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Tampines site awarded to MCC Land

PropertyGuru

The tender for a residential site at Tampines Avenue 10 (Parcel D) which was launched for sale on 17 March and subsequently attracted 12 bids has been awarded to MCC Land, revealed the Urban Redevelopment Authority (URA).

The Chinese developer submitted the top bid of $227.78 million for the 168,567 sq ft site. This translates to $482.58 psf ppr.

With a gross floor area of 471,997 sq ft, Parcel D could yield about 490 residential units.

The 99-year leasehold plot is within proximity to Temasek Polytechnic and Bedok Reservoir Park.

"The winning bid by MCC Land would be considered slightly bullish, in view of current market conditions, but is understandable, given MCC Land's motivation to protect pricing power in the vicinity," said OrangeTee's research & consultancy manager Wong Xian Yang.

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The developer is currently building The Santorini at nearby Parcel B which it acquired in July 2013 for $562 psf ppr. Set to obtain TOP in 2018, the 597-unit condominium still has 418 unsold units, noted OrangeTee.

Image source: URA

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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