West Coast Vale Site is Sold
The West Coast Vale land parcel site, conveniently located next to the West Coast Highway and Ayer Rajah Expressway and boasting beautiful water views of the Sungei Pandam River, recently sold to China Construction Development for a total of $292 million. The second closest bid was not much lower at $289.9 million by MCC Land.
The Urban Redevelopment Authority released this residential site for sale to nine hopeful developers who put in bids for the parcel of land. The interest ran high and the piece of real estate went through a fierce bidding cycle. In the end, the land parcel sold for $292 million which equated to $592 per square feet. The final price was at the upper end of the expected sale range which was anywhere between $450 to 600 per square feet.
West Coast Parc Riviera Land is Sold
Nearby new launch condo, Parc Riviera sold earlier for $551 per square feet with 6 hopeful developers putting in bids to win the attractive parcel of land. The two pieces of residential land parcels are located side by side and have sold for more than the expected range. The differences in sale prices may indicate a more optimistic real estate market but also includes the assumption that the West Vale site was located on a more attractive lot than nearby Parc Riviera as it is farther away from the Ayer Rajah Expressway.
What Does the Selling of These Two Pieces of Land Mean?
The interests shown by developers bidding for the lands have led to optimism toward the real estate market. It is excellent news in comparison to Singapore’s slumping real estate market in recent years which has been suffering from continual decline.
Real estate home sale prices have been increasing in 2016 and are expected to continue in this fashion for the current year. The sale of this property is an indication that home prices may continue to rise bolstered against interested developers looking to build more on the west side to bring more attractive options to the interested buyer. The fall of home prices has also begun to even out and is projected to become a more stable environment which will be a safer investment option for those interested.
What Does it Mean for the West Coast?
New launches on the west have been scarce, leaving interested buyers with fewer options to buy or invest in property. The two new additions bring exciting news for those in search of more options that are affordable. The location is attractive with nearby schools, parks, and shopping centers as well as easy access to highways for busy business commuters. More people in the area will bring more commerce which only leads to more nearby development and an overall improvement of the area.
New Condo Launches in the West
Developments that are near or in the central area.