The tender for a condominium site at West Coast Vale, which closed yesterday, drew a total of six bids. EL Development submitted the top bid of $314.1 million or $551 psf ppr, just 3% higher than the next highest bid by Hoi Hup Realty-led consortium. The site can yield an estimated 595 residential units. Based on the top bid of $551 psf ppr, the breakeven cost is likely to be around $950-$980 psf.
The number of bidders and the amount submitted reflect developers’ cautious sentiment. In June 2013, when property prices were at their peak, World Class Land paid $687 psf ppr for its Waterfront@Faber site nearby. The site was hotly contested, attracting a total of 18 bids. As at June 2015, Waterfront@Faber was 66% sold at an average price of $1,220 psf.
Particulars of tenderers and bid prices
Site location