Cascadale at Upper Changi Road East relaunches en bloc sale tender
Freehold district 16 development strategically positioned within Changi City, Singapore’s upcoming aviation development hub
SINGAPORE, 1 October 2019 – Cascadale, a 134-unit freehold residential development located near the Singapore University of Technology & Design (SUTD) and the Singapore Expo, is making its second attempt at a collective sale, announced marketing agent JLL.
The 167,528 sqft site is zoned ‘Residential’ under the 2014 Master Plan. With a gross plot ratio (GPR) of 1.6, the site has an allowable building height of up to 12 storeys or 45 metres Above Mean Sea Level (AMSL), subject to approval from the relevant authorities.
Located a short 350-metre walk to Upper Changi MRT station, Cascadale is only minutes’ from SUTD, Changi City Point, Changi Business Park, the Singapore Expo, Changi Airport and the Jewel.
According to Mr Karamjit Singh, Senior Consultant at JLL, “Major development plans are underway for Changi Airport and its surrounding locations. The iconic Jewel at Changi Airport continues to receive significant global attention amongst locals and tourists, with much anticipation over the future mega Terminal 5, which is set to cater to the doubling of tourist arrivals in Singapore.”
The recent unveiling of the draft 2019 Master Plan highlighted plans to transform the Changi East area into an innovative lifestyle and economic cluster, centred on aviation-related businesses and industries. Eventually, the area is poised to form a complete ecosystem where residents can work, live, play and learn.
In conjunction with these massive expansions and the introduction of the Cross Island MRT line, just last month the Land Transport Authority announced major plans to enhance connectivity in the area on all fronts. Plans include expanding and realigning existing roads and expressways leading to Terminal 5 and the building of a new 3.5 km cycling path along Xilin Avenue and the Tanah Merah Coast Road complementing existing park connectors.
“From a private housing supply perspective, there is no new yet-to-be-launched condominium project in District 16 in the pipeline. With the estimated 30,000 professionals working in Changi Business Park and as the plans for the Changi City take form, the demand and values for homes there are expected to rise by 10% to 20% over the next three to five years,” added Mr Singh.
Cascadale may be redeveloped into a condominium project comprising up to 292 units with an average size of 85 sqm per apartment, subject to approval and payment of development charges. The site’s proximity to the airport and an established business park also makes it attractive for redevelopment into serviced residences, subject to approval from the authorities.
The owners’ reserve price of $270 million translates to a land rate of approximately $1,065 psf ppr, after factoring an estimated development charge of about $15.5 million and before any bonus gross floor area.
Mr Singh continued, “Relatively strong sales achieved by new suburban projects in the second and third quarters of this year point to a resilient market for affordable homes. Some projects have been consistently selling between 50 and 100 units every month, well past their initial launch. The new project on Cascadale’s site fits such a profile nicely, where demand is expected to remain strong.”
The tender for Cascadale closes on Wednesday, 6 November 2019 at 2.30 pm.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com