The land parcel is located along Sungei Pandan. Source: URA
A residential site at West Coast Vale received nine bids when its tender closed on Thursday (9 February), said the Urban Redevelopment Authority (URA).
China Construction (South Pacific) Development submitted the highest bid of $291.99 million, which works out to about $592 psf on the gross floor area. This was followed by MCC Land (Singapore) with a $289.9 million bid, ahead of Allgreen Properties ($286.82 million).
Launched for sale last December, the 1.6ha site next to Parc Riviera could yield up to 520 housing units.
Located within an enclave of private developments and near the park connector network along Sungei Pandan, the 99-year leasehold site “requires the use of prefabricated materials which will help to keep a lid on construction costs”, noted Desmond Sim, Head, CBRE Research, Singapore and South East Asia.
“The plot is the last site to be sold on the GLS confirmed list for 2016, and the profiles of the bid parties reflect interest from some relatively newer developers and small cap players who find the quantum affordable and easy to manage. This will negate the risks for developers making their first foray in the residential market,” noted Sim.
Source: URA
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
