Are you looking for a new property investment opportunity? Have you heard about the mixed-use GLS site in Tanah Merah that is up for grabs? If so, then this blog post is for you! MCC Land has just submitted a $248.9 million bid for the much sought-after site and we’ve got all the details right here.
Introduction to the GLS Site in Tanah Merah
The government land tender for a mixed-use site at Tanah Merah Kechil Link closed on Oct 29. The 99-year leasehold site, located beside Tanah Merah MRT station on the East-West Line, attracted seven bids. Chinese developer MCC Land submitted a bid of $248.99 million for this 8,880 sq m site. In the end, MCC Land (Singapore) won the tender with its winning bid of $248.99 million.
The government land sale (GLS) site is located in an ideal location near the bustling Tanah Merah MRT station. The area is popular with residents and commuters due to its convenient access to a wide range of amenities. The site is zoned for residential and commercial use and is expected to host a variety of facilities such as shops, restaurants, and cafes. It could also include a range of condominiums or apartments as well as other types of housing options.
The Tanah Merah GLS tender drew 15 bids, with MCC Land (Singapore) emerging as the victor despite stiff competition from other bidders. The successful bid reflects the high demand for development sites in this prime area of Singapore, making it an attractive investment destination for developers and potential buyers alike.
MCC Lands Winning Bid for the Site
The GLS tender for the mixed-use site at Tanah Merah Kechil Link closed on Oct 29. After much anticipation, MCC Land (Singapore) emerged victorious with a bid of S$248.99 million. This marks the second time a Chinese developer has won a government land tender in the country, following Far East Organization’s winning bid for the Holland Village site in 2018.
Located next to Tanah Merah MRT station, the site will house the Sceneca Residence, offering a mix of residential, commercial, and retail developments. The development will be constructed in phases, with the first phase comprising up to 200 residential units.
The successful bid by MCC Land (Singapore) is a testament to the company’s commitment to Singapore’s real estate sector. With its vast experience and expertise in developing quality properties, this is sure to be an exciting project for all involved.
MCC Land (Singapore) has proven itself as a reliable developer and has established itself as a major player in Singapore’s real estate market. With its winning bid for this GLS site at Tanah Merah Kechil Link, it is clear that MCC Land (Singapore) is an industry leader when it comes to developing quality properties in the city.
Sceneca Residence and Its Government Land Sales (GLS) Tender
MCC Land’s successful bid of $248.9 million for the Tanah Merah Kechil Link site has secured them the development rights for the integrated project. The 99-year leasehold site sits just outside of Tanah Merah MRT station on the East-West line and will be developed into an integrated development with Sceneca Residence at its core.
In October 2020, Chinese developer MCC Land submitted a bid of $248.99 million for the Government Land Sales (GLS) tender organized by The Place Holdings. Their successful bid translated to a land rate of $1,255 per square foot per plot ratio (psf ppr). They edged out several developers including SC Global Development, who submitted a bid of $246.8 million.
The Sceneca Residence complex will be part of the integrated development, offering premium residential units and a variety of amenities such as retail, lifestyle, and leisure offerings. The project is expected to open in 2022, providing a much-needed boost to the residential property market in Tanah Merah.
It is expected that MCC Land’s winning bid will set the benchmark for future GLS tenders in the area and encourage more developers to invest in Tanah Merah’s potential.
Conclusion
The conclusion of the Government Land Sales (GLS) tender for Sceneca Residence saw Chinese developer MCC Land’s Hao Yuan Investment emerge as the successful bidder with a top bid of $440.9 million. This translates to a land cost of $1,463 psf ppr for the mixed-use site located at Tanah Merah Kechil Link, which fronts Tanah Merah MRT Station on one side and is directly opposite Changi General Hospital on the other.
MCC Land’s winning bid of $248.99 million outbid 14 other competitors and broke the previous record set by Far East Consortium International Ltd in 2019 at AMK Avenue 10. The top bid is also 24% higher than the second-highest bid submitted by developer SC Global Developments, which was $200.14 million.
With this new record set for the GLS tender, we will likely see an increase in land prices across Singapore going forward. Despite this, MCC Land’s successful bid is indicative of their confidence in the future potential of this mixed-use site, and further cement their presence in Singapore’s real estate market.