Business

Changi Garden condominium site up for collective sale

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 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 on Thursday (Sept 7). It is putting up the development for sale by public tender on Friday.

The firm noted that if the owners get their asking price, gross sale proceeds for an apartment would range from $1.69m to $1.79m; a penthouse from $3.18m to $3.74m; and a shop from $3.7m to $5.5m.

Changi Garden is at the junction of Upper Changi Road North and Jalan Mariam, and sits on about 200,093 sq ft of elevated ground, surrounded by landed housing.

Edmund Tie & Company said 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 tender for the Changi Garden site closes on Oct 16 at 3pm.

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