The 2.4ha residential site close to Tanah Merah MRT station has received a highest bid of $419.38 million. The tender for residential site closed on 23 Feb, after attracting 8 bids, according to Urban Redevelopment Authority (URA).
Property developer CEL Residential Development, submitted the top bid, which translates to around $761 psf on the GFA.
This 99-year lease residential site at New Upper Changi Road and Bedok South Avenue 3 (Parcel B) can potentially yield about 570 residential units. URA launched the site for sale by public tender last 20 January this year, under the reserve list of the Government Land Sales (GLS) Programme.
According to CBRE Research Head of Singapore and South East Asia, Mr Desmond Sim, the Tanah Merah site has been triggered for launch from the reserve list indicates the healthy interest of developers in sites. Some property developers enter into a joint venture, diversifying their risk like some of the bidders in this tender.
Some condominium developments like Optima @Tanah Merah, Casa Merah and the upcoming The Glades @ Tanah Merah are located nearby.