The Urban Redevelopment Authority announced on Dec 4 that it will put up the residential site at West Coast Vale for sale by public tender. The land parcel was made available in Sept, under the 2H2017 Government Land Sales (GLS) Programme.
According to URA, a developer committed to a bid at a price of not less than $379.99 million in the tender for the land parcel. The price works out to $643.5 psf per plot ratio, says Tricia Song, head of research at Colliers International.
The site has been triggered for sale despite the abundant new and upcoming supply in the area, says Song. “This is probably due to brisk sales at the 752-unit Parc Rivieria, which is 87% sold as of Oct at a median price of $1,250 psf.”
The 210,881 sq ft site has a 99-year tenure with a maximum permissible gross floor area of 590,475.8 sq ft. An estimated 730 dwelling units could potentially be built there, says URA. Song expects a top bid between $443 and $472 million ($750 to $800 psf per plot ratio), with a selling price of $1,300 to $1,375 psf.
URA will launch the public tender for the site in about two weeks.