Winning $292 million West Coast Vale land sales bid

Properties in West Coast have been garnering tons of interest lately. One of the latest offerings in the area is the Parc Riviera condominium, and nearby the Clement Canopy also recently launched last weekend.

parcriviera3Thus a winning bid of $292 million for a 99-year leasehold site in West Coast Vale probably did not come as a surprise. The bid was won by China Construction Development, with 8 other bidders vying for the same site. Second in line was MCC Land (Singapore) with a bid of $289.9 million. The affordable quantum was likely what drew the bidders as the plot was one of the last to be offered up for tender last year under the Government Land Sales Programme. The site was launched on December 7.

Considering the final bidding price of $592 psf is 7.4 per cent higher than the $551 psf paid for the neighbouring Parc Riviera project, the developers must be optimistic about the prospects of the property market. Parc Riviera is closer to the Ayer Rajah Expressway though the proximity of the Jurong Lake District and malls such as Jem will help in marketing the property to potential buyers.

parcriviera2Developers have been seen to be more aggressively bidding for land plots in recent tenders as most are hoping to replenish their land banks and preparing for better times ahead as the property market is seen to be bottoming out.

New private home sales figures on track for H4

Though there was a 31.4% fall from October’s record sales of 1,253 units, the year is nevertheless set to end on a cheerful note, as spirits in the new private home market are buoyed by a 13.3% year-on-year spike last month with developers selling 860 units in November alone (excluding the 250 new executive condominium units sold). The fourth quarter has clocked a 2,500-unit sales figure thus far and property analysts say the projected market figures are are on track as the year-end is usually a quieter time for the property sector.

parcriviera2Even before numbers for December are consolidated, the number of new homes sold this year have already crossed 7,769, which is already more than the total of 7,440 homes sold last year. The lowered private property prices have attracted a considerable market audience, with most going for units with lower quantum prices. Most buyers are hoping to score a good deal before prices bounce back up, and have shown interest in smaller one- and two-bedders. The demand for larger units are slightly lacking in comparison.

queenspeak2Units at the newly launched Queens Peak condominium development in Queenstown and Parc Riviera in West Coast Vale were the month’s best sellers. Most of the units sold were priced under $1 million with 185 such units sold at Queens Peak and 110 of the sme at Parc Riviera. A positive outlook on the private home market next year seems likely with a projected 8,000 number of new homes sold by end of 2016.