Highest bid of $419.4m received in tender for New Upper Changi Road site

Highest bid of $419.4m received in tender for New Upper Changi Road site

SINGAPORE - The tender for a residential site at New Upper Changi Road along Bedok South Avenue 3 was closed today, after a total of eight bids were received.

In a statement on Tuesday (Feb 23), the Urban Redevelopment Authority (URA) revealed that CEL Residential Development, a subsidiary of construction and property group Chip Eng Seng, had emerged as the top bidder with a bid of $419.38 million.

It beat out seven other bids to the top spot.

The 24,394 sq m site was launched for public tender on Jan 20 with a lease period of 99 years, and is located within an established private residential estate and near to Tanah Merah MRT station.

The site was originally on the Reserve List of the Government Land Sales Programme, and was put up for tender after a successful application by a developer.

In a statement submitted to the Singapore Exchange, Chip Eng Seng said that 500 sq m will be used to build a child care centre, while the proposed development will comprise about 720 residential units with full condominium facilities.

URA said that a decision on the award of the tender would be made at a later date after the bids had been evaluated.

seanyap@sph.com.sg

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