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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

Kalpana Rashiwala

Published Tue, Aug 4, 2015 · 09:50 PM

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 i…