Parc Komo Price Review
November 13, 2020
When detailed building and construction and prop-erty advancement team Chip Eng Seng Corp paid $248.8 million for the en bloc purchase of Changi Gardens in October 2017, it was at a 27% premium to the proprietors’ original ask-ing rate of $196 million. Still, Chip Eng Seng is previewing the brand-new task, Parc Komo, on May 17, at an average price of $1,450 psf.
“A great deal of leasehold projects are currently priced over that,” states Michael Ng, executive supervisor of CEL Advancement, the home growth arm of Chip Eng Seng. “Such prices for a new, freehold task will be very tough to repeat.” Past rates and also the property tenure, the developer was attracted to the site due to the neighbourhood, states Raymond Chia, Chip Eng Seng team Chief Executive Officer. “We like its easygoing, rustic nature and also the bordering plant,” he claims.
An additional attribute is that it is a mixed-use project. Parc Komo has 10 five-storey blocks with 276 houses and 28 retail units on 2 floors fronting Upper Changi Road North. The retail units will not be offered for sale as the developer intends to have much better control of the occupant mix, claims Chia. For the ease of both citizens of Parc Komo as well as those in the area, he thinks prospective renters could consist of a supermarket, childcare centre or pre-school and F&B outlets.Even though the site might possibly generate a new growth with 330 units under the URA guidelines, Chip Eng Seng made a decision to construct just 276 household units in order to retain the “laid-back feel” of the development, states Chia.