SINGAPORE: Changi Garden, a freehold residential and retail development, has been bought en bloc for S$248.8 million by mainboard-listed Chip Eng Seng.

This translates into S$888 per sq ft per plot ratio (psf ppr), and is 27 per cent above the asking price of S$196 million.

Each apartment owner will receive between S$2.14 million and S$2.27 million, while each penthouse owner will receive between S$4.03 million and S$4.74 million, said marketing agent Edmund Tie & Co. Shop owners are expected to receive S$4.7 million to S$7.08 million, it added.

Located at the junction of Upper Changi Road North and Jalan Mariam, the property sits on about 200,093 sq ft of land.

The development, which was built sometime between the late 1970s and early 1980s, currently comprises 60 apartments, 12 penthouses and 12 shops.

Chip Eng Seng plans to redevelop the property into a low-rise condominium with full facilities and potentially some retail shops. The new property, when completed, is expected to yield about 320 homes.

Mr Tan Chun Ming, director of investment advisory at Edmund Tie & Co, said: “There has not been any residential land sold within a 2.8km radius of Changi Garden since 2013. All these are selling points that developers would find attractive, and we are very happy that we found a very reputable developer.”