Cascadale Condo, a 25-year-old freehold development in Upper Changi Road East has been put up for en bloc sale by the owners.
This is the first time the owners of the property are taking shot at collective sale.
JLL Singapore the market agent for this sale, informed that the owners have set S$270 million as the reserve price for this property.
The 134-unit Cascadale condo is built on a 167,528 square feet plot and has been zoned residential under the URA Master Plan of 2014 and going by the asking price land rate translates into S$1,071 psf ppr.
This land rate is inclusive of the S$17 million estimated development charge but doesn’t factor in the bonus areas in the development.
With 1.6 plot ratio a 12-storey tower can come up on this site reaching 45 metres in height.
Located along the Upper Changi Road East, the site is merely 350 meters from the Upper Changi MRT station.
It is also two stations from Jewel and Changi Airport. With Singapore University of Technology & Design, Singapore Expo, Changi Business Park and Changi City Point in the vicinity, the location is advantageous.
There is good redevelopment potential on this property and it can be redeveloped into a 292-unit condo with individual units being near the 85 sqm size.
This is of course subject to receiving approval from the authorities and also paying the development charges.
JLL believes that the location is very attractive and there is potential to convert these into serviced apartments.
Senior consultant at JLL Karamjit Singh said that the demand for homes is expected to rise by 10-20% in Changi Road and value of properties would also go up.
With the launch of Jewel at the Changi Airport there is expected to be lot of rejuvenation and activity in this area.
The opening of Terminal 5 would have a spiralling effect on the development of this area as the tourist arrivals is expected to double up.
According to the draft 2019 Master Plan has given the outline for the development of Changi East area.
It is expected to be transformed into an economic and lifestyle hub with several aviation-linked industries and businesses expected to come up.
Mr Singh also added that there are no condo projects coming up in District 16 which is a large area comprising of Sennett Road, Tanah Merah, Upper East Coast Road and Eastwood.
Sounding confident about the prospects of this sale Mr Singh said that since 2010 no freehold site has been sold along Upper East Coast Road and this makes Cascadale a great prospect for the developer.
Though market sentiments have been negative since July last year, this property has several incentives attached to it which might attract a developer easily.
The tender for Cascadale Condo closes on 10 July at 2:30 PM