Keppel Land bids $434m for New Upper Changi Road residential site

Property developer eyeing to build 700 homes in the 3.2-hectare development.

In a note to the Singapore Exchange, Keppel Land noted that it has submitted a bid for a prime residential site along New Upper Changi Road though its wholly-owned subsidiary, Sherwood Development Pte Ltd.

"When awarded the site by the Urban Redevelopment Authority (URA), Keppel Land plans to develop about  700 homes ranging from 500 sf to 1,400 sf in one- to four-bedroom configurations," it said.

Mr Augustine Tan, President (Singapore Residential) of Keppel Land, said, “Demand for well-located suburban homes in Singapore remains resilient and we are confident that  this new development will garner positive interest from genuine homebuyers and  upgraders looking for quality properties in the established and popular Tanah Merah precinct.”

"Homeowners will benefit from the site’s easy and seamless connectivity across Singapore via major expressways such as East Coast Parkway and Pan Island Expressway. They can also enjoy direct access to the city, Singapore Expo and Singapore Changi Airport via the East-West MRT line," said Keppel Land further in the SGX note.

"Homebuyers, especially working and academic professionals will also welcome the site’s close proximity to Changi Business Park and Singapore’s fourth university, Singapore University of Technology and Design, which will be completed in 2014," it said.

"This project will be Keppel Land’s latest suburban residential development in upcoming precincts located in close proximity to MRT stations. Its project in Sengkang, The Luxurie, has achieved positive take-up with 94% of the 520 launched units sold. Keppel Land’s development near the Jurong Lake District, The Lakefront Residences, is fully sold," it added.

Mr Tan added, “At Keppel Land, we are focused on developing quality homes that bear strong attributes and value offerings, such as being close to MRT stations and in proximity to a wide range of facilities and amenities, to meet the needs of discerning homebuyers.”