Challenging market weighs down bids for West Coast site
Tender gets just 6 bids, down from 18 for neighbouring site in June 2013; top bid also 20% lower
Singapore
A STATE tender closing on Tuesday for a 99-year leasehold private residential site along West Coast Vale with waterway frontage along Sungei Pandan fetched just six bids. That's a third of the 18 received for the neighbouring Waterfront @ Faber site at a tender that closed back on June 18, 2013, shortly before the total debt servicing ratio framework was introduced.
Moreover, EL Development's top bid of S$551.15 per square foot per plot ratio (psf ppr) at the latest tender is nearly 20 per cent lower than the S$687.42 psf ppr for the earlier site, which went to Aspial Corp unit World Class Land.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
New York City’s rent-stabilised tenants face third year of price hikes
New Zealand house prices dip for first time in 8 months
Blackstone in talks to buy Dulwich schools in Singapore, Seoul for US$600 million
Strained Chinese cities struggle to pay home-buying subsidies
Distressed builder Taeyoung wins debt restructuring vote
China Evergrande to delay 2023 annual results; shares remain suspended