Keppel Land bids for residential site along New Upper Changi Road

Keppel Land Limited (Keppel Land), through its wholly-owned subsidiary, Sherwood Development Pte Ltd, has submitted a bid of $434.55 million for a prime residential site along New Upper Changi Road.

Situated within an established private housing estate, the site spans about 3.2 ha and is a short walking distance to the Tanah Merah MRT Interchange station. When awarded the site by the Urban Redevelopment Authority (URA), Keppel Land plans to develop about 700 homes ranging from 500 sf to 1,400 sf in one- to four-bedroom configurations.

Mr Augustine Tan, President (Singapore Residential) of Keppel Land, said, "Demand for well-located suburban homes in Singapore remains resilient and we are confident that this new development will garner positive interest from genuine homebuyers and upgraders looking for quality properties in the established and popular Tanah Merah precinct."

Homeowners will benefit from the site's easy and seamless connectivity across Singapore via major expressways such as East Coast Parkway and Pan Island Expressway. They can also enjoy direct access to the city, Singapore Expo and Singapore Changi Airport via the East-West MRT line.

Families will appreciate the site's proximity to reputable schools including Temasek Junior College, Anglican High School and Red Swastika School. Residents can also look forward to numerous malls and amenities in the vicinity including Eastpoint Mall, Bedok Town Centre, Bedok Point and Changi City Point as well as the upcoming Bedok Mall next to the Bedok MRT station. Ample recreational options are also available nearby at Bedok Reservoir Park, East Coast Park, Tanah Merah Country Club and Laguna National Golf & Country Club.

Homebuyers, especially working and academic professionals will also welcome the site's close proximity to Changi Business Park and Singapore's fourth university, Singapore University of Technology and Design, which will be completed in 2014.

This project will be Keppel Land's latest suburban residential development in upcoming precincts located in close proximity to MRT stations. Its project in Sengkang, The Luxurie, has achieved positive take-up with 94% of the 520 launched units sold. Keppel Land's development near the Jurong Lake District, The Lakefront Residences, is fully sold.

Mr Tan added, "At Keppel Land, we are focused on developing quality homes that bear strong attributes and value offerings, such as being close to MRT stations and in proximity to a wide range of facilities and amenities, to meet the needs of discerning homebuyers."

A decision on the award of the tender will be publicised at a later date by URA after evaluation of the bids.

The above transaction is not expected to have any significant impact on the net tangible asset per share or earnings per share of Keppel Land Group for the financial year ending 31 December 2012.

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