Sun rises in the West for property sector

Does the sun rise in the West? It does, at least for the real estate sector in Singapore’s west, that is. A residential site on West Coast Vale was just triggered for sale last week, in an area already popular with buyers.

Up to 12 bids expected for site in popular residential area

The 19,591.5 sq m site is situated adjacent to 2 other URA residential sites which were sold earlier. On one site sits Parc Riviera which is currently being marketed, and on the other, Twin View condominium which has yet to launch. The 99-year leasehold site has a permissible gross floor area of 54,857 sq m and can yield up to 730 apartment units.

The bid which triggered the site for sale was for $379.988 million or $643.53 psf ppr. Analysts are expecting bids of $660 to $800 psf ppr from up to 12 developers or entities.

Compared with other sites sold this year, this is relatively far away from MRT stations and amenities. But that opens up a window of opportunity for developers who might have missed out on more attractive sites.

West Coast Vale favoured by HDB upgraders and investors

Despite its distance from transport nodes, the site has its pluses. It is in the region of Clementi, Jurong East, Pandan Gardens and the West Coast which are areas favoured by HDB upgraders and investors.

RelatedGovernment stance on land release remains conservative

The entry-level price points of private condominium units here are more palatable for HDB upgraders and HDB owners who are looking for investment opportunities.

This West Coast Vale site is however linked to the West Coast Highway and Ayer Rajah Expressway. Shopping malls nearby include Westgate, Jem, and Big Box while schools in the vicinity include Nan Hua Primary, Commonwealth Secondary, and The Japanese School. Rental opportunities here should be fairly competitive as well.