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8-way tussle for New Upper Changi Road site

By Esther Hoon

February 24, 2016 10:00 AM SGT

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A residential land parcel near Tanah Merah MRT station at New Upper Changi Road/ Bedok South Avenue 3 garnered a total 8 bids at the close of its public tender on Tuesday, 24 February 2016. The land parcel was triggered for sale from the Reserve List of the Government Land Sales (GLS) Programme in January 2016. CEL Development, a subsidiary of Chip Eng Seng (CES) Corporation, topped the list with an offer of $419.38 million or $761 psf ppr, 0.8% above the next highest offer of $754 psf ppr submitted by Allgreen Properties. The top bid is 3.8% below the land sales price of its adjacent development, The Glades, which was awarded to Sherwood Development Pte Ltd, a joint venture between Keppel Land and China Vanke, in October 2012.

CES Corporation has proposed a full-condominium facilities development comprising of an estimated 720 residential units and a childcare centre for the 24,394 sqm residential land site in a public statement submitted to Singapore Exchange on Tuesday. 500 sqm of the maximum 51,228 sqm Gross Floor Area (GFA) will be allocated for the childcare centre.

Tender result for New Upper Changi Road/Bedok South Avenue 3 (Parcel B)

Ranking	Name of Tenderer	Tendered Sale Price ($)	Tendered Sale Price (psf ppr)
1	CEL Residential Development Pte. Ltd.	419,380,000	761
2	Allgreen Properties Limited	415,890,000	754
3	China Construction (South Pacific) Development Co. Pte. Ltd.	395,918,188	718
4	MCL Land (Regency) Pte. Ltd.	389,000,000	705
5	Sim Lian Land Pte Ltd	382,128,000	693
6	Zonatown Pte. Ltd. and Sing Holdings Limited	375,300,000	681
7	Intrepid Investments Pte. Ltd., Verwood Holdings Pte. Ltd. and TID Residential Pte. Ltd.	373,966,000	678
8	Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd	352,000,000	638

Source: URA, The Edge Property

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