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Thread: Changi Garden sold for 888psf ppr

  1. #6

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    Ask $196 mio.
    Sold 248.8 mio . Big discrepancy (27%) ... though a happy one.

    Seller ask too low or buyer buy too high ?

    anyone have details of the result breakdown ??

  2. #7

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    Built in 1980 by MR LEE HUI CHOON, Changi Garden is located in District 17 and has a total of 60 units.

    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).

    This Condominium/Apartment is accessible through the nearest train stations such as Tampines East MRT (DT33) Downtown Line Due 2017. The nearest primary schools are White Sands Primary School, East Spring Primary School, and Pasir Ris Primary School.

    This property is close to amenities like Giant(loyang Point), Sheng Siong Hypermarket(loyang Point Complex), and Giant(tampines Mart). The closest shopping malls are LOYANG POINT.

    Property Name:Changi Garden
    Property Type:Condominium
    Developer:MR LEE HUI CHOON
    No. of Units:60
    Last edited by Arcachon; 18-10-17 at 14:19.

  3. #8

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    Date Address Unit Size (sqft) Price Price (psf)
    9th Mar 2016 CHANGI GARDEN, #0-1-XX 1,475 $900,000 $610
    4th Mar 2016 CHANGI GARDEN, #0-1-XX 1,399 $990,000 $707
    6th Sep 2013 CHANGI GARDEN, #0-1-XX 1,399 $1,115,000 $797
    2nd Sep 2013 CHANGI GARDEN, #0-1-XX 1,399 $1,080,000 $772
    7th Aug 2013 CHANGI GARDEN, #0-1-XX 1,475 $1,050,000 $712

  4. #9

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    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.

  5. #10

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    Changi Garden sold for S$248.8 million; 27% above asking price

    SINGAPORE — En-bloc fever continues to rage in the property market, with freehold development Changi Garden attracting a winning tender bid of S$248.8 million, which surprised analysts.

    CEL Real Estate Development’s offer to buy over the estate is close to 30 per cent higher than the asking price, and analysts said that it was unexpected given that the mixed development, with residential and retail units, is not in a central location.

    The estate, located at the junction of Upper Changi Road North and Jalan Mariam, comprises 60 apartments, 12 penthouses and 12 shops.

    The property developer beat eight other bidders to win the tender. The purchase price works out to S$888 per square foot (psf) per plot ratio for the 200,093sqf site

    Each apartment owner will net 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. Shop owners are expected to receive S$4.7 million to S$7.08 million.

    Built between the 1970s and 1980s, Changi Garden was put up for collective sale last month with an asking price of S$196 million.

    CEL Real Estate Development is a wholly owned subsidiary of mainboard-listed Chip Eng Seng Corporation. In a filing to the Singapore Exchange on Tuesday (Oct 1), Chip Eng Seng said that it intends to develop a low-rise residential condominium on the site, comprising around 320 units, with full facilities and possibly some retail shops.

    Commenting on the sale, Mr Alan Cheong, senior director of research and consultancy at Savills Valuation and Professional Services, said that the property market is now in a “very unusual cycle”.

    “In the past, developers focused on prime districts for collective sales, but today it is all over the island,” he said, noting that Changi Garden is located opposite Changi Prison.

    “Also, the asking price is already considered high, but the developer is willing to bid even higher. This will translate to higher prices when the new development is launched,” Mr Cheong said.

    Mr Eugene Lim, key executive officer of ERA Realty Network, said that prices of units at the future development would be dependent on market conditions.

    On the sale price, he said: “The price reflects the confidence the developer has in the property market in the short term, that prices will increase.”

    Mr Nicholas Mak, head of the research and consultancy department at integrated asset manager ZACD, said that the estimated break-even price for CEL, based on the current market condition, would be about S$1,350 psf to S$1,400 psf.

    This year so far, there have been more than 10 collective sales, including Tampines Court, which went for a record high of S$970 million, the biggest sale for a former Housing and Urban Development Company estate since 2007.

    Earlier this month, Normanton Park was sold for S$830.1 million, and the sale of Amber Park condominium at S$906.7 million set a record for Singapore’s largest freehold collective sale by dollar value.

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