Cascadale condominium owners are planning for a collective sale once again after their first attempt in the month of May this year had failed to attract bidders.
JLL the marketing agent for this sale informed this on Tuesday (October 01).
The District 16 freehold property is located in Changi and is 25 years old. The reserve price for the sale has remained unchanged at S$270 million according to the marketing agent.
The land rate translates to S$1,065 psf ppr going by the reserve price of S$270 million.
This rate is arrived at after accounting for the S$15.5 million development charge payable without the balcony bonus.
The condo sits on a plot 167,528 sq ft in size and as per the Master Plan of 2014 has been zoned residential.
The gross plot ratio for the plot is 1.6 and developers would have the option to explore a building 12-storeys in height. They would need to obtain necessary approvals from the authorities in this regard.
According to the market agents Cascadale that currently has 134 units can be redeveloped into a condo that can yield 292 units with an average unit size of 85 sqm which would be subject to receiving necessary approvals and payment of development charges.
JLL Singapore’s Senior Consultant, Karamjit Singh is optimistic about the prospects of this condo this time around citing improve sales figures among suburban projects in Q2 and Q3 this year as customers are looking for more affordable homes.
He added that there are several projects where developers have been able to sell 50-100 units per month even months into their initial launch. According to him the concerned site’s profile is in sync with the demand in the market.
The site is advantageously located and is close to the airport. There is also a business park in the close vicinity which makes it very attractive for the developers. There is demand for such residences which would incentivise any developer taking up this property according to the marketing agent.
The site is a part of Changi City, the upcoming aviation development hub in Singapore. The Draft Master Plan for 2019 is aimed at rejuvenating the Changi East Area and converting it into an economic hub.
Aviation related industries and businesses along with innovation lifestyle businesses are likely to come up in this area in the future.
Mr Singh added that at the present the housing market is short on the supply side in District 16 as there are no to-be launched private housing projects in the area.
More than 30,000 professionals work in Changi Business Park and with the rejuvenation plan underway there would be more demand for affordable homes in the area.
He added that the demand for new homes is expected to grow between 10 and 20% in this area in next few years.
The site is well-connected with Upper Changi MRT station only 350 metres away only few stations from the Jewel and the Airport.
The Upper Changi Road East also connects it to various other parts of Singapore. The site is located close to Changi City Point, Singapore Expo and the Singapore University of Technology & Design.
There would be connectivity improvement in the near future as the Land Transport Authority had announced its plans to connect the Cross Island MRT Line with the Terminal 5 at the airport.
There are several other projects that are being taken up including construction of a cycling path in Tanah Merah Coast Road and Xilin Avenue. Several roads in this area would be widened boosting connectivity.
The tender for this side would close on November 6 at 2:30 PM.