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PR Newswire
17-10-2017, 10:22 AM
Enbloc Acquisition of Changi Garden through Tender
Chip Eng Seng Corporation Ltd announced that CEL Real Estate Development Pte. Ltd., a wholly-owned subsidiary of the Company has successfully tendered for the enbloc acquisition of the property known as Changi Garden, which is located at the junction of Upper Changi Road North and Jalan Mariam. Changi Garden presently has 84 residential and retail units.
The purchase price for the Property is $248.8 million ($888 psf per plot ratio), which was arrived at following internal evaluation.
The Property has a freehold tenure and a site area of 18,589.30 square metres. With a plot ratio of 1.4, it has a maximum allowable gross floor area of 6,025.02 square metres. The Company intends to redevelop the Property into a low-rise residential condominium with full condominium facilities. The Proposed Redevelopment is expected to yield approximately 320 residential units and potentially some retail shops.
The Acquisition and the Proposed Redevelopment will be funded by internal resources and bank borrowings.
Chip Eng Seng Corporation Ltd announced that CEL Real Estate Development Pte. Ltd., a wholly-owned subsidiary of the Company has successfully tendered for the enbloc acquisition of the property known as Changi Garden, which is located at the junction of Upper Changi Road North and Jalan Mariam. Changi Garden presently has 84 residential and retail units.
The purchase price for the Property is $248.8 million ($888 psf per plot ratio), which was arrived at following internal evaluation.
The Property has a freehold tenure and a site area of 18,589.30 square metres. With a plot ratio of 1.4, it has a maximum allowable gross floor area of 6,025.02 square metres. The Company intends to redevelop the Property into a low-rise residential condominium with full condominium facilities. The Proposed Redevelopment is expected to yield approximately 320 residential units and potentially some retail shops.
The Acquisition and the Proposed Redevelopment will be funded by internal resources and bank borrowings.
Specuvestor: Asset - Business - Structure.