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.
Thus 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.
Developers 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.