Residential site near Tanah Merah MRT draws 8 bids

A residential site at New Upper Changi Road/Bedok South Avenue 3 (Parcel B) has attracted eight bids at the close of tender, the Urban Redevelopment Authority (URA) said on Tuesday (Feb 23).

The top bid came from Chip Eng Seng’s CEL Residential Development, which offered S$419.38 million. This translates to about S$8,186.54 per square metre. The second highest bid of S$415.89 million was submitted by Allgreen Properties.

The 24,394 sqm site can yield a maximum Gross Floor Area of 51,228 sqm. It had originally been on the Reserve List of the Government Land Sales programme and was triggered for sale on Jan 7.

Mr Desmond Sim, head of CBRE Research (Singapore and South East Asia), said: “The plot benefits from its proximity to the Tanah Merah MRT station in a relatively mature and established estate.”

“The site was triggered from the Reserve List (and this) indicates developers still maintain healthy interest in sites, especially in sites with a relatively palatable quantum and with time on their side,” he added.

Source : Channel NewsAsia – 23 Feb 2016

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