The Urban Redevelopment Authority (URA) closed the tender for the residential site at Tanah Merah Kechil Road today.
The site at Tanah Merah Kechil Road was launched for sale by public tender on 20 June 2012. The site was offered for sale on a 99-year lease.
The 13,998.5m2 site is located within an established private residential estate and is close to Tanah Merah MRT Interchange station. It is also easily accessible by expressways such as East Coast Parkway and Pan Island Expressway.
A total of 13 tenders were received. The highest bidder is by Fragrance Group Limited and World Class Land Pte Ltd at S$285.215 million. This also translates to S$676 per square foot per plot ratio (psf ppr).
The breakeven price of between S$1,000 to S$1,100 per sq ft is expected.
The top bid is 1.8 per cent higher than the second bidder, Areca Investments Pte Ltd.
A decision on the award of the tender will be made after the bids have been evaluated. This will be publicised at a later date.