Private housing site near Tanah Merah MRT to be put up for sale

SINGAPORE — The Urban Redevelopment Authority (URA) will put up for sale a private housing site near Tanah Merah MRT in about two weeks, with analysts saying the public tender will likely draw developers due to its attractive location.

The 99-year leasehold site at the junction of New Upper Changi Road and Bedok South Avenue 3 sits on about 262,575 sq ft and has a plot ratio of 2.1. With a maximum permissible gross floor area of about 551,413 sq ft, the site can yield an estimated 570 homes, the URA said.

The tender for the land parcel, released from the Reserve List of the Government Land Sales (GLS) programme, was triggered after the URA said it received an application from a developer that commit-ted to bid no less than S$320 million, or about S$580 per sq ft per plot ratio.

Mr Eugene Lim, Key Executive Officer at property agency ERA, said: “Given the fewer number of con-firmed GLS sites in the first half of 2016, it is not surprising that some of the more choice sites on the Reserve List would be triggered. Conveniently located just opposite Tanah Merah MRT station, the site is located near various amenities such as Changi General Hospital, East Point Mall and Bedok Town Centre. This makes it attractive to families.”

“Changi Airport is also easily reached from the site, which may appeal to buyers who need to travel frequently; or to those who work within the Changi Airport hub,” he added.

Mr Lim estimated the winning bid will be between S$750 and S$850 psfppr, with about five to 12 bidders due to the site’s proximity to Tanah Merah MRT station on the highly used East-West line.