The tender for a 168,567 sq ft residential site at Tampines Avenue 10 (Parcel D) closed on Tuesday, 28 April after attracting 12 bids, revealed the Urban Redevelopment Authority (URA).
Chinese developer MCC Land submitted the highest bid of $227.78 million for the site which has a gross floor area (GFA) of 471,997 sq ft.
Offered on a 99-year lease, the land parcel was launched for sale on 17 March 2015.
“As expected, a healthy number of bids was received for the Tampines Ave 10 site as developers are running low on land and are looking to replenish sites. The $483 psf bid put in by MCC Land was top of a range of competitive bids for the site. Bidders were probably spurred on by the very palatable, affordable total quantum. The winning bid has a 7 percent premium over the second bid, reflecting the competitiveness of the bids. At the same time, it reflects the winning bidder’s attempt to strengthen their presence in this location,” said Desmond Sim, CBRE research head, Singapore & South East Asia.
“The plot is an extension of the regional centre of Tampines, stretching its foothold with a new private residential enclave in this precinct, supported by a network of schools such as the United World College East Campus and Temasek Polytechnic, as well as Tampines Retail Park,” he added.
The award of the tender will be made after the bids have been evaluated.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email firstname.lastname@example.org