Freehold condominium Changi Garden has been sold collectively to Chip Eng Seng for $248.8 million, 27% more than the initial asking price of $196 million. This works out to about $888 psf per plot ratio. There is no additional development charge applicable for the property.
Located along Upper Changi Road, Changi Garden sits on 200,093 sq ft of land and is comprised of 60 apartments, 12 penthouses and 12 retail shops. With the sale price of $248.8 million, each apartment owner can expect to pocket $2.1 million to $2.2 million; the owners of the penthouses will receive $4 million to $4.7 million each; and the shop owners will pocket $4.7 million to $7 million each.
Chip Eng Seng has plans to redevelop the property into low-rise condominium apartments with 320 units, including a handful of commercial shops.
Read more at the Straits Times website