When Chip Eng Seng Corp previewed the estate Parc Komo over the Vesak Day vacation on May 18, the project drew a crowd of more than 3,500 interested buyers. A redevelopment of the previous Changi Gardens along Upper Changi Road North, the job was gone for a typical cost of regarding $1,450 psf, making it the most cost effective newly introduced estate property out there today.
“The rustic appeal of Changi and the exciting masterplan for the location are significant attracts for Parc Komo,” states Raymond Chia, group Chief Executive Officer of Chip Eng Seng.
These attributes led the provided building and also property advancement team to pay $248.4 million for the en bloc acquisition of Changi Gardens in October 2017. While this price went to a 27% premium to the proprietors’ initial asking rate of $196 million, Chip Eng Seng has actually kept Parc Komo “attractively valued to allow buyers to understand their aspirations of having an estate home”.
The job has 10 five-storey blocks with 276 apartments as well as 28 retail units on 2 floors fronting upper Changi Road North. The retail units will not be sold as the developer intends to have better control of the occupant mix. Chia highlights that Parc Komo is the only mixed-use development in the vicinity as well as provides citizens comforts and also way of life offerings at its front door.
“Parc Komo attracts influence from Changi’s idyllic coastal setup, evoking feelings of leisure as well as serenity. Its design flights on the most recent way of life trend towards general health, as we sought to inject a sense of mindfulness right into the theme of the advancement,” he states.
To this end, Chip Eng Seng made a decision to build simply 276 domestic units instead of 330 units under the URA standards in order to preserve the “laid-back feel of the advancement”. Lim Koon Park, creator and also principal of Park+Associates, is the design designer for Parc Komo, while Salad Dressing is the landscape designer for the project.