SINGAPORE (Oct 17): CEL Real Estate Development, the wholly-owned subsidiary of construction and property group Chip Eng Seng Corporation, has won the tender to acquire Changi Garden en bloc for a purchase price of $248.8 million at a $888 psf per plot ratio.

Located at the junction of Upper Changi Road North and Jalan Mariam, the site presently has 84 residential and retail units and spans about 18,590 sq m. It has a maximum allowable gross floor area (GFA) of 26,000 sq m with a plot ratio of 1.4.

In its regulatory filing, Chip Eng Seng says it intends to redevelop Changi Garden into a low-rise residential condominium with full condominium facilities, and is expected to yield approximately 320 residential units and potentially some retail shops.

The group will fund the acquisition and its proposed redevelopment by internal resources and bank borrowings.

It does not expect the acquisition to have a significant impact on its net tangible assets (NTA) and earnings per share (EPS) for the current financial year.

Shares in Chip Eng Seng closed 3 cents higher at 90 cents on Monday.