Parc Komo

Changi Garden sold en bloc to Chip Eng Seng for $248.8m, 27% above asking price
The Straits Time
Oct 17, 2017

SINGAPORE – Mainboard-listed Chip Eng Seng has won the collective sale tender for Changi Garden with a bid of S$248.8 million, about 27 per cent above the asking price of $196 million.

The freehold property, located at the junction of Upper Changi Road North and Jalan Mariam, houses 60 apartments, 12 penthouses and 12 shops.

With this selling price, an apartment owner will receive between $2.14 million and $2.27 million, while a penthouse owner will receive between $4.03 million and $4.74 million, said consultant Edmund Tie & Co.

Shop owners are expected to receive $4.7 million to $7.08 million.

One big selling point for Changi Garden is that there has not been any residential land sold within a 2.8km radius of the property since 2013, noted Mr Tan Chun Ming, Edmund Tie & Co’s director of investment advisory.

The purchase price works out to $888 per sq ft per plot ratio for the 200,093 sq ft site.

The site is zoned residential at a plot ratio of 1.4. Owing to a high development baseline, there is no development charge.

Chip Eng Seng, which made the bid through its unit CEL Real Estate Development, intends to build a low-rise condominium with full facilities, totalling some 320 units and potentially some retail shops.

The company began in the 1960s as a building subcontractor before becoming a major Housing Board contractor. It diversified in the 1990s into property investment and development both locally and overseas.

Most recently, Chip Eng Seng beat out stiff competition to bag a 99-year residential site in Woodleigh Lane just next to Woodleigh MRT for $700.7 million, or $1,110 psf ppr. The government land sale site, which will be adjacent to the upcoming Bidadari New Town, can accommodate 735 units.

Changi Garden sold en bloc to Chip Eng Seng for $248.8m, 27% above asking price
https://www.straitstimes.com/business/property/changi-garden-en-bloc-goes-to-chip-eng-for-2488m-27-above-asking-price

Freehold mixed development Parc Komo opens for preview
The Business Times
May 13, 2019

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 levels of commercial space that consists of 28 commercial units.

Residential unit sizes range from 452 sq ft for a one-bedroom apartment 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.

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.

Raymond Chia, group CEO of Chip Eng Seng Corporation, 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 include Changi Point and Jewel Changi Airport.

Parc Komo will also be accessible via the upcoming Loyang MRT Station on the Cross Island Line, expected to be completed by 2029.

Freehold mixed development Parc Komo opens for preview
https://www.businesstimes.com.sg/real-estate/freehold-mixed-development-parc-komo-opens-for-preview

Japanese-inspired Parc Komo unveiled
The Straits Times
May 14, 2019

The property development division of Chip Eng Seng Corporation unveiled its Parc Komo mixed development in Changi yesterday.

CEL Development said the freehold project is inspired by the Japanese concept of Komorebi, which celebrates the blend of nature and order.

It has an average price of about $1,450 per square foot (psf) and occupies a land area of about 202,000 sq ft with 10 five-storey blocks totalling 276 units. There are also two levels consisting of 28 commercial units.

Apartment sizes range from 452 sq ft for a one-bedroom apartment to 1,905 sq ft for the largest five-bedroom luxury penthouse.

The pricing starts at $663,000 for a one-bedroom unit, $871,000 for a two-bedder and $1,294,000 for a three-bedroom unit. The public preview is on Saturday.

Parc Komo is in District 17, a region earmarked for development and rejuvenation in the Urban Redevelopment Authority (URA) Draft Master Plan 2019.

Chip Eng Seng Corporation chief executive Raymond Chia said: “The rustic charm of Changi and the exciting masterplan for the area are major draw cards for Parc Komo.”

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. Nearby recreational amenities 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.

CEL Development sells 70 units at Parc Komo on launch weekend
EdgeProp Singapore
By Cecilia Chow
May 26, 2019

The 276-unit Parc Komo, located along Upper Changi Road North, achieved sales of 70 units at the close of its launch weekend as at 6pm on Sunday, May 26.

This translates to a sales rate of over 25%, which Ismail Gafoor, CEO of PropNex, says is “very credible”. He attributes it to two main reasons: The developer pricing the project sensitively at an average of $1,450 psf; and the freehold tenure of the development. “There are very few decent land plots with more than 200 units available, quality lifestyle facilities similar to Parc Komo’s, and of freehold tenure,” adds Ismail.

CEL Development, the property development arm of listed group, Chip Eng Seng Corp, is the developer of the mixed-use development which includes 28 retail units. These units will be managed by the developer. Amenities are likely to include F&B outlets, a childcare centre or pre-school, a clinic and even a supermarket. “There are people who are drawn to such mixed-use developments because of the convenience that they provide,” says Doris Ong, COO of ERA Realty Network.

The developer spent $4 million on the sales gallery and showflats. The investment seems to have paid off. “We have a good product and the buyers see value and potential in it,” says Joanne Goh, CEL Development general manager (marketing). “We have received feedback that our project feels like a $2,000 psf property.”

Ken Low, managing partner of SRI, agrees. “At an average of $1,450 psf, many investors see room for capital appreciation in the future,” he says. “Homeowners fell in love with the serenity and retreat-like surroundings of Parc Komo, something that is rarely found in the urban areas.”

Although the one- to three-bedroom units were the most sought-after, there was also buying interest in the four- and five-bedroom units, notes CEL Development’s Goh.

The take-up rate at Parc Komo is all the more impressive given that the project previewed only the week before, on May 18, adds PropNex’s Ismail. In the eastern region, there are also a number of competing new projects, for instance, the 2,203-unit Treasure at Tampines; the 428-unit The Jovell at Flora Drive; the 861-unit The Tapestry located off Tampines Avenue 10; and the boutique 49-unit development Casa Al Mare at Jalan Loyang Besar in Pasir Ris.

This year, several developers have launched their projects within seven to 10 days of opening their sales gallery for preview. This is to maintain interest and sales momentum, says Ismail. “With more new launches, the number of cheques collected [as expressions of interest] has been halved,” he adds. “Sensing that buyers have plenty of choices today, and a longer preview period doesn’t necessarily lead to a significant increase in number of cheques collected, developers have shortened their preview period to seven to 10 days.”

Inspired by Changi’s rustic charm
EdgeProp Singapore
By Timothy Tay
October 30, 2020

This year, the EdgeProp Excellence Awards has introduced a new category, the Showflat Excellence Award. This recognises showflats’ integral role in communicating a development’s attributes and informing buyers’ decisions.

Chip Eng Seng Corp’s Parc Komo won the Showflat Excellence Award. The mixed-use development also took home the Marketing Excellence Award and the Top Development Award for the category of uncompleted projects in a non-Central region.

Parc Komo, a freehold development, is located on Jalan Miriam, off Upper Changi Road North, and comprises 276 residential units and 28 retail units. As the only new mixed-use development in the vicinity, the development saw keen take-up from buyers who appreciate the lifestyle and convenience it offers.

Communicating unique selling points – Changi’s idyllic coastal setting, tranquil environment and pockets of greenery inspired the architecture and design of Parc Komo. The wellness and lifestyle aspects are portrayed at Parc Komo’s sales gallery.

The judges praised the development team for designing a showflat that creatively conveys the project’s key attributes, as well as showcasing functional aspects of each unit type. The showstopper piece at the show gallery is a 3.8m terrarium that doubles as the reception counter. Three show units exhibit the two-, three-, and five-bedroom configurations.

The two-bedroom show unit features a loft-style, open-plan living concept. “The design concept was inspired by the past coastal settlements surrounding Changi Beach and the jetty. We translated the nostalgic image into rustic concrete and cement finishes and basic neutral tones, and injected tropical greenery as design accents,” the developer says.

The design of the three-bedroom show unit was inspired by the aesthetics of wellness retreats, and is targeted to appeal to young families that appreciate wellness and a travel lifestyle. According to the developer, “the living and dining areas in this unit are placed diagonally and a synchronised colour palette and finishes connect the two spaces”.

Meanwhile, the concept of the five-bedroom unit reflects natural living, and the tones and colours portray a serene garden landscape. This unit was designed to appeal to a multi-generational family. The adjacent living and dining rooms feature similar colour palettes; a dry kitchen between the two spaces, featuring homogeneous wood panelling on the wall and ceiling, is a focal point.

The judges also like Parc Komo’s showflat for the functionality of its design and choice of furniture. They note that the sales gallery is designed to maximise the functionality of the three show units. Spaces within the show units are also designed with elements that are proportionate to the room size, and the rooms feature space-saving elements such as built-in carpentry and curated furniture pieces.

Marketing appeal – Parc Komo scored well in terms of its promotional strategies to communicate the product selling points, effective marketing strategies and use of technology, hence winning the Marketing Excellence Award. The development’s sales progress was also taken into consideration.

Chip Eng Seng conceived Parc Komo based on a vision of holistic living, and its development team was inspired by the heritage rain trees, flora and fauna that line some of the nature boardwalks around the Changi area.

The developer highlighted Parc Komo’s attribute as the only new mixed-use development in the vicinity at the time. “The marketing strategy for Parc Komo involved a holistic approach that presented all of these unique selling points in all of our marketing channels,” the developer says.

Parc Komo’s sales launch benefitted from the excitement that surrounded the government’s future development plans for the Changi region. The master plan includes a new industrial park for aviation-related industries, an expanded Changi Business Park, and a possible waterfront business and lifestyle district.

As a result of its marketing efforts, Parc Komo recorded relatively strong sales when the development was launched for sale on May 25, 2019. According to URA caveats, the 276-unit project sold 73 units during its first week of sales, which translates to 26% of the total units. By the end of September 2020, 128 units had been sold, representing 46% of the total number of units in the development.

CEL Development launches Komo Shoppes for lease
EdgeProp Singapore
By Cecilia Chow
December 24, 2020

CEL Development, the property development arm of Chip Eng Seng Corp, is planning to launch its 28 strata shop units at Komo Shoppes, the retail podium of its mixed-use development at Parc Komo. Five of these units, with sizes ranging from 743 to 1,184 sq ft, are designated for F&B use and have prime frontage along Upper Changi Road North.

Parc Komo is a redevelopment of the former Changi Garden, which CEL Development had acquired en bloc for $248.8 million, or $888 psf per plot ratio (psf ppr), in October 2017. The former Changi Garden had 72 apartments on the upper floors of the four-storey block, and 12 shops on the ground level. Among the F&B outlets that used to be there were a coffeeshop, bistro and an Italian restaurant, Porta-Porta, which had been there for more than 20 years ago.

“These old shops did very well because there’s a huge catchment of people living in the area who would drop by for lunch, coffee break or dinner,” says Michael Ng, executive director of CEL Development. “And we want to make sure that the new Komo Shoppes does well too.”

Given that there are only five F&B units, the developer is very selective in ensuring that it gets the right tenants in. “We need to have at least three different F&B tenants to provide residents with variety,” says Peter Wee, CEL general manager of business development and marketing. “We want to secure brands that will be well-liked by residents.”

Catchment — private condos and landed housing estates

When completed sometime in 1H2022, Komo Shoppes will be accessible to the public too. Its catchment area therefore extends beyond the residents of the 276 units at Parc Komo.
In the vicinity are the landed housing estate of Jalan Mariam and Toh Estate, as well as the private condos in the Flora Drive and Flora Road enclave. That translates to a combined total of 5,000 households and population size of about 20,000, estimates CEL Development’s Ng.

Nearby is not just Changi Business Park, but the Changi North and Changi South industrial estates, Loyang Industrial Estate and the Aviation Logistics Park. On weekdays, the shops will benefit from the lunch crowd from the offices in the neighbouring industrial estates and logistics park, notes Wee.

The change in the Service 5 bus route is also a boon for the future tenants at Komo Shoppes. The new route for Service 5 will include stops at Flora Drive and Mariam Way before reaching the bus stop in front of Komo Shoppes. This brings greater convenience for residents living in the neighbourhood who want to dine or shop at Komo Shoppes, adds Wee.

Besides the five F&B shop units, there are seven other strata-titled units on the first level with a combined strata area of 7,212 sq ft. CEL Development therefore wants to lease the space to an upscale supermarket, notes Ng. Several supermarket operators are already vying for the space and negotiations are “at an advanced stage”, he adds.

On the second level of Komo Shoppes are 16 strata shop units of various sizes, ranging from 323 to 1,679 sq ft in strata area. These retail units are ideal for tuition centres or enrichment schools, amenities such as hair salons, wellness spas, or even medical clinics and dental clinics. It is already seeing interest from a private medical group interested in occupying several units on the second level and operating a specialists’ centre there, says Ng.

Laidback lifestyle

This is because the residential enclave in that part of Changi is predominantly made up of mid-upper to high-income households, continues Ng. Komo Shoppes is well-positioned as a high-end project, which is in line with Parc Komo’s concept of a “resort lifestyle, with lush landscaping”, he adds.

With the Covid-19 pandemic this past year, more people — both young and old — have discovered the merits of a laidback lifestyle. In addition to its resort-style setting, Parc Komo is situated near Changi Village, the 2.2km Changi Boardwalk coastal trail, Changi Beach Park and Changi Sailing Club. It is also near Jewel at Changi Airport, as well as within a nine-minute walk to the future Loyang MRT Station on the Cross Island Line.

Besides underground parking for visitors, there is dedicated parking space for bicycles at Komo Shoppes too. “More people have taken up cycling since the circuit breaker,” says Ng. CEL’s priority is to lease out the shop units, the F&B outlets and supermarket space at Komo Shoppes. Doing so will create a vibrant community in the area once the project is completed, adds Ng.

CEL Development intends to add Komo Shoppes into its investment portfolio of income recurring assets. It hopes to have pre-commitments for the entire retail podium before the end of 2021.

Since the residential units at Parc Komo were launched for sale in May last year, 134 units (49%) have been taken up. The average price of units sold is $1,503 psf. “A freehold project priced at $1,500 psf today is attractive indeed,” notes Ng.

In fact, following the launch of the strata shop and F&B units, CEL Development will roll out the next phase of residential units for sale at Parc Komo next year.