View of the residential site at West Coast Vale. (Photo: URA)
UPDATED: A 99-year leasehold residential site at West Coast Vale was made available for application under the reserve list of the second half 2017 Government Land Sales (GLS) programme, the Urban Redevelopment Authority (URA) said on Friday (29 September).
The 1.96ha site has a maximum gross floor area of about 590,476 sq ft and could yield up to 730 units.
The surrounding area comprises mainly condominiums such as The Infiniti, Botannia and Carabelle. Nearby amenities include shops and eateries at Westgate, Jem and Big Box at Jurong Lake District.
“Buyers are likely to come from those who work in NUS, NUH, Jurong East and the business parks in Buona Vista,” said Dr Lee Nai Jia, head of research at Edmund Tie & Co.
Pointing to another land parcel in the area that was recently awarded to China Construction (South Pacific) Development for $291.99 million, and based on current market conditions, he expects the trigger price for the site to range from $348 million to $355 million.
He added that the nearby Parc Riviera condominium has reported strong sales in recent months, selling 625 out of 752 units as at August. Transactions carried out last month show that prices ranged from $964 psf to $1,350 psf.