only for developments with attractive pricing, redevelopment potential and locations.
"Since the last en bloc fever (from 2005 to 2007), we have seen the additional buyer's stamp duty and additional conveyance duties imposed," she said.
"Some of the developers that took part in the last cycle actually took their money overseas, so it may not be so easy for them to bring that money back to Singapore quickly."
Changi Garden was developed around 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 200,093 sq ft of elevated ground and is surrounded by houses.
According to the Urban Redevelopment Authority's Master Plan 2014, it is zoned "residential" with a plot ratio of 1.4. Due to the high development baseline, no development charge (DC) is payable, said Edmund Tie & Company (ET&Co), the property consultant for the collective sale.
DC is a tax payable to the state as a result of the state approving a development proposal that will increase the land value of a site, for instance, when it increases the intensity or plot ratio.
ET&Co noted that the Changi area is slated for transformation into a major employment centre, with an ongoing agglomeration of business establishments in the 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 Changi Airport and the 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, ET&Co's director of investment advisory, said: "Since 2013, there has not been any residential land sold within a 2.8-km 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."
Nicholas Mak, ZACD Group executive director, said the property can be redeveloped into a low-rise condominium with about 280 to 300 units in the relatively quiet neighbourhood.
"Following the recent increase in residential DC rates, the en bloc sale projects with very high DC baselines, resulting in little or no DC payable for redevelopment, would enjoy an advantage over other competing en bloc sale projects."
The tender exercise for the site will close on Oct 16 at 3pm.
Commenting on the en bloc market at large, Ms Chia from TSMP said: "With so many deals in the pipeline to choose from, developers can afford to be a bit more picky as to what they think would be a good redevelopment opportunity.
"It looks more like a buyer's market now than a seller's market. Developers are looking at the deals, but they are also cautious and crunching their numbers."
To be sure, not every owner is anxious to sell. Thomas Tan, a resident at Sutton Place in Farrer Road, said: "We are in no hurry to monetise our property or chase any windfall. We just think it will be too long to wait until the next cycle."
The sales committee at Sutton Place is currently preparing to hold an extraordinary general meeting to obtain approval for its collective sales agreement and apportionment method.
This is its second attempt, after a previous attempt five years ago failed to garner the requisite 80-per-cent consensus among residents.
Changi Garden sold for 888psf ppr
http://infopub.sgx.com/FileOpen/Anno...&FileID=474341
The Board of Directors of Chip Eng Seng Corporation Ltd (the “Company”) is pleased to announce
that CEL Real Estate Development Pte. Ltd., a wholly-owned subsidiary of the Company has
successfully tendered for the enbloc acquisition (the “Acquisition”) of the property known as Changi
Garden, which is located at the junction of Upper Changi Road North and Jalan Mariam (the
“Property”). Changi Garden presently has 84 residential and retail units.
The purchase price for the Property is $248.8 million ($888 psf per plot ratio), which was arrived at
following internal evaluation.
The Property has a freehold tenure and a site area of 18,589.30 square metres. With a plot ratio of
1.4, it has a maximum allowable gross floor area of 26,025.02 square metres. The Company intends
to redevelop the Property into a low-rise residential condominium with full condominium facilities (the
“Proposed Redevelopment”). The Proposed Redevelopment is expected to yield approximately 320
residential units and potentially some retail shops.
The completion of the Acquisition is subject to satisfaction of conditions precedent including, amongst
others, the sale order approving the collective sale of the Property in accordance with the Land Titles
(Strata) Act. The Company will make further announcement when the Acquisition is completed.
The Acquisition and the Proposed Redevelopment will be funded by internal resources and bank
borrowings.
The Acquisition is not expected to have significant impact on the net tangible assets and earnings per
share of the Company for the current financial year ending 31 December 2017.
None of the Directors and, to the best knowledge of the Directors, none of the controlling and
substantial shareholders of the Company, has any direct or indirect interest in the Acquisition.
Submitted by Hoon Tai Meng, Executive Director, on 17 October 2017 to the SGX.
Re: Changi Garden sold for 888psf ppr
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