West Coast site draws $314.1m top bid

Romesh NavaratnarajahAugust 5, 2015

West Coast Vale

The tender for a residential site at West Coast Vale closed on Tuesday after attracting lukewarm interest from property developers, revealed the Urban Redevelopment Authority (URA).

A total of six bids were received for the 203,532 sq ft site located along the waterfront of Sungei Pandan. EL Development submitted the highest bid of 314.1 million, which translates to $551 per sq ft per plot ratio (psf ppr). This is 3.2 percent more than the second-highest offer from a consortium comprising Hoi Hup Realty, Sunway Developments and Oriental Worldwide Investments at $304.3 million.

Launched for sale in June 2015 on a 99-year lease, the site has a maximum gross floor area of 569,895 sq ft and could yield about 595 homes.

It is close to schools and major road networks like the West Coast Highway and Ayer Rajah Expressway (AYE). Shopping malls such as Westgate, JCube and JEM at the Jurong Lake District are a short drive away.

URA said a decision on the award of the tender will be made after the bids have been evaluated.

Image: Aerial view of the West Coast Vale site. (Source: URA)

 

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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