$175.8m top bid for West Coast site

Developer Boo Han Holdings has submitted the highest bid of about S$175.8 million for a residential site at West Coast Link and West Coast Crescent.

The Urban Redevelopment Authority (URA) closed the tender for the site yesterday after receiving 12 bids in total. The 1.27 ha site, with a 99-year lease, was launched for tender on May 5. With a maximum gross floor area of nearly 35,500 sq m, it is expected to yield 360 units.

Mr Li Hiaw Ho, executive director of CB Richard Ellis, said: “(The top bid) will translate to a break even cost of S$800 to S$820 per sq ft. Units in the 629-unit The Lakefront Residences were sold at prices ranging between S$940 and S$1,352 per sq ft in the second quarter of this year. In the secondary market, sub-sales of Clementiwoods at West Coast Road were sold at between $990 and $1,071 per sq ft from April to June 2011.”

He added: “Other condominiums nearby include Blue Horizon, West Bay, Westcove, Clementiwoods and Varsity Park … Amenities and shopping facilities are available at West Coast HDB estate and West Coast Plaza.”

The next highest bid submitted of nearly S$173.9 million came from Centurion RE .

URA will decide on the winning bidder at a later date.

Source : Today – 24 Jun 2011

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