Chip Eng Seng Corporation says the company’s wholly-owned subsidiary, CEL Development (CEL) and Choicehomes Investments (CHI) have jointly tendered for and emerged as the top bidder of the land parcel at Pasir Ris E3 for Executive Condominium housing development. The purchase price for the site was $89.9 million or $263 psf per plot ratio.

The site has a lease term of 99 years comprising a land area of 162,989 sq ft. It has a gross permissible plot ratio of 2.1 and a maximum allowable gross floor area of 342,276.9 sq ft (GFA). The proposed development, with full condominium facilities, will comprise approximately 320 residential units.

CHI and CEL will incorporate a special purpose company to jointly develop the project. CHI and CEL will each hold 60% and 40% interest respectively in the SPV. CHI is a wholly-owned subsidiary of NTUC Choice Homes Co-operative.