Tanah Merah Parcel B Site Awarded to CEL
Tender for New Upper Changi Road / Bedok South Ave 3 (Parcel B) residential site has been awarded to CEL Residential Development, a subsidiary of Chip Eng Seng Corporation.
Tender for the land plot opened on 20 Jan 2016 and closed on Tue 23 Feb 2016. It garnered a total of 8 bids with CEL putting forth the highest offer at $419.38 million for the 2.4-hectare site. This works out to approximately $761 per square foot per plot ratio (psf ppr) given that the maximum permissible Gross Floor Area (GFA) is 51,228 m2 / 551,418.192 ft2. This cost sits at the higher end of industry experts’ estimates of between $600 to $750 psf ppr. Breakeven cost is estimated to be about $1261psf.
The site can potentially yield 570 new condo launch residential units according to the Urban Redevelopment Authority (URA).
The plump site will benefit from its proximity to the Tanah Merah MRT Station and that Tanah Merah is an established and mature estate with many surrounding amenities which include the Changi Business Park and the Singapore University of Technology and Design (SUTD).
In the New Condo Launch Projects in 2017, this New Upper Changi Road land parcel will be launched as Grandeur Park Residences.