Last Tuesday, the Urban Redevelopment Authority revealed that a particular residential site located at West Coast Vale has just been tendered recently after it gathered enough attention from various investors and property developers.
The said area can be found at the Sungei Pandan waterfront. It encompasses a huge 203,532 square feet site and has gathered as much as six bids from different big names in the real estate companies in the country. However, it was the EL Development who topped it all, giving the highest bid above the rest with a whopping $314.1 million. This is also equivalent to $551 per square feet and per plot ratio. Compared to the other bids, the EL Development’s bid was 3.2 percent higher than the second developer who also wanted to have the site as well. Following EL Development was Hoi Hup Realty along with Oriental Worldwide and Sunway Developments. Unfortunately, their bids only reached as much as $304.3 million during the time that the residential site was still up for grabs.
But it’s not all glitz and glamour bid for this West Coast Vale Site. The URA said that due to the mediocre attention given to this property, they decided to close the bidding early on.
The said area was launched for bidding since June 2015 and developers were given the option to have for a 99-year lease. With the skyrocketing number of developments in Singapore, it gained interest since it has a maximum floor area of about 569,895 sq ft. Developers can make as much as 595 residential units here along with commercial sites, if properly planned.
Moreover, it is also in close proximity to various transportation hubs such as Ayer Rajah Expressway and West Coast Highway. Neighboring development sites such as The Orient @ Pasir Panjang and NEWest @ West Coast, this is also a couple of minutes away from the Jurong Lake District by car.