Residential site near Tanah Merah MRT goes to highest bidder

The tender for a residential site at New Upper Changi Road / Bedok South Avenue 3 has been awarded to CEL Residential Development, the Urban Redevelopment Authority announced on Friday (Feb 26).

The site is situated near the Tanah Merah MRT station and multiple condominium developments.

CEL Residential Development put in the highest bid in the tender – S$419 million – for the site, said URA. A total of eight companies made bids, starting from S$352 million. CEL bid S$8,186.54 per sqm for the 24,394 sqm site.

The site has a 99-year lease period, and has a maximum permissible gross floor area of 51,228 sqm. It was launched for public tender on Jan 20, and the tender closed on Feb 23.

Source : Channel NewsAsia – 26 Feb 2016

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