A freehold condominium in Changi has gone en bloc with an asking price of $270 million.
25-yo freehold condo near Upper Changi MRT station goes en bloc
While the Cascadale condominium is but 25 years old, the owners have decided to put it up for collective sale with a reasonable reserve price of $270 million.
The 167,528 sq ft site has a land ratio of 1.6 and land rate of $1,0871 psf ppr (excluding an estimated development charge of $17 million and bonus floor area). The allowable building height for the site is 12 storeys and can be developed to hold up to 292 units with average unit sizes of 85 sq m.
Should the deal be brokered, each owner stands to receive between $1.4 million and $4 million.
Site near Changi Airport may benefit from the URA 2019 Masterplan
Under the URA Masterplan 2014, the site on which the 134-unit Cascadale sits is zoned for residential use. With recent announcements of the development of the area around Changi Airport into residential areas, the site might be of particular interest to investors or developers with foresight.
While the pace of en bloc sales have slowed considerably after the feverish pitch it reached last year, the freehold status of the site is a plus since there has been only 1 other such site sold in this district since 2010. A small freehold residential site was sold in Upper East Coast Road in 2017.
In addition, the site is near the Singapore University of Technology and Design (SUTD), Changi Business Park and the Singapore Expo which may bring in good rental yields. Property analysts are expecting demand and values of homes in this area to rise 10% to 20% within the next 5 years.