There is an invitation to developers for a development site in West Coast that can yield up to 520 residential units.
The details about the site, which spans 16,378 square meters, West Coast Vale in District 5, were released yesterday by Urban Development Authority (URA). The site can be used for flats, condominiums or combining strata landed houses with flats, upon approval.
The plot, which is on leasehold of 99 years, has 45,858 square meters floor area. According to URA, the plot can be applied for under Government Land Sales Programme, Reserve List for the year’s first half. Under Reserve List, a site is tendered only if the Government finds the minimum bid price by the developers acceptable.
The piece of land is beside Sungei Pandan and connects easily to Ayer Rajah Expressway and West Coast Highway.
As noted by URA, this future development would be suitable for families that have children of school going age, due to its close proximity to Commonwealth Secondary School, Japanese School and Nan Hua Primary School.
It is next to an upcoming Condo, Parc Riviera whose site was purchased last August at $551 per sq ft ppr or $314.1m.
According to analysts, developers may take caution when assessing the site due to competition from properties nearby such as Clementi Avenue 1, Parc Riviera and The Trilinq plus the weak economic outlook.
As noted by Nicholas Mak, the executive director of SLP Property, whereas the site comprises of positives, its main disadvantage is its distance from amenities and MRT stations. He noted that if the site was to be sold using tender today, its estimated price would be between $ 268m to $271m, with the tender not attracting more than 6 bidders.
Ong Seng, RST Research director also noted that developers might not give the site immediate interest even if they need residential development land, because of the lingering uncertainty and high risks. He said that he expects the land to be up for sale in 2016 fourth quarter or early 2017 at the earliest.