The tender for West Coast Vale residential site has closed last 4 Aug after showing lukewarm interest from Singapore developers, reported by Urban Redevelopment Authority (URA).
The 203,532 sq ft site along the waterfront of Sungei Pandan has received a total of 6 bids. The highest bid of 314.1 million was submitted by EL Development. The top bid is more than 3.2% higher than the $304.3 million second-highest offered from a consortium consisting Sunway Developments, Oriental Worldwide Investments and Hoi Hup Realty.
Set to launch for sale June 2015 with 569,895 sq ft maximum gross floor area, the site could yield around 595 homes on a 99-year lease.
West Coast site is close to the major road networks such as Ayer Rajah Expressway (AYE) and West Coast Highway, it is also close to some latest development like NEWest @ West Coast, Waterfront @ Faber and The Trilinq Condo.
According to URA, the result on the award of the tender will be released after the evaluation of bids.
