The Urban Redevelopment Authority (URA) has accepted an application from a developer to put up the residential site at West Coast Vale for sale by public tender.
This comes after the developer committed to bid a price of not less than S$379.988 million in the tender for the site.
“As the minimum price committed by the developer is acceptable to the government, the site will be released for sale by public tender,” said the URA.
With a maximum permissible gross floor area of 54,857 sq m, the 1.9ha site was made available for sale on the reserve list of the second half 2017 Government Land Sales Programme.
Tricia Song, head of research for Singapore at Colliers International, noted that the West Coast Vale site has been triggered for sale despite the abundance of new and upcoming supply within the area.
“We think this is probably due to the brisk sales chalked up at 752-unit Parc Riviera which is now 87 percent sold as of October 2017, at a median price of S$1,250 psf, since it was launched in November 2016,” she said.
“Next to the Parc Riviera site is a new, yet-to-launch project Twin Vew – which can yield 570 units – that was sold in February 2017 to China Construction at S$592 psf per plot ratio (ppr).”
Song expects the top bid for the site to stand at “about S$443 million to S$472 million (S$750 to S$800 psf ppr), with a selling price of S$1,300 to S$1,375 psf”.
The trigger price of S$379.988 million translates to S$643.5 psf ppr, she added.
Meanwhile, the URA revealed that the public tender for the land parcel will be launched in about two weeks, while the tender period for the site will be about six weeks.
This article was edited by Romesh.
