The Government has launched the sale of a second residential site this year, while again giving developers more time to assess the property market under the Covid-19 situation before submitting any bids.
The
land parcel in Tanah Merah Kechil Link is for a mixed residential development, with the first storey slated for commercial space. It has a site area of 8,880 sq m and a maximum gross floor area (GFA) of 24,864 sq m.
The 99-year leasehold site, which is off New Upper Changi Road, can potentially house about 265 apartments, fewer than the 310 units initially estimated when the site was first announced in December 2019.
It can also yield 2,000 sq m of commercial space that can be developed into strata-titled retail units or offices. The tender for the parcel will close at noon on Oct 29, after a longer tender period of five months. It will be interesting to see how much will the developers bid for this land parcel.
In March last year, a site for mixed residential development was sold at Pasir Ris Central. The site is situated next to Pasir Ris
MRT Station. The
Pasir Ris Central mixed development known as
The Ryse Residences with a site area of 38,004 sqm was sold for $700 million, or $684.50 per sq ft per plot ratio.