The Changi Garden residential and retail complex in Singapore will be acquired by local developer Chip Eng Seng for S$248.8 million, a price that marks a 27% premium above the original S$196 million asking price, according to a report by The (Singapore) Business Times.
The owners of the development will pocket S$52.8 million more than originally anticipated from the en bloc sale, the latest in a wave of collective sale efforts in the city-state. The S$248.8 million price reflects a per-square-foot, per-plot-ratio price of S$888, according to the Oct. 17 report.
The asset is atop an 18,589.30-square-meter site at Singapore, which has an allowable gross floor area of up to 26,025.02 square meters, or a gross plot ratio of 1.4x. The buyer has plans to regenerate the site into a 320-unit low-rise condominium, which will also contain retail elements, according to the report.
Chip Eng Seng, which clinched the development as the highest bidder after the tender closed Oct. 16, will not have to pay an additional development charge to the city-state as the property was judged to have a high development baseline.
The current complex is made up of 60 residential apartments, 12 penthouses and 12 retail units, with each apartment owner expected to receive between S$2.1 million and S$2.3 million from the en bloc sale, the report noted, citing Edmund Tie & Co., which helped to market the property to buyers.
Every penthouse owner is predicted to take home a payment ranging between S$4.0 million to S$4.7 million, while retail unit owners will stand to generate between S$4.7 million and S$7.1 million each for their shops.
As of Oct. 16, US$1 was equivalent to S$1.35.