Chip Eng Seng arm emerges as top bidder in New Upper Changi Road residential tender

The proposed development will feature 720 residential units.

The property group’s arm CEL Residential Development has placed the highest bid in the land parcel at New Upper Changi Road/Bedok South Avenue 3 for residential development.

According to a press release by Chip Eng Seng, the tender price for the site is $419m, or $8,187 per sqm per plot ratio.

"The Site has a land area of 24,394 sqm and tenure of 99 years. It has an allowable gross plot ratio of 2.1 and a maximum permissible gross floor area of 51,228 sqm (“GFA”) of which 500 sqm will be used for child care centre,” the press release said.

The proposed development, with full condominium facilities, will also feature 720 residential units, the press release added.

“The Proposed Development will be financed by internal fund and bank borrowings and is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the current financial year ending 31 December 2016,” Chip Eng Seng said.