CEL Development, the property development division of Chip Eng Seng Corporation, on Monday unveiled Parc Komo, a freehold mixed development in Changi inspired by the Japanese concept komorebi which celebrates the blend between nature and order.
This latest development by CEL has an average price of about S$1,450 per square foot (psf) and occupies a land area of about 202,000 square feet (sq ft).
The development comprises 10 blocks of five-storey apartments, totalling 276 units with two storeys of commercial space that comprises 28 commercial units.
Residential unit sizes range from 452 sq ft for a one-bedroom unit to 1,905 sq ft for the largest five-bedroom luxury penthouse. The indicative pricing starts at S$663,000 for a one-bedroom unit, S$871,000 for a two-bedroom unit and S$1,294,000 for a three-bedroom unit.
The public preview of Parc Komo will be held on Saturday, May 18.
Raymond Chia, group CEO of Chip Eng Seng Corporation, said: "At its highly affordable pricing, we believe that Parc Komo presents an excellent opportunity for buyers to own a piece of sanctuary and achieve a unique living experience amid metropolitan Singapore."
Chip Eng Seng bought the former Changi Garden in a collective sale at S$248.8 million in 2017. This works out to a price of S$888 per sq ft per plot ratio (psf ppr). Based on the land rate, the break-even price for a new development was estimated at about S$1,350 psf to S$1,400 psf after the bid last year.
Nicholas Mak, executive director at ZACD Group, said the development is reasonably priced, comparing it to three other developments in the area.
Casa Al Marie, a freehold development located at 75 Jalan Loyang Besar, is priced at S$1,600 psf. Coco Palms and The Jovell, both 99-year leasehold developments in the same area, are priced at S$1,238 psf and S$1,293 psf respectively.
Located in District 17, Parc Komo is situated in a region earmarked as a focal area for development and rejuvenation in the URA Draft Master Plan 2019.
Mr Chia said: "The rustic charm of Changi and the exciting masterplan for the area are major draw cards for Parc Komo. Fans of the East Coast area would appreciate the casual and easy-going vibes of Changi, as well as the long-term potential of the area."
As a business gateway, investors can look forward to rental opportunities given its proximity to Changi Business Park, Changi International Logispark, Changi Aviation Park and the upcoming Changi East Industrial Zone.
Recreational amenities located nearby also include Changi Point and Jewel Changi Airport.
Parc Komo will be accessible via the upcoming Loyang MRT Station on the Cross Island Line, expected to be completed by 2029.
Chip Eng Seng is also the developer for Park Colonial at Woodleigh, which launched in July last year. Mr Chia said despite initial slowdown due to cooling measures implemented that same month, more than 30 units have been sold at Park Colonial in the past three weeks.
Adapted from The Business Times, 14 May 2019