The latest CEL Residential Development project was awarded to the company in February 2016 by Singapore’s Urban Redevelopment Authority. The URA accepted the bid from CEL Residential Development as it was the highest bid placed, at S$ 419 million. There were another seven companies that bid to win the lease.
CEL Residential Development
CEL Residential Development have been responsible for developing some highly successful residential and retail projects across Asia and Australia since 2000. The company are aiming to repeat the success of similar projects at the Fulcram and High Park Residences. Altogether the company has been responsible for some of the most successful property developments in Singapore over the past decade or so. CEL is the winner for the tender of Grandeur Park Residences beside Tanah Merah MRT.
CEL Residential Development Tanah Merah Condo
The site that the company has just acquired for redevelopment is located close to Tanah Merah MRT station. In recent times the URA has found it easier to attract bidders for the redevelopment sites that have been close to MRT stations. In turn development companies such as CEL Residential Development have found that the completed housing units sell for better prices when situated near to MRT stations.
CEL were prepared to bid S$ 419 million for the site on New Changi Road / Bedok Road South Avenue 3 as they anticipate that they can make a good profit on the condominiums they can sell once the project has been completed. As is the usual practice with the sites auctioned or put up for tender by the URA the lease runs for a period of 99 years.
Tanah Merah Condo
The new site has a great deal of potential, and the transport links and the other facilities within a short distance mean that the company expects a decent return with a high S$ ratio per square foot. Stunning design features, good quality construction and a good location should mean that the completed units will sell fast once they become available to buy.