Cascadale condo in Changi relaunched for en bloc sale at same S$270 million price

Wed, Oct 02, 2019

THE owners of Cascadale condominium in Upper Changi Road East are making a second attempt at an en bloc sale at the same reserve price of S$270 million, marketing agent JLL said on Tuesday.

The 25-year-old freehold property in District 16 was first launched for collective sale in May this year. The reserve price translates to a land rate of about S$1,065 per square foot per plot ratio (psf ppr), after factoring an estimated development charge of about S$15.5 million and before any bonus gross floor area.

JLL previously estimated the development charge to be S$17 million when it announced the property's first en bloc attempt in May. That translated to a higher land rate of S$1,071 psf ppr.

The condo sits on a 167,528 square foot (sq ft) freehold site zoned "residential" under the 2014 Master Plan. With a gross plot ratio of 1.6, the site has an allowable building height of up to 12 storeys, or 45 metres above mean sea level, subject to approval from the authorities.

The 134-unit Cascadale may be redeveloped into a condominium project with up to 292 units with an average size of 85 square metres per apartment, subject to approval and the payment of development charges.

Cascadale's proximity to the airport and a business park also makes the property attractive for redevelopment into serviced residences, subject to approval from the authorities, according to JLL.

It is positioned within Changi City, Singapore's upcoming aviation development hub. According to the draft 2019 Master Plan, there are plans to transform the Changi East area into an innovative lifestyle and economic cluster, centred on aviation-related business and industries.

"From a private housing supply perspective, there is no new yet-to-be-launched condominium project in District 16 in the pipeline," said JLL senior consultant Karamjit Singh.

"With the estimated 30,000 professionals working in Changi Business Park and, as the plans for the Changi City take form, the demand and values for homes there are expected to rise by 10 per cent to 20 per cent over the next three to five years."

The tender for Cascadale closes on Nov 6 at 2.30pm.