China Construction Development’s bid on West Coast Vale shows a positive outlook for Singapore property market.
Parc Riviera, the Singapore property adjacent to the land parcel sold in West Coast Vale | Photo Courtesy: Parc Riviera Condo
The tender for the 99-year leasehold Singapore property in West Coast Vale started last Dec 5 and ended yesterday after China Construction Development has won the highest offer of $292 million.
Winning over eight other bidders with a $592 per square feet per plot ratio, this bid of China Construction Development indicates an optimistic view of the property market in the coming future.
According to JLL national director of research and consultancy Ong Teck Hui, the $592 per square feet per plot ratio offer wasn’t expected. He also stated that sales of Singapore properties in 2017 are expected to improve after the 16% increase in 2016.
List of complete bidders of the West Coast Vale site
Following China Construction Development at second place was MCC Land which tendered $289.9 million.
Head of CBRE Research for Singapore and Southeast Asia said, “The plot is the last site to be sold on the Government Land Sales confirmed list for 2016 and the profiles of the bid parties reflect interest from some relatively newer developers and small-cap players who find the quantum affordable and easy to manage.”
Being closer to the mall Jem, and closer to Ayer Rajah Expressway, Mr. Ong said that the West Coast Valle top bid was 7.4% higher than the Singapore property adjacent to it, Parc Riviera. He also said that the nine bidders was a good turnout as this overseas property investment is far from the MRT.
Mr. Ong also added that the sales of real estate investment Parc Riviera has not been fast and might consider pricing the Singapore property more competitively.
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