Map of the Tanah Merah residential site. Source: URA
The Urban Redevelopment Authority (URA) on Friday (26 Feb) awarded the tender for a residential site at New Upper Changi Road/Bedok South Avenue 3 (Parcel B) to CEL Residential Development, a subsidiary of Chip Eng Seng Corporation.
Launched for sale on 20 January, the property developer had offered the highest bid of $419.38 million for the 2.4ha site. This translates to about $761 psf on the gross floor area.
The tender for the land parcel closed last Tuesday (23 Feb) after attracting eight bids.
Located within an established private housing estate, the site is close to Tanah Merah MRT station, Changi Business Park and the Singapore University of Technology and Design.
The 99-year leasehold site is expected to yield about 570 condominium units, said the URA.