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Chip Eng Seng unit puts in highest bid for Upper Changi Road residential tender
A CHIP Eng Seng unit has put in the highest bid for a residential site at New Upper Changi Road/Bedok South Avenue 3 (Parcel B).
The site was put up for sale by the Urban Redevelopment Authority last month.
Chip Eng Seng's unit, called CEL Residential Development, bid S$419.38 million or S$760.56 per square foot per plot ratio (psf ppr).
It bid seven others to the top spot. First runner-up Allgreen Properties bid S$415.89 million (S$754.23 psf ppr), followed by China Construction (South Pacific) Development which bid S$395.92 million (S$718.01 psf ppr).
The site was originally on the reserve list of the Government Land Sales Programme. Such sites are only launched for tender upon successful application by a developer.
The site was offered for sale on a 99-year lease term. It has a land area of 24,394 sqm and an allowable gross plot ratio of 2.1 and a maximum gross floor area of 51,228 sq m,
In a statement filed to the Singapore Exchange on Tuesday, Chip Eng Seng said that 500 sq m of the gross floor area will be used for child care centre.
The proposed development, with full condominium facilities, will comprise about 720 residential units. It will be financed by internal fund and bank borrowings and is not expected to impact the group's net tangible assets and earnings per share for the current financial year ending Dec 31, 2016, it said.