CEL Residential Development by Chip Eng Seng had recently been rewarded the tender for a land parcel at Tanah Merah. There were a total of 8 bidders for this land parcel and CEL was rewarded the tender and beat the rest of the 7 bidders at a bidding price of S$419.38 million (S$718 psf ppr). The bidding price is only mildly lower than its neighbour land parcel (The Glades Condo) in 2012 by 3.8%. Being situated close to Tanah Merah MRT station could be one of the main reasons why a number of bidders from several reputable developers were attracted.
The land parcel which has an area of 23,000 square metres and a plot ratio of 2.1 is estimated to be able to house about 720 condominium units. Full condo facilities along with a child care centre are part of the proposed development within this upcoming new launch condo.
High Park Residences, which was one of the best selling projects in Singapore 2015, is another residential development by CEL. Up to January 2016, High park Residences had already sold 94% of its 1390 units.