Freehold development Changi Garden, which includes 12 shops as well as residences, has been sold en bloc for S$248.8 million (US$183.6 million).

Brokered by Edmund Tie & Company, the deal is worth between $4.7 million and $7 million for each of the shop owners.

Bought by CEL Development, a member of Chip Eng Seng Group, Changi Garden was developed about 40 years ago and comprises 60 apartments, 12 penthouses and 12 shops.

Changi Garden’s en bloc sales committee chairman Tay Siong Siew says the collective sales process was started in March last year.

Edmund Tie & Company says positive feedback from the property’s shops, neighbours and patrons from nearby workplaces shows a retail component within the new development would be well received.