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
Add BT as a preferred source
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.
TRENDING NOW
Car dealers submit S$68 million for renewal of Automobile Megamart’s lease
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
That ‘cheap’ Malaysia condo could cost Singapore buyers far more than they think
Trump leaves Beijing with few wins but warm words for Xi
