Developers will be able to build residential properties.
The Freehold Changi Garden was sold en bloc for $248.8m or $888 psf, sale broker Edmund Tie & Company said.
According to a press release, the buyer is CEL Development Pte Ltd, a member of the Chip Eng Seng Group.
An apartment owner will receive between $2.14m and $2.27m, whilst a penthouse owner will receive between $4.03m and $4.74m. Shop owners are expected to receive $4.7m to $7.08m.
Changi Garden has 60 apartments, 12 penthouses, and 12 shops. It is zoned residential at plot ratio of 1.4 and has a land area of 200,093 sqft.
Edmund Tie & Company director of investment advisory Tan Chun Ming said, "There has not been any residential land sold within a 2.8km radius of Changi Garden since 2013. All these are selling points that developers would find attractive, and we are very happy that we found a very reputable developer."
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