SINGAPORE: A residential site at West Coast Vale has been released for sale by the Urban Redevelopment Authority (URA).
This is the last land parcel to be put up for sale under the confirmed list of the government land sales (GLS) programme for the first half of 2015.
With the cutback in residential land sales, a good level of interest is expected for this land parcel. The relatively small plot of land at 18,909 sq m also meant that the risk for developers is lower than for bigger plots of land.
The site has about 53,000 sq m in allowed gross floor area, and can house about 595 residential units, URA said.
Nestled within an established precinct for private housing, this development is located along the Sungei Pandan waterfront, and connected to the West Coast Highway and Ayer Rajah Expressway (AYE).
The 99 year leasehold land is also near mega malls like Westgate, Jem and Big Box at the Jurong Lake District, as well as the future high-speed rail (HSR) terminal that will link to Malaysia.
The tender submission date is August 4.
Yesterday, a residential plot of land at Toa Payoh Lorong 6 / Lorong 4 saw a healthy contest with 14 bids submitted, the highest being S$755.30 per sq ft per plot ratio (psf ppr) from a consortium comprising Evia Real Estate (7) Pte Ltd, Gamuda Berhad and Maxdin Pte Ltd.