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Thread: Changi Garden sold for 888psf ppr

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    Default 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.

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

    September 7, 2017

    Chai Hung Yin


    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.

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    Freehold Changi Garden condo up for collective sale

    SEP 8, 2017

    Rachael Boon


    Yet another residential project is up for collective sale - this time in a quiet pocket of the east where land sites rarely go on the market.

    The Changi Garden condominium site joins the ever hotter en bloc scene here as developers look to bolster their land holdings.

    The owners of the freehold development - with 60 apartments, 12 penthouses and 12 shops - are asking for $196 million, or $700 per sq ft per plot ratio, said consultant Edmund Tie & Company yesterday.

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

    The firm noted that if the owners get their asking price, gross sale proceeds for an apartment would 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.

    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 land earmarked for residential homes has not been sold within a 2.8 km 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 said, adding that freehold sites of this size were rare.

    Mr Tan said the process for the collective sale started in March last year, and owners have told him "this is the fifth or sixth time" over the year that it is being put up for sale. Previous attempts were not successful. Changi Garden was developed in the late 1970s and early 1980s.

    "I've spoken to a number of developers and they like the size as it can let them be creative with their plans, and that can help in their product," he added.

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

    Edmund Tie & Company added that 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.

    Maybank Kim Eng analyst Derrick Heng said in a recent report that more than $3 billion in collective sales deals have been concluded so far this year, with another 30 properties at various stages of the en bloc process.

    He noted that six of these potential deals, if completed, could lift sales value by another $2.3 billion and add 4,600 units to the pipeline here.

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

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    Default 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.

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    Default 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.

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