17 Oct '17, 2pm

Changi Garden sold to CEL Development for $248.8m

The apartment owners will receive between $2.14 million and $2.27 million. (Photo: Edmund Tie) Changi Garden is the latest development to be sold in an en bloc sale for $248.8 million, revealed marketing agent Edmund Tie & Co. on Tuesday (17 October). The buyer is CEL Development, a member of Chip Eng Seng Group. The price works out to about $888 psf per plot ratio (psf ppr), and is much higher than the asking price of $196 million ($700 psf ppr). Located at Upper Changi Road North, the freehold property sits on approximately 200,093 sq ft of land. The site is zoned residential with a plot ratio of 1.4, according to the 2014 Master Plan. Developed in the late 1970s and early 1980s, Changi Garden comprises 60 apartments, 12 penthouses and 12 shops. The apartment owners will receive between $2.14 million and $2.27 million, while penthouse owners will get between $4.03 millio...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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