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
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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.
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